When managing a loan against gold, you have various repayment options. The Interest-Only EMI option allows you to pay just the interest monthly and the principal at the end. Partial Principal Repayment lets you repay the principal in parts, reducing your interest burden. Easy Monthly Instalments (EMIs) spread your payments evenly over time. Partial Payments could reduce interest and shorten your loan tenure. Refinancing involves replacing your loan with a new one at better terms. Foreclosure lets you repay the entire loan early to save on interest. Use a gold loan EMI calculator to find the best option for you.
Interest-Only EMI or Bullet Repayment allows monthly interest payments with a lump sum principal repayment later, ideal for future windfalls
Partial Principal Repayment with flexible interest offers strategic repayment in parts, reducing interest burden over time
Easy Monthly Instalments (EMIs) spread principal and interest payments evenly, simplifying budgeting but may initially cost more than interest-only options
Partial Payments let you occasionally pay extra towards principal, reducing interest and loan duration, but watch out for prepayment charges
Refinancing replaces your current loan with a new one, potentially securing better terms like lower interest rates
Foreclosure allows early full repayment of the loan, saving on interest charges, but ensure you have funds available
Use a gold loan EMI calculator to assess and choose the best repayment option for your loan against gold