Gold is a matchless source of investment, that has been practised in India for a long time. If you are on a cash crunch, you can easily give your gold and get an assured sum of loans in return. However, as taking the loan, the process of loan repayment is also not quite an easy process. There are numerous loan providers like Muthoot, etc. But you need prudent ways to pay back the IIFL gold loan payment. You can also use the method of online Muthoot payment to pay off your pending dues on the taken gold loan. The process is not easy; however, it is not impossible. All you need is the right guidance to pay off your loan in an effortless manner.
Here are some straightforward ways that would help you pay your gold loan online at ease. Keep reading to know more!
You can pay your interest as EMI and then pay your principal amount later.
You can pay the interest of your gold loan in the form of EMI as per your sanction. But in this case, you have to pay the later principal amount in a single payment. You can pay this amount at the time of maturity. This form of repayment is quite preferable among the borrowers because it allows paying the principal amount after the tenure of repayment of the loan. Now, you can easily do your online Muthoot payment.
The loan borrowers should note that while taking a loan, one has to submit some of the documents whether you are opting for the IIFL gold loan payment online or offline.
- Identity proof: For the completion of the KYC process, any photo identity card should be submitted to the loan giver. The identity card should have been issued by any recognised body.
- Address proof: The individual has to submit any address carrying an identity card i.e., Aadhaar card, Voter card, ration card etc. The only mandate is they should be recognised by any government body.
Making payments in batches
After opting for this payment method, you need not have to follow the EMI scheme given by the lender. In this scenario, you can mould your payment structure according to your financial capabilities. i.e., If you opt for paying the principal amount at a go at the beginning then your remaining interest pay-out reduces.
Through this process, you will be saving a good amount of money. after that repay your gold loan from the IIFL gold loan payment. You can pay your gold loan amount online or in cash by visiting the nearest IIFL store. You can also opt for the online Muthoot payment which is surely one of the best schemes to repay the loan in a chaos-less manner.
Pay by the scheme of bullet repayment
In layman’s terms, a bullet repayment scheme is basically the cumulative pay of the loan amount at the end of the tenure. The speciality of this plan is you need not worry about the repayment during the loan period. As you pay the loan amount in a single burst so this is called a bullet repayment scheme. This repayment scheme can also be done through online Muthoot payment. The speciality of Muthoot is they are very versatile in gold loans. They allow very easy gold loans within 24hrs and also have a very manacle-less gold repayment order. The online Muthoot payment system allows repaying the loan by any of the various methods.
The last resort ‘The regular EMI option’
This is the best option for salaried persons who have fixed incomes to repay their gold loans. The EMI repayment system includes both the principal and interest amount. This loan system is approved faster as it is liked by the salaried men.
What steps should be followed to pay the Gold loan EMIs online?
- Open your Gold loans institution website and go to the customer portal.
- Generate your username and password and login into your account.
- Then take the bar to the repayment scheme option and click on it.
- You can choose the mode of payment of your IIFL gold loan payment EMI. There are various digital payment options available i.e., Credit card, debit card, UPI, net banking etc.
- Then by entering the gold loan EMI amount, you can proceed to the initiation process of the payment. You can easily do the online Muthoot payment following the above-mentioned takeaways.
These are some common ways to repay the gold loan. then opt for any one of them for repayment of the loan.
You can try out the Bharat Bill Payment System (BBPS) by Bajaj Finserv, which helps you manage all your utility bills in an effective manner. You can do your gas booking, pay loan dues, and recharge DTH on time without any hassle.