Steps taken by Top Gold Loan Companies in India
Although there is no relation between credit score and the sanction of the gold loan, failure in repayment can have a bearing on the same. Gold loan companies in India usually send a notice to the credit bureau regarding the failure of repaying the sanctioned gold loan amount. The credit bureau then informs all the NBFCs and banks. This affects the credit score and thus hampers the chances of applying for a loan in the future. In addition, if the loan were granted, the interest rates would be higher than the usual interest rate.
At times, top gold loan companies in India can assist borrowers by providing them with the option of settling the sanctioned amount against the pledged gold articles. In such a situation, repayment for a part of the sanctioned gold loan amount is done by the borrower. While it may affect the credit score of the borrower, it is often seen as a sign of relief for the individual. However, as a disclaimer, this solution should be approached only in dire situations. As for the ways on how does gold loan repayment work, the points mentioned below can help: –
● Use an EMI calculator to set
● Increase gold loan repayment tenure to pay affordable EMIs
● Repay the principal and interest amount equally every month
● Choose the bullet payment method for gold loan repayment that allows you to repay the entire amount at the end of each month
● Always pay off the interest amount and ask for pre-closure options aside loan repayment amounts
Capri Loans is one of the premier NBFCs that provide individuals with a wide range of loans, including gold loans. We provide borrowers with the freedom to repay gold loans according to their convenience through interest payments at regular intervals, upfront interest payments or bullet repayment options. The borrower can repay their gold loans online or by visiting the nearest Capri Loans branch within this location.