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Fin Shorts| February 24, 2023

Here are some tips to help you repay a gold loan faster:

  • Make larger payments: Increasing the amount of your monthly payments can help reduce the overall loan tenure and save on interest costs.
  • Prepay the loan: You can also choose to make partial prepayments, which will lower the overall loan amount and reduce the interest burden.
  • Choose a shorter loan tenure: Opting for a shorter loan tenure while availing a gold loan will reduce the interest burden and help you repay the loan faster.
  • Choose a scheme that offers flexible repayment options: Choose the Scheme that offers the option to make extra payments without any penalties, which can help you repay the loan faster.
  • Make use of automatic EMI deductions: Automating your EMI payments through your bank account can help you stay on track and avoid missing payments, which can lead to late fees and higher interest charges.

Remember to check with your lender about any prepayment or repayment policies before taking any steps to repay your loan faster.

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