The majority of the Indian population has a standing loan amount to be repayment. With the rising cost factor, opting for a loan to fulfill essential needs has become mandatory in today’s world. Be it a personal loan, housing loan, education or gold loan, there are numerous lenders in the market who tends to the needs of the customers. Apart from getting the loan, paying it on time is very important. Now, with advanced technology, you can process your gold loan repayment online without visiting your nearest lender’s office. If you have borrowed from Muthoot Finance, you can very well utilize the Muthoot quick pay to pay off your loan on time to avoid your jewellery getting on to the auction.
Here is a complete guide on how to do a quick online loan repayment, which will help you during your time of need. Read to know more!
What are the best repayment methods?
In-branch banking is a thing of the past. Visiting the branch, filling up deposit slips, waiting in long lines, and depositing cash in a bank are stories of the past. Everything is now done online. Because digital payments are quick and immediate, the risks of late payments and defaults are reduced.
Now, with the advent of 5G and rapid use of the internet, you can do your gold loan repayment online using established platforms like Muthoot quick pay without any documentation and further hassles. Closing off your loan by paying all the dues online is the best repayment method ever.
How can I easily repay my loans?
- Make a thorough financial analysis
Evaluate your income and spending thoroughly and make an accurate financial assessment. Determine your needs and make sure you’re not going over your loan’s limit. A budget is required for any spending. And there’s no way to find out unless you’re familiar with your own finances.
Knowing your spending budget can also help you determine how much of a loan you should borrow. Avoid borrowing far more than you need – payments may appear to be affordable at first, but they can rapidly add up and escalate quickly. With a well-planned budget, there’s no need to take more than you need. Also, if you opt for the gold loan make sure you do the gold loan repayment online on time to avoid other issues.
- Cash Flow Management
The key to a good budget is proper cash flow management. If you don’t manage your cash flow, you won’t be able to meet your expenses or make your monthly loan payments on time. You can use several online tools to do your budgeting.
Always remember to make timely payments. If you’re having problems making repayments, reduce your cash outflow by cutting unnecessary expenses.
- Pay a higher EMI during a busy season
Pay more on your loan when you have extra money during busy seasons. This will significantly lower your interest costs. Smart repayment is the key to effective loan management; you should deposit more money into your loan account whenever possible to pay off the loan faster and with lower interest.
If you don’t, your interest rate will be quite high, and you may end up paying more in interest than the principal. You should make little additional repayments when you have extra cash to avoid this. Now you can do your gold loan payment online using tools like Muthoot quick pay.
How to make a gold loan payment online?
Muthoot Finance can get you a gold loan if you pledge your gold ornaments or coins as security. Muthoot Finance will evaluate the value and purity of your gold item before approving a loan amount.
It is crucial to return your gold loan on time, just like any other debt, or face penalty charges. The following are the many options for making gold loan payment online using different modes like Muthoot quick pay, web pay, etc.
- Muthoot gold loan payment online via Muthoot WebPay:
Visit the official website of Muthoot Finance. Select the ‘online gold loan’ option from the left sidebar. Enter your Username and Password on the following screen, then click ‘Login.’
You will be able to see the active loan information as well as the amount due after successfully logging in. Choose your payment method and make the gold loan payment online.
- Muthoot gold loan payment online via iMuthoot App:
The iMuthoot application can be downloaded from the Play Store or App Store. Log in with your WebPay username and password. Now click on the Muthoot quick pay option, and enter the loan number or customer id. Choose the payment mode for doing gold loan payment online. You will receive an email confirmation at your registered email address.
Visit a Muthoot Finance branch office to pay your Muthoot Gold Loan:
The first step is to visit any Muthoot Finance branch near you. Then go to the customer care executive and pay your loan amount via cash, debit card, cheque, etc.