When it comes to managing your gold loan, you have the flexibility to make part-prepayments and opt for a part-release facility. These options allow you to personalise your gold loan repayment journey according to your financial situation. Read to know how you can effectively manage your gold loan, step by step.
Part-release facility: If you find yourself in need of some funds but do not want to close your entire gold loan, you can opt for our part-release facility. This means you can release a portion of the gold you have pledged as collateral and receive the corresponding loan amount. It is a useful feature when you require money for specific purposes without disturbing the entire loan.
To initiate a part-release, follow these simple steps:
- Visit the nearest Bajaj Finance branch.
- Discuss your requirement for a part-release and provide the necessary details.
- Bajaj Finance will evaluate the released gold and provide you with the loan amount accordingly.
- Once the amount is disbursed, you can use it for your specific needs, while the remaining loan continues as before.
Part-prepayment option: Making part-payments towards your gold loan can help you reduce your outstanding loan amount and overall interest burden. It allows you to repay a portion of the loan before the tenure ends, shortening the loan duration and potentially lowering the interest charges. Here is how you can make a part-prepayment:
On the Bajaj Finserv app
- Step 1: Download the app and log in using your registered mobile number
- Step 2: Once logged in, go to the 'Account Information' section
- Step 3: Select your gold loan account, and click on 'Online Payment’
- Step 4: Choose the part-prepayment option.
- Step 5: Enter the required details and select a preferred payment gateway and complete this transaction
On the Bajaj Finserv website
- Step 1: Visit the Bajaj Finance customer portal - My Account
- Step 2: Enter your registered mobile number and the OTP.
- Step 3: Verify yourself with your date of birth and proceed.
- Step 4: Select your gold loan account from the ‘My Relations’ section.
- Step 5: Click on ‘Make Payments’ within the ‘Quick Actions’ section.
- Step 6: Choose the part-prepayment option.
- Step 7: Enter the required details and proceed to pay using our secured payment getaway.
Once the part-payment is made, the outstanding loan amount will be reduced, and your revised repayment schedule will be provided.