What is the process of gold loan online payment?
Top gold loan providers have enabled financing access through pledging of gold by introducing online processes. You can easily apply for a gold loan from the comfort of your home with minimal documentation. You can also complete repayment of the advance by opting for different gold loan online payment methods of instalments.
It is prudent to know the repayment options since this will add to the convenience of choosing the right option as per your financial standing. Check the following steps to complete for gold loan online payment.
Read Also: 6 reasons to take a Gold Loan to meet your business expenses
Manage your gold loan repayment online
Complete quick pay of gold loan through the following few steps online.
- Step 1: Go to your lending institution’s official website and navigate to the customer portal.
- Step 2: Next, log in to your gold loan account with an available username and password.
- Step 3: Proceed to choose an online gold loan process for repayment.
- Step 4: From the available digital payment options, choose the one best suiting your requirements. Commonly, it is possible to complete gold loan payment through credit card, debit card, net banking, as well as eligible digital wallets.
- Step 5: Initiate payment of your gold loan repayment by entering the amount.
- Step 6: Authorise payment verification to complete the repayment process.
Bajaj Finserv Gold Loan online repayment process
Repaying your Bajaj Finserv Gold Loan is quick, convenient, and entirely online. Follow these simple steps to clear your loan dues without stepping out of your home:
Step 1: Visit the Bajaj Finance official website or open the Bajaj Finserv App.
Step 2: Log in to your account using your registered mobile number or customer ID.
Step 3: Navigate to the 'Gold Loan' section and select your active loan account.
Step 4: Choose the 'Repay Now' option and review your outstanding balance.
Step 5: Select a repayment method – net banking, UPI, debit card, or wallet.
Step 6: Confirm the payment, and you will receive an instant confirmation.
With Bajaj Finance's online platform, you can track your repayment history, manage EMIs, or make full or part payments with ease. Plus, the system ensures secure transactions to protect your details. Repaying your gold loan online not only saves time but also gives you the flexibility to clear dues at your convenience. Stay on top of your financial commitments effortlessly with Bajaj Finance.
When choosing the repayment mode, it is also crucial to know the repayment methods available. Below given are some common ones to choose from.
- Repayment in regular instalments: It is the most common repayment option that borrowers choose for gold loan online payment or offline payment. Each instalment comprises the principal and interest component payable towards the total loan liability. Although the EMIs remain constant throughout the loan tenor, the amount of gold loan interest and principal included in each EMI vary based on the amortization schedule.
- Interest-only instalments: The repayment option allows you to pay only the interest accrued as instalments while the principal repayment is postponed until the end of the tenure. Such principal repayment is made in lump sum by the end of the tenure.
- Partial principal and interest payments: Under this repayment option, you can make partial repayment of gold loan principal as well as interest right from the beginning of the tenure. Early principal repayment under this method can help save on additional interest accrual.
- Bullet payments: This repayment method allows you to postpone the total repayment liability, including principal and interest, until the end of the tenure, allowing such repayment in a lump sum.
How to track your gold loan online payment status
Tracking your gold loan payment status is a simple and convenient process with Bajaj Finance's online platforms. Begin by visiting the official Bajaj Finance website or logging into the Bajaj Finserv App using your registered mobile number or customer ID. Once logged in, navigate to the gold loan section and select your active loan account.
Here, you will find the payment history option, which provides a detailed breakdown of all your transactions. This includes the dates of payments, amounts paid, upcoming dues, and the remaining balance. The platform updates in real-time, giving you an accurate picture of your loan status at any moment.
Regularly reviewing your payment history helps you stay organised, avoid missed deadlines, and better plan your finances. This feature ensures complete transparency and gives you control over your loan repayments from start to finish.
How online gold loan payments help reduce interest
Making online payments for your Bajaj Finance gold loan offers several advantages, particularly when it comes to reducing your interest burden. By using the online repayment platform, you can make part-prepayments whenever you have extra funds. This allows you to reduce the principal amount of your loan, which directly lowers the total interest you pay over the loan tenure.
Additionally, the convenience of online payments ensures you never miss a due date. Timely payments help you avoid late fees and penalty interest, saving you from unnecessary additional costs. With the flexibility of online platforms, you can also repay the loan faster, further reducing the amount of interest that accrues.
Embracing online gold loan repayments not only makes the process stress-free but also empowers you to save on interest and manage your finances more efficiently.
List of documents required for gold loan quick pay
You need to submit the following documents for gold loan application online and offline.
- Proof of identity: Any photo identity document issued by a recognised body qualifies as identity proof for KYC process completion. It can include documents like PAN card, Aadhaar Card, voter ID card, passport, etc.
- Proof of address: Any address-carrying document issued by a recognised body or individual qualifies as proof of address. Eligible documents include an Aadhaar Card, voter ID card, passport, PAN card, etc.
Choose a repayment method that best matches your financial standing and complete gold loan online payment of instalments through one of the available payment options.
Read Also: Gold Loan vs. Credit Card: Which one should you choose?
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
There are no additional fees for using Gold Loan Quick Pay. This service is designed to be convenient and cost-effective, allowing borrowers to make their payments without incurring extra charges. By using Gold Loan Quick Pay, you can manage your loan repayments efficiently and avoid hidden costs. This fee-free structure ensures that the focus remains on repaying your loan without any unexpected financial burdens.
Gold Loan Quick Pay accepts a variety of payment methods for your convenience. You can use credit cards, debit cards, net banking, and UPI to make your payments. This flexibility allows you to choose the most suitable and accessible option for managing your loan repayments. By offering multiple payment methods, Gold Loan Quick Pay ensures that you can easily keep up with your financial obligations in a way that best fits your needs.
Yes, Gold Loan Quick Pay is secure. It employs advanced encryption and security protocols to protect your financial information. These measures ensure that your transactions are safe from unauthorised access and fraud. The security of your data is a top priority, and Gold Loan Quick Pay uses industry-standard practices to maintain the confidentiality and integrity of your personal and payment details, providing peace of mind when managing your loan repayments.
Yes, you can use Gold Loan Quick Pay for partial payments. This feature offers flexibility in managing your loan repayments, allowing you to pay smaller amounts as per your financial situation. Making partial payments can help reduce your overall interest burden and keep your loan in good standing. By accommodating partial payments, Gold Loan Quick Pay provides a convenient and adaptable solution to meet your repayment needs.
Quickly calculate your gold loan repayment amount using a gold loan calculator. Input your principal amount, interest rate, and tenure to get an instant estimate of what you owe.
For online gold loan payments, log into your lender's website or app. Navigate to the loan payment section, choose your preferred payment method (net banking, debit card, UPI), and follow the prompts to complete the transaction securely.
To accelerate gold loan repayment, consider making extra payments whenever possible, opting for a shorter repayment period, and ensuring timely payments to minimize interest costs.
Yes, you can pay your Bajaj Gold Loan online easily through the Bajaj Finserv App or the official website. Log in using your registered credentials, navigate to the gold loan section, and choose the repayment option. You can clear your dues using various payment methods like net banking, UPI, debit card, or mobile wallets. Online repayment offers a secure, convenient, and quick way to manage your gold loan without visiting a branch.
To pay your Bajaj Gold Loan using UPI, log in to the Bajaj Finserv App or website, and select your active gold loan account. Click on the repay option and choose UPI as your payment method. Enter your UPI ID, authorise the payment using your UPI app, and confirm the transaction. You’ll receive instant confirmation. This method is fast, secure, and lets you clear your repayment conveniently from your smartphone.
Yes, you can set up automatic payments for your Bajaj gold loan by enabling the auto-debit facility. Log in to the Bajaj Finserv App or website, navigate to your gold loan account, and select the auto-debit option. Link your preferred bank account and provide the necessary authorisation. Once activated, your repayments will be deducted automatically on the due date, ensuring timely payments and saving you from late fees or penalties.
