Muthoot Finance Gold Loan

Posted in: Bank Loan | on: January 2, 2021

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Muthoot Finance, India's largest gold loan company, helps you to get loan in turn of your gold jewellery, gold ornaments, etc. If you are unable to get loan from bank or unable to get the exact amount you need, then gold loan is the easiest and quickest way to get the money you need. Muthoot gold loan comes with attractive interest rates and quick loan disbursal. You can choose the scheme which is ideal for your needs from the variety of gold loan schemes.

Muthoot Finance offers gold loan in online through which you can avail gold loan from anywhere and at anytime. The interest rate for Muthoot gold loan starts from 12% per annum. It comes with different loan disbursement options and digital payment services. Go through this article to know more about Muthoot Gold Loan!

What are the key features of Muthoot Gold Loan?

Age Above 18 years
Minimum loan amount Rs.1500
Maximum loan amount No Limit
Security Gold ornaments
Processing fee Rs.40 to Rs.600
Interest rate From 12% per annum
Loan tenure 1 week to 36 months
Loan schemes 12 schemes available

What are the benefits of Muthoot Gold Loan?

Some of the benefits of Muthoot gold loan are given below.

  • It provides customer-oriented services.
  • It has the facility of quick loan disbursal.
  • You can avail minimum loan amount of Rs.1500 with no maximum limit.
  • Prepayment option is available without any penalty.
  • The process involves only minimal documentation.
  • It provides in-house evaluation facility.
  • It offers prompt customer service within a short span of time.
  • It has strong rooms for safe custody of your gold ornaments.
  • It offers free insurance for your pledged gold ornaments.
  • There are no hidden charges.
  • Interest will be charged only for the days the amount is used (Minimum 7 days applicable)
  • It offers 24x7 online payment facility.
  • It provides part release facility.

What are the schemes available in Muthoot Gold Loan?

Muthoot gold loan offers 12 different kinds of gold loan schemes. The features, interest rate, loan amount, loan tenure and penal interest for Muthoot gold loan may vary according to each gold loan scheme. Just compare the features and interest rates of different gold loan schemes and choose the right scheme which is ideal for you!

Gold Loan Scheme Features Minimum Loan Amount Maximum Loan Amount Loan Tenure Rate of Interest per annum Penal Interest
Muthoot One Percent Loan
  • Ideal for borrowers looking for gold loan at lower interest rates.
  • Online Gold Loan facility is available
  • Free insurance for pledged gold ornaments is available
Rs.1500 Rs.50,000 12 months 12% 1% for delayed payment above 360 days
Muthoot Premier Loan
  • Maximum loan value at reasonable interest rates.
  • Online Gold Loan facility is Available
  • Free insurance for pledged gold ornaments is available
Rs. 1 lakh No limit 12 months 23% -
Muthoot Ultimate Loan (MUL)
  • Maximum loan value and discounts on timely interest payments.
  • Online Gold Loan facility is Available
  • Free insurance for pledged gold ornaments is available
Rs. 1500 No limit 12 months 22% -
Muthoot Overdraft Scheme (MOS)
  • Ideal for business owners.
  • Online Gold Loan facility is available
  • Free insurance for pledged gold ornaments is available.
  • Additional bank limit loan available to meet immediate funding requirements.
Rs. 2 lakhs Rs. 50 lakhs 12 months 19% to 21% 2% for delayed payment above 12 months
Muthoot Delight Loan
  • Loan amount up to Rs. 2 lakhs at lower interest rates.
  • Online Gold Loan facility is available
  • Free insurance for pledged gold ornaments is available
Rs. 1500 Rs. 2 lakhs 12 months 26% to 27% 1% for delayed payment above 360 days.
Muthoot EMI Scheme (MES)
  • Designed for EMI payments.
  • No penalty on prepayments.
  • 3 days grace period for late EMI payment.
Rs. 20,000 No limit 6, 12, 18, 24, 30 or 36 months 21% (diminishing balance) 75 paisa per Rs.1000/day if EMI is not paid within 3 days from the due date.
Muthoot Mahila Loan
  • Exclusive scheme for women customers
  • Offered only at South Indian branches
Rs. 1500 Rs. 50,000 - 12% 2% for delayed payment above 360 days.
Muthoot Advantage Loan
  • Competitive gold per gram and interest rates.
  • Online Gold Loan facility is available
  • Free insurance for pledged gold ornaments is available
  • Offered at branches in North, East and West India.
Rs. 1500 Rs. 5 lakhs 12 months 20% 2% for delayed payment above 360 days.
Muthoot Super Loan
  • Maximum loan amount and discounts on timely interest payment.
  • 2% rebate in interest rate if 100% interest is paid monthly.
  • Online Gold Loan facility is available.
  • Free insurance for pledged gold ornaments is available.
Rs. 1500 Less than Rs. 99,000 12 months 23.5% 2% for delayed payment above 360 days.
Muthoot High Value Loan Plus (MHP)
  • Loan designed for the business community.
  • Online Gold Loan facility is available.
  • Free insurance for pledged gold ornament is available.
Rs. 5 lakhs No limit 12 months 12% onwards 2% for delayed payment above 360 days.
Muthoot High Value Loan (MHL)
  • Loan with longer repayment periods.
  • Online Gold Loan facility is available.
  • Free insurance for pledged gold ornaments is available.
Rs. 3 lakhs No limit 12 months 18% onwards 2% for delayed payment above 360 days.
Super Saver Scheme (SSS)
  • Loan with savings as first priority.
  • Rebate: 12.1% for 30 days, 9% for 60 days, 1% for 180 days.
  • No penalty on prepayments.
  • Offered only in South Indian branches.
Rs. 1.99 lakhs No limit - 24% to 26% 2% for delayed payment above 360 days.
  • Click here to check the applicable rebate for each scheme.

What are the fees and charges levied in Muthoot Gold Loan?

Type of Charges Applicable Rates
Service charges on loan amount
  • Southern branches - 0.5% to 1% (based on the type of scheme)
  • Rest of India - 0.25% to 0.50%
Service charges applicable per account
  • All - Rs.50 to Rs.1500 (based on the type of scheme)
Security charges
  • Rest of India - 0.15% of the loan amount, Min Rs.50 to Max Rs.600
Token charges
  • Southern branches - Rs.10 for loan up to Rs.10,000 and Rs.20 for loan above Rs.10,000.
SMS charges
  • Southern branches - Rs.2/transaction
  • Rest of India - Rs.5/transaction
Notice charges
  • Southern branches - 3 ordinary notice Rs.10/notice and Rs.70 for 4th notice registered
  • Rest of India - 3 ordinary notice Rs.30/notice and Rs.100 for 4th notice registered. Rs.120 charged for Auction notice.
Token lost charges
  • All - Rs.25
Stamp duty
  • States of Karnataka, Andhra and Rajasthan- Applicable as per the respective states.
GCL
  • Southern branches - Rs.999/6 months of usage, part release charge of Rs. 499/transaction and Rs.99/transaction for transaction through branches.

Who are eligible to avail Muthoot Gold Loan?

  • Any Indian citizen above 18 years of age can avail gold loan in Muthoot Finance.
  • One should provide gold ornaments and required documents to avail gold loan.

What are the documents required to apply for Muthoot Gold Loan?

To apply for gold loan in Muthoot Finance, you need to submit the following documents.

  • Any one Address Proof - Aadhaar card, PAN card, Passport, Driving License or Voter ID
  • Any one ID Proof - Aadhaar card, Passport or Utility bills.

How to calculate your eligibility and EMI for gold loan in Muthoot Finance?

To calculate your eligibility for gold loan in Muthoot Finance, just follow the steps given below.

Step 1: Visit the official portal of Muthoot Finance Gold Loan

Step 2: Scroll down the home page and locate 'Gold Loan Calculator'.

Step 3: Enter your name, email id, contact number, state and pin code. Then select the gold type, loan amount you need and weight of the gold in grams. Then click 'Calculate'

How to calculate your eligibility for gold loan in Muthoot Finance

Step 4: The loan amount you are eligible against your gold ornaments will appear on the screen. But this is only an approximate value. The final value depends on the gold evaluation done at the branch.

To calculate the monthly EMI for your loan amount,

Step 1: Scroll down further and locate 'Gold Loan EMI Calculator'

Step 2: Select the scheme, loan amount and loan tenure.

Step 3: On the right side of the page, the monthly loan EMI will appear.

How to calculate your EMI for gold loan in Muthoot Finance

How to apply for Muthoot Gold Loan?

To apply for gold loan in Muthoot Finance, just follow the simple steps given below.

  • Visit the nearest Muthoot Finance bank branch and inform the customer care executive about availing gold loan.
  • The executive will then help you to fill the KYC form and to complete the rest of the application process.
  • You can also call the customer care executive by dialing 7666747899 and request them to visit your home to apply for gold loan.
  • You can also apply for gold loan by registering in 'iMuthoot' app.

How to register for gold loan in Muthoot Online?

You need to register at first in order to avail online services in Muthoot Online. To register, follow the steps given below.

Step 1: Click here to visit the official website of Muthoot Finance.

Step 2: In the 'Pay and Transact Online' section, Click 'New user? Sign-up here' link.

How to register for gold loan in Muthoot Online Step 2

Step 3: On the next page, enter your customer ID or mobile number registered with the bank and click 'Search'

How to register for gold loan in Muthoot Online Step 3

Step 4: Once you have completed the registration process, you will get username and password.

How to pay Muthoot Gold Loan in Online?

To repay your Muthoot gold loan in online, just follow the steps given below.

Step 1: Visit the official website of Muthoot Finance Online Gold Loan.

Step 2: Login to your account using your username and password.

Step 3: Once logged in to your account, you will see your gold loan details and amount to be paid.

Step 4: Select the mode of payment and complete the payment process in online.

You can also pay gold loan using 'Quick Pay' option.

Step 1: In the Muthoot Finance Online Gold Loan page, click 'Quick Pay' menu and then select 'Gold Loan'

How to pay Muthoot Gold Loan in Online Step 1

Step 2: Enter your loan number or customer ID. You can also make smart payment by clicking 'Smart Pay' option and entering your mobile number.

How to pay Muthoot Gold Loan in Online Step 2

Step 3: Once you have accessed your loan details, enter the payment amount, select the payment mode and make payment.

How to pay Muthoot Gold Loan in Online Step 3

How to pay gold loan via iMuthoot app?

You can also pay your Muthoot gold loan via iMuthoot app. Just go through the following steps to make payment.

  • Download iMuthoot app from Google Play Store and install it on your mobile.
  • Login using your user name and password.
  • Click 'Quick Pay' option under 'Loans'.
  • Enter your loan number or customer id or scan the QR code on the loan pledge form.
  • Once you have accessed your loan details, make payment.


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