Gold is a household commodity in India. Every Indian household will have at least one gold ornament in their possession. It is the most stable form of security that one can invest in without the fear of loss of value. Muthoot Finance Ltd comes into the picture with Muthoot Finance gold loans, that are curated to meet immediate financial needs with the least time and documentation hassle.
As an Indian financial corporation under the Muthoot Group, Muthoot Finance Ltd is the largest gold loan Non-Banking Financial Company (NBFC) in the country. It was founded in 1939, in Kerala, and after almost eighty years of service in India, it is still going strong. It has expanded with more than 5500 branches all over India and has served a sizeable portion of India’s population that falls in the underprivileged category.
The features and benefits of availing Muthoot Finance gold loan are as follows:
Muthoot Finance gold loan interest rate
Gold loans are given based on the pledge of physical gold, hence is it one of the most secured securities in the market. Being secured allows the banks and NBFCs to give lower interest rates. Further, Muthoot Finance has a wide portfolio of gold loans with varied interest rates, which are one of the most attractive in the market. The low interest rates are one of the plus points with Muthoot Finance, as the borrower does not have to pay extra money to service the Muthoot Finance gold loan interest rate. Muthoot Finance also offers attractive rebates on EMI schemes and repayment in addition to its low interest rates.
Quick Loan Disbursal with faster processing and minimal documentation
This is because the gold is deposited with Muthoot Finance as collateral at the time of sanctioning the loan. All you need to do is to provide the necessary documents and the gold ornament, and the loan can be sanctioned within a day.
Income proof is not required
There is no requirement for an income proof or a good credit history to get a Muthoot Finance gold loan as it is a secured loan.
Pre and part-payment options
Gold loans taken at Muthoot have prepayment options with no penalty involved. For instance, if a person has a gold loan of Rs. 10,000.00 for 3 months. The person may come on the 20th day from the loan’s start and pay 20 days of interest and an additional Rs. 1,000.00 (part payment). Then, this additional amount will be fully adjusted from the principal amount, and from the 21st day, the interest will be charged on Rs. 9,000.00.
Online Muthoot Finance gold loan calculator and EMI calculator
One can calculate one’s eligibility for availing Muthoot Finance gold loan using the Gold Loan Calculator developed by Muthoot. Muthoot has an online EMI calculator as well. You simply need to provide your details such as name, contact number, email ID, gold type, etc.
Enjoy anytime liquidity
Gold loans can be availed within a day. The only security that is needed is the gold this is pledged. External or third-party guarantors are not needed. This makes gold loans extremely liquid.
Safety of gold
Gold, especially gold ornaments have a lot of sentimental value attached to it. Hence, Muthoot has taken extra precautions to keep the gold deposited as collateral under strict CCTV surveillance in specially designed safe rooms.
Minimum loan amount of Rs 1,500
Muthoot Finance gold loan can be taken for as little as Rs. 1.500 at the lowest Muthoot Finance gold loan interest rate with no maximum limit on the loan and minimal processing fees.
No restriction on the end-use of the funds
Unlike other secured loans like a car loan or home loan, there are no restrictions on the gold loan’s end use. This makes a gold loan an effective means to fulfil a sudden requirement of money, be it for a business venture or a child’s education.
Convenience of repayment
Loans can be repaid utilizing cheques, debit cards, or cash (note that credit cards and demand drafts are not allowed). One can even replay the loan online. Repayment can be made at any of the Muthoot Finance branches, no matter the location. The CBS system implemented in every branch lets customers repay their loans at any branch. (It is important to note that the final collection of the gold can only be done from the initial branch where it was pledged as well as stored.)
Process of availing Muthoot finance gold loan
The process of availing Muthoot finance gold loan is relatively simple.
Step 1: Visit Muthoot Finance’s website or download the iMuthoot application on a mobile phone.
Step 2: Calculate the loan amount using the gold loan calculator, by entering necessary details like weight of gold, contact information, etc.
Step 3: Choose the best gold scheme according to your preferences from the list of schemes that comes out.
Step 4: Once the gold loan scheme for your requirement is chosen, you can calculate the EMI of your gold loan using the EMI calculator.
Step 5: If the gold loan amount and the EMI matches all your requirements, you can fill out the form and submit it. One of Muthoot’s executives will get in touch with the applicant to discuss the gold loan formalities.
Below is a summary of the different types of Muthoot finance gold loans available at Muthoot finance.
| Muthoot finance gold loan schemes | Minimum loan amount | Maximum loan amount | Tenure | Muthoot Finance gold loan interest rate | USP |
| MUTHOOT ONE PERCENT LOAN | Rs. 1,500 | Rs. 50,000 | 12 months | 12% p.a. if 100% interest is paid monthly | >Online Gold Loan (OGL) facility available |
| MUTHOOT ULTIMATE LOAN (MUL) | Rs. 1,500 | No maximum limit | 12 months | 22% p.a. with 2% rebate if 100% interest is paid monthly | >OGL facility available Free insurance for pledged gold ornaments |
| MUTHOOT DELIGHT LOAN | Rs. 50,000 | upto Rs. 5 crores | 12 months | Lower interest rate | >OGL facility available Free insurance for >pledged gold ornaments |
| MUTHOOT MUDRA LOAN | Rs. 1,500 | Rs. 1 lakh | Discounted rate of 11.9% p.a. | Special loan scheme for women that’s available at South India branches. | |
| MUTHOOT ADVANTAGE LOAN | Rs. 50,000 | Rs. 5 Crores | 12 months | 18% p.a. | >OGL facility available Free insurance for >pledged gold ornaments >Offered at branches in South India |
| MUTHOOT HIGH VALUE PLUS LOAN (MHP) | Rs. 2 lakhs | Rs. 5 Crores | 12 months | Interest rates as low as 14% p.a. | >Loans curated for the business community. >OGL facility available >Free insurance for pledged gold ornaments |
| MUTHOOT HIGH VALUE LOAN (MHL) | Rs. 50,000 | no maximum limit | 12 months | Interest rate as on date as low as 15% p.a | >Loans which are ideal for longer periods. >OGL facility available >Free insurance for >pledged gold ornaments >Offered at branches in South India |
| MUTHOOT BIG BUSINESS LOANS | Rs. 5 lakhs | Rs. 500 lakhs | 12 months | Muthoot Big Business Loan Silver @12% p.a. Muthoot Big Business Loan Platinum @11% p.a. Muthoot Big Business Loan Diamond @10% p.a. Muthoot Big Business Loan Elite @ 9% p.a. | >OGL facility available >Free insurance for pledged gold ornaments |
| BEST VALUE SCHEME (BVS) | Rs. 50,000 | Rs. 5 Crores | 12 months | 14% p.a. | >Offered at South India branches only >Free insurance for pledged gold ornaments |
| HIGH VALUE RETENTION (HVR) | Rs. 20 lakhs | Rs. 5 Crores | 12 months | 9.9% p.a. | >Offered at South India branches only >Free insurance for pledged |
| gold ornaments |
To contact Muthoot Finance Ltd for more details regarding Muthoot Finance gold loan and Muthoot Finance gold loan interest rate you can write to them on their website or call at 1800 313 1212 (North, East & West India Toll-free No) or at 99469 01212 (South India Toll-free No). They can also be reached via their Twitter handle and Facebook page.
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