Muthoot Gold Loan Interest Rate

Muthoot gold loan Interest Rates start from 12% per annum. This applies to both its existing and new borrowers. The actual interest rate varies depending on the gold purity, loan value and the loan to value ratio. A jewel loan can be used for any need. Many use it for business and personal purpose.

For business, the fund can help to purchase equipment, expand workspace, rent or purchase new workstation, project finance, working capital etc. On the other hand, you can even use the funds for expenses related to medical emergencies, weddings, travel plans, education, home repairs, etc.

At Loanbaba, you can get all details about Muthoot Gold Loan.

Muthoot Gold Loan

Details

Interest Rate

12% - 26%

Processing Fee

0.25 - 1% on the loan value.

Tenure of the loan

1 week to 3 years

Loan Value

Rs. 1,500 to 1 Crore

Prepayment Fee

NA

Gold Loan Scheme

Bullet Repayment Scheme

EMI Scheme

Muthoot Gold Loan Interest Rates 2019

Muthoot offers loans at special interest rates for agricultural purposes. This is because agriculture appears in the highest priority sectors. Thus, one can opt for the credit for agriculture purposes at rates not more than 1 – 2%. Other than agricultural needs, the financial institution offers a loan against gold at an attractive rate of interest to other customers as well.

Muthoot Gold Loan

Below-given are the featured of a gold loan by Muthoot Finance.

  • The purpose of the Muthoot gold loan is to help you meet your personal and business expenses.
  • The gold jewellery should be pledged as the security for your loan.
  • You can either pledge gold jewellery or gold coins up to 50 grams. However, they should be at a purity level of 18 to 22 carat.
  • Any can apply for the loan. The applicant should be at least 18 years of age. He/she may be a salaried, self-employed professional, students, businessman, housewife, pensioner, etc.

Documents Required for Muthoot Gold Loan

You need to simply follow a smooth and easy documentation process. Provide an identity proof and your address proof to apply for the loan. You can provide the following:

  • Any one of the Identity proofs: Passport, Aadhar Card, PAN Card, Driving License, Voter’s ID Card
  • Any of one of the Address proofs: Aadhar Card, Rent Agreement, Bank Statement, Voter’s ID card, Utility Bills, etc.

Popular Muthoot Gold Loan Schemes

Below-provided are some of the popular schemes by Muthoot Finance for gold loans in India.

  • Bullet Repayment Scheme: This is one of the most popular repayment schemes for gold loans. Here, during loan tenure, all you have to pay is regular instalment comprising of only the interest component. At the end of tenure, you have to then repay the entire principal amount in lump-sum.

    Many choose this scheme as it lowers the EMI burden and takes off financial burden till loan maturity. In between people save enough to repay the principal amount so that a lump-sum payment can be made afterwards.

  • EMI Scheme: An EMI scheme is equated monthly instalment. Here, every month on a particular date, you will have to pay monthly instalment. The instalment amount will comprise of both interest and principal portion. You need to keep paying EMIs in timely manner so as to avoid defaulting on the loan.

    If you cannot repay the amount at all, the gold pledged will become the property of the financial institution. Muthoot Finance will then have the right to recover the outstanding dues by selling the using the gold assets as per their needs.

Muthoot Gold Loan Interest Rate Calculator

Muthoot Jewel Loan Interest Rate starts from12%. The ultimate value that is charged will depend on the loan value, the tenure of repayment and the percentage of gold in your jewellery. Muthoot offers special competitive rates to its existing account holders. So, do keep a check on them.

Here is the basis on which Muthoot Gold Loan Interest Rate Calculator functions.

  • Loan Amount

One can avail loan depending on what your jewellery weighs. It ultimately depends on the purity of gold and quality of gold content in the jewels. Higher loan amounts attract low interest rates. However, one can only avail any amount between Rs. 1500 to Rs. 1 Crore.

  • Do you hold a good relationship with the service provider?

If you have maintained decent relationships in the past, you are likely to be offered special interest charges lesser than the general rates. Thus, if you have made payments sometime before, you can take advantage of your credibility.

  • Tenure of the loan

Low tenure of loans attracts higher interest rates. You can avail gold loans from Muthoot for tenure between 1 week and 3 years.

  • Loan to Value Ratio

The credit provided for the gold pledged will never exceed more than 75%. Muthoot also has options for loans with low LTVs. The interest rates too would be low in this case. However, the maximum ratio that cannot be crossed is 75% of the net gold weight.

How to Apply for Muthoot Finance Gold Loan in India?

Applying for a loan against gold at Muthoot Finance is now simple and hassle-free. Here is how you can apply for gold loan Muthoot Finance:

  • Offline Method: Here, you can fill the loan application form, attach hard-copy of needed documents, and apply for the loan at the nearest bank branch. Gold valuation can be done then and there. A decision can be taken on the loan approval instantly after these procedures, and you can get the funds in as less as few hours or minutes.
  • Online Method: The gold valuation will be done offline at the bank, but apart from that, right from knowing loan details, uploading soft-copy of required documents, filling application form, and applying for the loan will happen on the official website of the Muthoot Finance. An executive will then get in touch with you shortly.
  • Disbursal Process: Disbursal will be quick, usually the same day of the loan approval. So if you are seeking funds for a financial emergency then a loan against gold is the best option. You can even pay the EMIs online if taking the loan from Muthoot Finance. Repayment plan is cut-out based on your income and repaying capacity. All you have to do is keep the documents for submission and gold for valuation to avail the funds quickly.

Frequently Asked Questions on Muthoot Gold Loan Interest Rate

Below-given are FAQs about Muthoot Gold Loan Rate and the jewellery loan scheme.

  • addFAQs
    1. Can prepayment of the loan be done? What would be charges for the same?
    2. Yes, you can repay your jewel loan before time. No charges apply.

    3. Does Muthoot offer gold loans online? If there an online loan payment facility?
    4. Yes, jewel loans can be applied online. Moreover, Muthoot provides gold loan online payment facility too.

    5. What are the rates of interest and penal charges on Star Mahila gold loans?
    6. Below-provided are details about BOI interest rate and penal charges for loan against gold.

    7. Does Muthoot have special offer with Agricultural Gold Loan?
    8. There are no special schemes for agricultural purposes despite it being a priority sector. However, the interest rates are so affordable and to the lowest levels, that these loans are specially designed for agriculture, though not restricted to it.

    9. What is the maximum loan limit?
    10. You can avail a loan amount up to Rs. 1 crore.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Muthoot Finance for gold loan.

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