Muthoot Finance gold loan is one of the best funding options in times of financial emergencies. You can borrow funds against the pledged gold jewellery and borrow as low as Rs. 1,500. There is no maximum cap on the amount you can borrow. The financial institution – Muthoot Finance Ltd. offers different and specialized schemes under the gold loan product. You need to submit the basic KYC documents (proof of identity and proof of address) to apply for the loan.
Note: Southern branches comprise of Karnataka, Tamil Nadu, Kerala, Telangana, Andhra, and Goa, including Andaman-Nicobar Islands, and Puducherry. Rest of the India comprises of branches under the States and Union Territories under the rest of India.
Loanbaba provides information on everything you need to know about Muthoot gold loan schemes and rates. In the pointers below, we will take you through these schemes, the loan amounts, interest rates, EMI calculations, fees and charges, and a lot more.
Below-given are features of the loan schemes:
Muthoot Finance offers 14 types of loan against gold schemes. A few of these schemes (IPL, MML, MSL, WBS, and MBL) are available only in the Southern parts of India. Schemes than ones mentioned are otherwise available across the country.
Below-provided is a list of Muthoot gold loan interest rate.
NOTE: Rs. 1,500 is the documentation charged for limits sanctioned for MOS scheme. The interest is charged on monthly compounding basis. 24% per annum is charged for late EMI payments for loans under the MIS scheme.
Below-given is a list of Muthoot gold loan processing fees.
Below-given is a list of rebates applicable on the gold loan schemes.
NOTE: Rebate on interest is provided only on the prompt interest payments for MSL, MPL, and MAL scheme.
NOTE: 2% per annum is charged as penal interest along with the existing interest as above on the outstanding dues of more than 1 year/12 months.
Below-provided is a list of services charges for Muthoot gold loan.
• IPL= 1% for tenure of 12 months
• MHL and MHP-0.5%
• 1% for MHL if loan amount
• 0.5% if the loan amount is over Rs.10 lakhs but under Rs. 25 lakhs
• 0.25% for Rs.25 lakhs and above
• For MHP over Rs. 25 lakhs, the rare is 0.5%
• Rs. 50 per ZIL
• Rs. 1,500 per account of MOS
• Rs. 750 per account for MOS renewal within 12 months
• 0.15% of the loan amount
• Maximum Rs.600
• Minimum Rs. 50
• Rs. 10 for loan up to Rs.10,000
• Rs. 20 for above Rs.10,000
• Rs.20 for digital transfer
• At the time of renewal or closure, Rs.2 per transaction
• At the time of closure or renewal Rs.5 per transaction
• Rs. 10 each for 3 ordinary notices
• Rs. 70 from the 4th notice (registered)
• Rs. 30 each for 3 ordinary notice
• Rs. 100 from the 4th notice (registered)
• Rs. 120 as Auction Notice charges
• Rs.25 + stamp paper cost
• As per the actuals
For instance you are based in a metropolitan city. You need a gold loan of Rs. 50,000 on 20gm of solid gold. Below-given is an illustration of Muthoot Finance Gold Loan EMI calculation.
NOTE: EMI amount varies as per the quality and purity of the pledged gold.
Still not Received?
We have sent verification code to your mobile number
Below-given are the relevant FAQs:
Any citizen above 18 years of age with self-owned gold ornament, and the required documents, can apply for gold loan Muthoot Finance.
Muthoot Finance Ltd. does not need a third-party or external guarantor. The funds are approved based on the pledged gold jewelleries.
The eligible loan amount depends on the gold rate calculated on the date of application. The amount approved also depends on the purity of the gold jewellery.
The financial institution enters the information about the pledged gold digitally into its system. All the submissions are then locked in a tamper-free packaging. All the branches of Muthoot Finances Ltd. have strong rooms allotted for the storage and safekeeping of the pledged gold ornaments. The safe rooms have CCTV cameras attached that are under surveillance 24 hours.
The minimum and maximum tenure is 7 days and 12 months (normal schemes), respectively. For EMI based schemes, the tenure can be extended up to 36 months.
The OGL (online gold loan) facility by Muthoot Finance allows you to pay period interest and principal repayments through net banking or debit card on the internet. You can make repayments on each active or multiple loans in a single transaction through the highly secured payment gateway. It also allows you to avail a top-up amount and renew the eligible loan schemes 24 x 7.
You can repay at any of the branches of the Muthoot Finance Ltd. You can also repay through any of the approved online modes. Also, partial payment is allowed without any penalty charges.
You can repay at the physical branch through a debit card, cheque, or cash. Demand drafts and credit cards are not acceptable. You can also repay through the iMuthoot mobile application or the Online Webpay facility.
Subscribe to our newsletter
Akshar Blue Chip IT Park, 703, Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra 400705
Please enter OTP received on your Mobile Number and Email Address.