Muthoot Finance Personal Loan Interest Rates
Apply NowFactors That Influence Interest Rate | Details |
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Loan Amount | Rs.50,000 to Rs. 15 lakhs |
Loan Tenure | 12 months to 60 months |
Interest Rate | 14.00% to 24% |
Processing Fee | 2.5 - 3.5% on the borrowed principal |
Muthoot Finance Personal Loan Interest rate starts at 14%. The lowest EMI per lakh is Rs. 2,327. You can use the loan amount for any financial requirement. Many use the funds for medical emergencies, debt consolidations, travels, weddings, home renovations, educational expenses of children, etc. The personal loan facility is collateral-free. Disbursal of funds is in as less as 2 days. You get the funds right into your bank account. At Loanbaba, you can apply for personal loan Muthoot Finance. Apply online and get a quick lending decision within no time.
Features of Muthoot Finance Personal Loan
Here are some of the features of this borrowing facility:
- Employees of large companies, banks, and government sector can avail special discounts and schemes.
- Low income group people can also apply for the loan.
- This loan is also offered to defence and armed forces and government employees
- Competitive interest rate. The rate of interest rate varies for defence personnel, government employee, and private salaried employee.
- Flexible repayment options and minimal documentation.
- This financial institution offers doorstep service.
Muthoot Personal Loan Interest Rate
The rate of interest on personal loan by Muthoot Finance is between 14% and 24% per annum. To get the best rate, the financial institution will assess your income, existing EMIs, work experience, loan amount, loan tenure, and other factors. Below-given are some of the factors that determine your interest rate for the loan:
Factors That Influence Interest Rate | Details |
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Loan Amount |
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Income |
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Loan Tenure |
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Employer Category |
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Repayment Capacity |
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Relationship with the Financial Institution |
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Muthoot Finance Personal Loan Charges
Apart from the rate of interest, the financial institution has several other charges that could apply on your personal loan:
- Processing Fee: The fee is between 2.5% and 3.5% of the loan amount. The payment of tax is separate. This fee is non-refundable and applied at the time of taking the loan.
- Part Payment Charges: Part Prepayment is not allowed.
- Pre-closure Charges: You cannot pre-close the loan.
- Other Charges: Once your loan is sanctioned, the financial institution will send you a statement of other charges applicable on the loan account. The charges may differ depending on the terms and conditions of the loan agreement. Some of these charges include: late payment fee, loan cancellation charge, EMI cheque bounce charge, etc.
Muthoot Finance Personal Loan EMI Calculation
Here is an illustration of the Muthoot personal loan cost.
- Maximum Annual Percentage APR: 14% to 24%
- Principal Amount Borrowed: Rs. 1 lakh
- Tenure: 12 months to 60 months
- Processing Fee: Up to Rs. 2,000
- Fee to Loanbaba: No Fee
- EMI for 60 months at 14%: Rs. 2,327
- EMI for 12 months at 24%: Rs. 9,456
- Total Cost over the Tenure: For 12 months it is Rs. 15,472. For 60 months it is Rs. 41, 620
On Loanbaba, you can use a free-of-cost EMI Calculator to understand the exact monthly outgo towards the repayment. The tool provides you the following benefits:
- It is accessible 24 x 7. You have to feed in details such as the loan amount, tenure (in year or months), and interest rate
- It provides accurate calculations for the total interest payout over a specified tenure
- It also shows part-by-part monthly instalment through the tenure
- You can even access the amortization schedule till the end of tenure
- The calculator also informs about the total payout including the interest charged over the tenure and the borrowed principal
Eligibility Criteria for Muthoot Personal Loan
Here are the eligibility norms to apply for this service:
Eligibility Criteria | Details |
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Who Can Apply? | Proprietors, salaried individuals, self-employed individuals, and partnership firm employees |
Age |
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Work Experience |
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Net Monthly Income |
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Personal Loan Top Up |
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Documents Required for Muthoot Personal Loan
You have to submit the below-given documents when applying for Muthoot personal loan.
- If applying online on Loanbaba. Just provide your personal details as asked in the application form. Our customer care team will contact you with further information.
- Identity proof such as Aadhaar Card, Driving Licence, Voter ID Card, Passport, etc
- Address proof such as Aadhaar Card, Ration CARD, Birth Certificate, Voter ID Card, Passport, Secondary School Certificate, Life Insurance Premium Receipt, etc
- Recent passport-sized photograph
- Form 16 or ITR proof
- PAN Card
- Proof of employment such as salary account statement or an appointment letter
- Income proof such as salary receipt or bank statement of the last 3 months to 6 months
- Audited financial reports of the last 2 years if you are a self-employed person
Frequently Asked Questions about Muthoot Personal Loan Rate
Here are the FAQs on personal loan Muthoot Finance and interest rate:
- Repayment schedule and tenure as per your payment capacity.
- Best loan amount as per your affordability.
- Tenure is chalked as per the EMAIL you can afford.
- Lowest interest rate that suits your pockets.
- For a faster approval, make sure you provide accurate details in the loan application.
- You should request for a loan amount as per your repayment ability.
- You should not be a frequent loan defaulter.
- You should not have too many outstanding dues.
- As the loan is unsecured in nature, there is no risk to your assets in case of a loan default.
- However, it is not advisable to default on the loan or it will lower your credit score.
- Defaults also attract penalties and increase the total loan cost.
- To lower the cost of loan, choose the shortest tenure.
- To meet the larger EMIs, you can cut down on expenses that you can avoid.
- If you still prefer a longer tenure, then ensure timely repayment so that the cost does not increase further.
- Loan amount is also directly proportional to your repayment capacity. If you can convince the lender of repaying in time, then you may get the desired loan amount.
- Taking the lowest possible loan amount will take the financial burden of larger EMIs off your shoulder.
- Boost your possibilities by offering collateral. However, the personal loan offered by Muthoot is security-free. Instead, you can choose collateral loans such as a gold loan.
- Opt for debt consolidation with personal loans to close existing loans. But do so only if you save significantly on the interest payout. The remaining amount can be used for your financial need.
- Mostly, the financial institution may deduct the fee from the principal borrowed, and then disburse the remaining amount.
- Processing fee is a one-time payment and non-refundable
- It is charged at the very start of the loan.
- To maintain a good credit score, you must make timely payments on all the running loans
- Avoid defaulting on your new personal loan, to keep your credit score stable
- An excellent credit score will ensure easier access to future loans