Muthoot Finance Personal Loan allows you to borrow anywhere between Rs. 50,000 and Rs. 15 lakhs. The funds can be used for any expense, planned or unplanned, and at time of a financial emergency given quick disbursal within two days. A personal loan is unsecured in nature, wherein the financial institution does not require any collateral. With this loan you can fulfil multiple monetary needs related to home renovations, big-ticket purchases, medical contingencies, education, debt consolidations, weddings, travels, etc.
At loanbaba.com, you can apply for Muthoot Finance Personal Loan online, get quick loan approval, and funds right into your bank account.
The personal loan scheme by Muthoot Finance has several benefits apart from online application on Loanbaba, instant approval, and fast disbursal. Below-mentioned are some of the prominent features of personal loan Muthoot Finance:
It is important to understand the eligibility norms put ahead by the financial institution. If you fulfil the eligibility criteria, only then your loan application can get approved. Thus, knowing the criteria for eligibility on loan is crucial. Below-mentioned are the Muthoot personal loan eligibility criteria:
NOTE: To understand the amount you are eligible to borrow, you can take help of our free-to-use eligibility calculator on the website.
The Muthoot Finance personal loan interest rates vary between 14% and 24% per annum. Discounted rates could be applicable for applicants from large companies, government sector employees, etc. A prior good relationship with the financial institution can also secure you a better rate of interest. A good CIBIL score is mandatory to avail the loan, along with sufficient repayment capacity. To know your CIBIL score for free, click here.
You can get the best interest rate on Muthoot personal loan depending on the loan amount sanctioned, your salary/income, tenure, other financial liabilities, etc. To determine the interest rate applicable, the financial institution may consider the following:
You may want to know the exact monthly instalment amount on your loan. You do not have to manually calculate results as you can take help of free-of-cost EMI calculator on our website. You can find out the equated monthly instalment over different combinations of tenure, interest rate, and loan amount.
The tool allows you to adjust the slider on required combination of:
Now, let us look at an example of EMI calculation. Though the starting rate on the loan is 14%, let us consider a generic example for the calculation of equated monthly instalment. For instance, you take a loan of Rs. 2 lakhs on an interest of 10.75% per annum for 4 years, then the EMI amount will be as follows:
Thus, by using the online tool on Loanbaba for EMI calculation, you can decide how much the EMI will be on a borrowed amount over tenure at an applied rate of interest. The calculation will provide you a realistic idea of your financial liability after taking the loan. It will also help you plan your spending and budget to manage the EMIs on time.
As much as the fulfilment of eligibility criteria is important, so is submission of all the required documents, without which the company may not approve the loan application. Thus, you must ensure that all the documents are in place and accurate. The below-mentioned documents must be submitted to Muthoot at the time of applying for a personal loan.
Below-mentioned are FAQs on Muthoot personal loan:
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Muthoot Finance Bank.
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