Getting a gold loan from Muthoot Finance can be a very good choice if you are looking to complete your important procedures but are facing a lack of money. Muthoot is one of India’s most trusted loan providers and getting a personal loan from Muthoot Finance is quite easy and secure.
Gold loans can be availed for different purposes. For example, you can request a loan to pay your medical dues, to pay your debt to other lenders, or even for your travel expenses. In this article, we have come with every sort of information you will require for getting a personal or gold loan from Muthoot.
Table of Contents
What is a gold loan from Muthoot Finance?
A gold loan is a kind of secured loan in which applicants can avail of a high amount of loan benefits against their gold assets. The applicants can deposit their gold assets such as ornaments or jewels to Muthoot to get a loan. This loan is considered the best way to fulfill your financial needs without taking any major risk. It has been a sensible alternative to availing loans from bank channels.
When you take a gold loan from Muthoot Finance, you are assured of complete customer satisfaction. Your gold asset will be kept secure under the responsibility of Muthoot Finance Ltd. Muthoot provides you with quick loan disbursals, low-interest rates, and high loan amounts that make sure you get the best services available.
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Features
While you get a loan against your gold asset, you open several features for youself. Here are the major features that you get from Muthoot after availing of loan benefits from it.
1. Quick loan disbursal: Unlike the other lenders, Muthoot doesn’t want to keep you waiting for the loan. Once your loan application is approved, the loan amount is disbursed to your bank account within 24 hours or less.
2. No maximum limit on your loan amount: Muthoot allows you to avail as high a loan amount yourself of as you want, provided you provide it with pure quality gold assets. The minimum loan amount you can take against your gold is INR 1500 while there is no maximum limit. It provides a great relief to people seeking to take gold loans for large businesses.
3. Pre and Part payment options: While you will be paying the money for your loan amount, Muthoot wants to give the controls in your hands. You are allowed to make either pre or part payments of your loan at your convenience.
4. Minimal documentation: No one wants to get involved in complex paperwork. That’s why Muthoot offers loan facilities on minimal documentation. You just need to provide a few important documents to get your loan amount disbursed to your bank account.
5. In-house gold evaluation: Everyone wants to get the best value for their gold asset. For this, Muthoot provides you with in-house gold evaluation services wherein a Muthoot employee will visit your home and evaluate the gold value before you.
Eligibility Criteria
Muthoot has set very simple eligibility criteria for a person being able to apply for a personal loan from the bank. These are as follow;
1. The applicant must be an Indian resident aged over 18 years old.
2. The applicant can be salaried, self-employed, a student, businessman, housewife, or even pensioner.
3. The gold provided must be 18 karats to 22 karats pure.
Documents required
As we have mentioned above, Muthoot doesn’t ask you for complex documentation processes. The process of gold loan from Muthoot Finance is quite simple. It just requires a few KYC documents to get your loan application approved by the bank. The main documents required by Muthoot are as follows.
1. Proof of identity including your PAN Card, Aadhaar Card, Voters ID Card, Driving License, or Passport.
2. Proof of address that includes your Aadhaar Card, Utility bill documents, or other government-approved address proof.
How to get gold loan from Muthoot Finance?
Now you would be thinking about how to take loan from Muthoot Finance. Well! The process of getting this loan is quite simple for the applicants. This is the reason why this loan has been so popular among people. With the updated policies and new methods, you can apply for this loan in a very simple way. We have provided you with the simple steps you need to follow to avail of these loan benefits.
1. Download the iMuthoot application on your mobile device or visit the official website of Muthoot in your web browser.
2. You will be provided with a virtual gold loan calculator using which you can calculate the total loan amount you can get against the weight of your gold asset in grams.
3. Fill in all the required spaces with proper information such as your name, email, state, govt. issued documents, and other mandatory details. Click on the calculate button to know what amount you can get against your gold asset.
4. Muthoot provides you with a wide range of loan schemes. Choose the right according to your requirements.
5. After choosing the perfect loan scheme for you, you can calculate the total EMI amount of the loan using the EMI calculator.
6. If you are satisfied with the requirements of the gold loan scheme you have chosen, you can proceed to fill the application and then submit it. Once you submit the loan application, a Muthoot representative will contact you regarding the loan formalities.
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Gold loan Muthoot Finance interest rate
What is the interest rate in Muthoot Finance for taking gold loans? It could be among the first questions you would be thinking about before applying for a loan. We have provided you with some tables that will help you understand everything.
| Interest rate | 11.9% per annum onwards |
| Processing fees | 0.25% to 1% of the total loan amount |
| Loan tenure | From 7 days to 3 years (36 months) |
| Lowest EMI/lakh | INR 3,321 |
| Loan amount | From INR 1500, no maximum limit |
Also, we would like to provide you with a detailed table of gold loan Muthoot Finance interest rates on different schemes.
| Muthoot Gold Loan Schemes | Interest Rate (p.a.) |
| Muthoot One Percent Loan | 12% onwards |
| Muthoot Ultimate Loan | 22% onwards |
| Muthoot Overdraft Scheme | 19% onwards |
| Muthoot Delight Loan | 17% onwards |
| Muthoot EMI Scheme | 21% onwards |
| Muthoot Mahila Loan | 11.90% onwards |
| Muthoot Advantage Loan | 18% onwards |
| Muthoot Super Loan | 23% onwards |
| Muthoot High-Value Loan Plus | 12% onwards |
| Muthoot High-Value Loan | 16% onwards |
| Muthoot Super Saver Scheme | 11.90% onwards |
Muthoot Customer Care Toll-Free Numbers
Following are the customer care numbers of Muthoot:
For Southern India Toll-free No: 99469 01212
For North, East & West India Toll-free No: 1800 3131212
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Frequently Asked Questions
1. How to pay Muthoot gold loan interest online?
You can pay your loan interests to Muthoot quite easily online. Muthoot allows you to make the payment via different modes of payments such as Paytm, UPI, Net Banking, Credit Card, or Debit Card.
2. How to check Muthoot gold loan status?
You can make a call on the customer support number of Muthoot Finance; 18003131212 (for North, East & West India Toll-free No) and 99469 01212 (For South India Toll-free No.) to check your Muthoot loan status.
3. How to get personal loan from Muthoot Finance?
The process of getting a personal loan is quite similar to the process of getting a gold loan. You can visit the official website of Muthoot and check for the personal loan segment to be able to apply for a personal loan from the bank.
4. Does Muthoot Finance give a personal loan?
Yes, Muthoot offers instant personal loans for its customers. It provides the applicants with a decent amount of loan with minimal documentation required and low interest rates.
5. What kind of loans does Muthoot Finance provide other than a gold loan?
These are:
- Education loan from Muthoot Finance
- Home loan from Muthoot Finance
6. Is it safe to take gold loan from Muthoot Finance?
Muthoot provides you with the assurance of keeping your gold asset secure and in the best condition possible till you pay the interest rate to get it back.
Final Thoughts
A loan against gold is a secured loan that you can avail of from Muthoot in lieu of your gold ornaments like gold jewellery. This is the easiest way to fulfil your financial requirements. In fact, it proves to be a sensible alternative to availing loans from banking channels. I hope now you know how to get a gold loan from Muthoot against your gold assets.
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