Muthoot Fincorp Gold Loan

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Muthoot Fincorp Gold Loan

Muthoot Fincorp gold loan is the easiest option to fulfil your financial needs. Muthoot Fincorp offers a huge variety of gold loan schemes to cater to each customer's needs. You can avail of a loan amount ranging from Rs. 15K to no upper limit at an attractive rate of interest starting at 9.95% p.a. The loan can be repaid in a maximum tenure of 03 to 09 months. Muthoot gold loan ensures quick loan disbursals, attractive interest rates and complete customer satisfaction.

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On Muthoot Fincorp official website

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Muthoot Fincorp Gold Loan Benefits

Following are the key benefits that you can get by applying for a Muthoot gold loan:

  • Easy loan on gold at any time of the day
  • Flexible repayment options
  • Interest payment on a monthly basis
  • Attractive interest rate starting from just 9.95% p.a.
  • Instant approval with minimum paperwork
  • Loan amount as high as up to 75% of pledged gold’s value
  • Flexible tenure ranging from 3 to 9 months
  • Quick and hassle-free processing
  • Minimal simple documentation
  • Nominal processing charges are Nill.
  • Cashback on regular payments, digital payments and tenure completion
  • Different gold loan schemes are available to cater to different types and needs of customers.

Types of Gold Loan Offering by Muthoot Fincorp

Muthoot offers a huge range of gold loan schemes. The key features of all Muthoot Fincorp gold loan types are mentioned in the table below:

Type of Scheme Loan Amount Rate of Interest Tenure
6 Months Plan Rs. 5 Lakhs and Above 0.83% p.m. 6 months
9 Months Plan Rs. 3 Lakhs to 5 Lakhs 1.25% p.m. 9 months
12 Months Plan Rs. 3 Lakhs to 5 Lakhs 1.33% p.m. 12 months

Compare Muthoot Gold Loan to Other Lenders

Below is the comparison of the Muthoot gold loan with the gold loan schemes of other lenders. You can check the key features of top lenders to see which is the best gold loan bank available in India and which lender offers the best gold loan interest rate before you apply for the loan.

Bank Rate of Interest (p.a.) Loan Amount Processing Fee Tenure
Muthoot Fincorp Gold Loan 9.95% onwards Rs. 15K to no upper limit Nil 3-9 months
Bajaj Finserv Gold Loan 9.50% – 28% Rs. 5000 – Rs. 2 Crores 0.12% of the loan amount (minimum Rs. 99 & maximum Rs. 600) As applicable
Bank of Baroda Gold Lona 9.15% onwards Up to Rs. 50 Lakhs As applicable 12 – 36 months
Canara Bank Gold Loan 9.60% onwards Rs. 5,000 – Rs. 35 Lakhs Nill up to 2 years
HDFC Bank Gold Lona 8.30% – 16.55% Minimum Rs. 25,000 onwards (Rs. 10,000 in rural markets) Up to 1% of the loan amount 3 months – 2 years
SBI Gold Loan 8.70% onwards Rs. 20,000 – Rs. 50 Lakhs Up to 0.25% of loan amount 3 – 12 months
Indian Bank Gold Lona 8.65% – 10.40% No upper limit Nill Up to 35 months
ICICI Bank Gold Loan 10% – 17.95% Rs. 50,000 – Rs. 1 Crore 1% 6 months – 1 year
Kotak Mahindra Bank Gold Loan 8% – 24% Rs. 20,000 – Rs. 1.5 Crores Up to 2% + GST Up to 4 years
Axis Bank Gold Lona 17% onwards Rs. 25,001 – Rs. 25 Lakhs Up to 0.50% 6 months – 3 years

Eligibility Criteria of Muthoot Fincorp Gold Loan

You will have to meet the following eligibility criteria to apply for a Muthoot gold loan:

  • The applicant must be an Indian citizen.
  • The minimum age of the applicant must be at least 18 years when applying for the loan.
  • The maximum age of the applicant must be 65 years or below when the loan matures.
  • The purity of gold to be pledged should be 18 to 24 carats.
  • Applicants have to provide the required documents and the gold ornaments to be pledged.
  • The gold as security is needed from the end of the applicant to avail  of the Muthoot Fincorp gold loan
  • You can get a loan amount between Rs. 15k to no upper limit.

Documents Required for Muthoot Gold Loan

Muthoot Fincorp requires the following basic documents for gold loans:

  • Loan application form.
  • KYC documents – any one of the following:
    • Passport
    • PAN
    • Driving License
    • Voter ID Card
    • Aadhar Card
    • Any other valid identity card
  • Identity & address proof – any one of the following:
    • Electricity/ Water Bills
    • Voter ID Card
    • Aadhar Card
    • Rent Agreement
    • Bank Statement

If any of the documents submitted by the borrower as identity proof also contains their address, then no separate address proof is required.

Muthoot Gold Loan Calculator

The gold is pledged as collateral for a gold loan, and on the basis of the gold’s value at the current market rate, the total amount that you can avail of as a loan is calculated by the lender.

Before you choose the best Muthoot Fincorp gold loan scheme, it is important to calculate your eligibility and possible Equated Monthly Instalments (EMIs), so you can make an informed decision. For this purpose, you can use the Muthoot Gold Loan Calculator available online on the official website of Muthoot Fincorp.

Here are the steps involved in calculating your gold loan EMI using Muthoot’s gold loan eligibility calculator:

  • Open the Gold Loan Calculator by clicking the link
  • Enter the required loan amount in INR or the weight of gold to be pledged in grams.
  • Click on the ‘Apply now’ button.
  • As soon as you enter all these details, the calculator will display the interest rate and tenure for various schemes.
  • Select a desired scheme by understanding its EMI.

Fee & Charges of Muthoot Gold Loan

Following are the fees and charges to be paid for availing of a Muthoot Fincorp gold loan:

  • Processing fee: Nil, *for customers there is no minimum lock in and prepayment and pre closure charges .
  • Penalty on missing payment: If you miss a payment, a penalty of up to 9.99% of the outstanding amount will be levied.
  • Foreclosure charges: There are low or no foreclosure charges on repaying the loan after 3 months (depending on the scheme type).

Process to Apply for Muthoot Fincorp Gold Loan

You can easily apply for a Muthoot gold loan either online or offline.

Steps for the online process:

  • Visit the official website of Muthoot Fincorp or the mobile app.
  • Then, calculate your gold loan eligibility using the gold loan calculator to see the loan amount that you will get against your gold ornaments.
  • Choose the desired scheme from the available options given under the ‘Our Plans’ tab on the homepage.
  • Fill in the application form and click the ‘submit’ button.
  • A representative from Muthoot Fincorp will get in touch with you instantly to take the process forward.

Steps for the offline process:

  • Visit a nearby Muthoot Fincorp branch and deposit your gold ornaments.
  • Sign up for the online gold loan service and link your savings bank account.
  • Once your bank account is linked, you can use Muthoot’s mobile app/ website to get the gold finance directly credited to your linked account at any time.

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Muthoot Fincorp Gold Loan FAQs

The minimum loan amount that can be availed as a Muthoot fincorp gold loan is Rs. 15000

The interest rate of 1 Lakh in Muthoot Fincorp starts from 9.95% p.a., depending on the loan repayment tenure and other factors.

You can easily pay your Muthoot gold loan interest through the Muthoot’s website or mobile app.

For 1 gram of gold, you will be able to avail of a loan amount equivalent to 75% of the market price of the metal on that particular day.

Once your gold loan in Muthoot Fincorp is closed, you are free to deal with the ornament in any manner. You can definitely sell the pledged gold jewellery after redeeming it from Muthoot.

No. The CIBIL does not have any role in the processing of the Muthoot gold loan.