Muthoot Finance Gold Loan

Gold Loan @ 7%

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Muthoot Finance Gold Loan Key Features

Muthoot Finance Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
Muthoot Finance Gold Loan Interest Rate 7.0% per annum
Muthoot Finance Gold Loan Per Gram Rate Per Gram Today is ₹ 5,268
Muthoot Finance Gold Loan Processing Fee 1.50% of the Principal Loan Amount
Muthoot Finance Gold Loan Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
Muthoot Finance Gold Loan Repayment Tenure 3 Months to 24 Months
Muthoot Finance Gold Loan Repayment Scheme Bullet Payment Scheme, Overdraft Scheme

Why Muthoot Finance Gold Loan?

It is the largest gold financing company India. Bank also provides different loan services like a Business loan, Personal loan, Gold Loan, Education Loan and Car Loan etc. Muthoot Finance Branches sells gold coins and offers foreign exchange services, money transfers, wealth management services, travel, and tourism service. It is Headquartered at Kochi. Muthoot Finance Ltd offers a different type of banking and financial services. If you have the power of Gold with you then go for Muthoot Finance Ltd. This Bank also offers Gold Loan at a very reasonable rate of interest. Muthoot Finance Gold Loan avails high funding to the customer who needs more amount of loan and needs immediate funds for the emergencies or personal need.

Gold ornaments accepted by the Muthoot Finance Ltd

Gold jewelry like gold bangles, gold rings, gold necklace and gold anklets etc but should of high quality that is 18karat-24karat.

Various schemes introduced by Muthoot Finance Ltd

Muthoot EMI Scheme (MES), Muthoot Best Value Loan (MBL), Muthoot Mahila Loan, Muthoot Super Loan, Muthoot Premier Loan, Muthoot Advantage Loan, Muthoot High-Value Loan (MHL), Muthoot Over Draft Scheme (MOS)

Advantages of Muthoot Finance Gold Loan

  1. Muthoot Finance Gold Loan offers High Funding to the customers
  2. This Bank offers a low rate of interest on the Gold
  3. It also required minimum documentation
  4. Pre-payment of loan available without any extra charges or penalty
  5. Bank provides safe custody to the Gold
  6. Moreover, it is very easy to apply online on bookmyloans.in
  7. It also provides quick disbursal, easy approval, and very quick process

Processing charges and Interest Rate

  1. Generally, gold loan is available at the interest rate of 7% to 14.5%
  2. ROI for tenure less than 1 year is also available at 1%
  3. Processing fees equal to 2000
  4. The borrower will be given an option to pay only interest during the entire term and at the end of the tenure, you can pay the complete borrowed amount in a single shot.

Muthoot Finance Gold Loan Documentation

Documentation and process of Muthoot are very easy and smooth. You just need one proof of address and one proof of identity. Following are some identity and proof of residence you need to submit. You need anyone proof of identity and only one proof of residence.

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Residence proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills like water and electricity bills, Bank Statement
  • It is not mandatory to submit PAN card.

Muthoot Finance Gold Loan Eligibility Criteria

You will get the loan amount on the basis of the purity of gold and gold price calculated on the basis of the Gold loan to gold value ratio. Currently, Muthoot offers Gold Loan per gram of Rs 1816 to Rs 2220. The maximum gold loan amount you will get only when your gold will have the purity of 22 karat

  1. Age of borrower must be more than 18 years and less than 65 years. Only after that, the applicant will be eligible.
  2. Maximum Loan Tenure offered by Muthoot Finance Gold Loan is 36 months
  3. Maximum Gold Loan to Gold value ratio is up to 75%
  4. Applicant must have a stable source of income so that he/she can pay EMI and loan amount after a particular time.

How to Apply for Gold Loan on bookmyloans.in?

You can easily apply for Gold loan. There are 2 methods to apply one is online and another is an offline method. In the offline method, you need to visit the branch of the Muthoot Finance Ltd. There you have to fill up the Application form and need to visit till sanctioning of the loan. In online processing, you need to fill up the application form available on bookmyloans.in. After filling up the form, You immediate get a call from the customer representative of the Muthoot Finance Ltd. They will confirm some of the details from you and let you the eligibility and fix your appointment with the banker. The banker will pick up the documents from your doorstep. After that, you need to visit the bank once just at the time of Gold submission. Apply online on bookmyloans.in and get cash back and low rate of interest.

FAQs About Gold Loan

  1. How does Gold Loan work?

It is straightforward to understand Loan on Gold. The Banks /NBFC provide you with funds against your gold ornament. The amount depends upon the gold weight.

  1. Is gold loan secured?

Yes, it is essential to note that the loan on gold is secured. Because while taking Gold Loan, the applicant put his/her gold jewelry into the bank’s locker as collateral.

  1. What consequences can happen when you don’t repay a Gold Loan?

If an applicant is not able to return the gold loan on time, then the bank is liable to sell his gold ornaments.

  1. Is it necessary to have a co-applicant to get Gold Loan?

No, there is no need for any co-applicant to get Gold Loan.

  1. Is there any fee to pay for the Gold Loan?

It is necessary to pay the loan processing fee as well as Valuation fee.

Gold Loan Interest Rate of Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

7.00% – 14.50%

ICICI Gold Loan

7.00% – 16.10%
Muthoot Finance Gold Loan

7.00% – 24.00%

Axis Bank Gold Loan

7.00% – 17.00%
Manappuram Gold Loan

7.00% – 26.00%

Yes Bank Gold Loan

7.00% – 15.99%
Bank of India Gold Loan

7.00% – 26.00%

Federal Bank Gold Loan 

7.00% – 13.50%
IIFL Gold Loan

7.00% – 12.00%

Central Bank of India Gold Loan

7.00% – 14.65%

Canara Bank Gold Loan

7.00% – 12.65%

Allahabad Bank Gold Loan

7.00% – 10.45%

Induslnd Bank Gold Loan

7.00% – 15.75%
PNB Gold Loan

7.00% – 11.75%

Bajaj Finance Gold Loan

7.00% – 26%
SBI Gold Loan

7.00% – 15.99%

Indian Bank Gold Loan

7.00% – 15.99%
UCO Bank Gold Loan

7.00% – 26.00%

Kotak Mahindra Bank Gold Loan

7.00% – 13.50%
Syndicate Bank Gold Loan

7.00% – 12.00%