Muthoot Gold Loan
Gold loan is a loan in which the customer mortgages his/her ornaments to the bank and get the money within the few hours so, It is an effortless way to get the money through a loan. They provide gold loan at low-interest rates; also, Muthoot Gold Loan gives you quick disbursal.
An applicant can use the loan amount wherever he wants to do. Gold Loan is beneficial for them who needs urgent cash. This loan is very secure for both the bank and customer because the bank can do anything which they want to do with the gold in case of no return of loan amount.
Gold Loan Interest rates
It offers one of the lowest gold loan rates of 10.75 per annum, both for its existing bank customers as well as new borrowers. Muthoot Finance Gold loan rate varies by the amount of loan, purity of gold, and loan to value ratio.
To apply for a Gold Loan, you must be:
- Firstly, A citizen of India.
- Secondly, Gold should be of more than 10 grams.
- Moreover, A farmer, trader, salaried or self-employed professional, or businessman can apply for gold loan.
- After that, The applicant must be between 18 to 65 years.
- Gold should be a minimum of 18 to 22 carrots.
- Also, The minimum loan amount is Rs.18000.
Benefits of Gold Loan
- First of all, Processing is fast: Process of taking a gold loan is faster than the other loans. It is beneficial for both parties. Banks generally disburse the loan within the few hours.
- Most Importantly, Interest rates are low: As this is secured loan; therefore, the bank provides lower interest rates as compared with the unsecured loan i.e., Personal Loan.
- Thirdly, No processing fee: Many banks don’t charge any processing fee on Gold loans.
- Also, No income proof required: Generally, the lender doesn’t ask for the income proof as this loan is secured.
- Most noteworthy, Safety of Gold: Your gold will be safe in lenders vault, so there is no need to worry.
In conclusion, there are many benefits of gold loan because it is a type of secured loan.
- First of all, Residence proof is required: The documents needed for the residence proof includes:(Voter card/ Aadhar card/ration/card/driving license) and if the applicants are living in rental apartments then has to submit his agreement, electricity bill on his name and address of the owner.
- Secondly, Identity proof is required: Verification documents especially need one among the following: (passport/ID card/aadhar card/ration/card/driving license) any one of them.
- After then, Two colored passport size photos are required: (Applicants should not wear any glasses)
- Also, Signature Proof: Passport Copy/Driving License/Banker’s verification/cheque
Why Apply For Muthoot Finance Gold Loan
Most noteworthy, Gold Loan is a type of secured loan and, you have to pledge your gold ornaments to the lender, and you can take the loan amount from him. Process of Loan is hassle-free; there is minimal paperwork in Gold Loan. An applicant can use the loan amount anywhere he wants to use.
Gold Loan Online Quick Payment
During the times of financial crises, in order to meet emergency gold loan is one of the best means of raising the capital. Gold is one of the most liquid precious metals that can be used during urgency. Now take a loan against gold ornaments from Muthoot Fincorp and get relieved of the personal or business loan hassles. Muthoot Finance s Gold loan portfolio is the largest around the globe. You can pledge your gold jewelry and avail Muthoot Fincorp gold loan easily.
FAQs About Gold Loan
- 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.
- 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.
- What consequences can happen when you don’t repay a Gold Loan?
If the applicant is not able to return the gold loan on time, then the bank is liable to sell his gold ornaments.
- 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.
- Is there any fee to pay for the Gold Loan?
It is necessary to pay the loan processing fee as well as Valuation fee.