Muthoot Finance Gold Loan

Muthoot Finance gold loan is one of the best funding options in times of financial emergencies. You can borrow funds against the pledged gold jewellery and borrow as low as Rs. 1,500. There is no maximum cap on the amount you can borrow. The financial institution – Muthoot Finance Ltd. offers different and specialized schemes under the gold loan product. You need to submit the basic KYC documents (proof of identity and proof of address) to apply for the loan.

Note: Southern branches comprise of Karnataka, Tamil Nadu, Kerala, Telangana, Andhra, and Goa, including Andaman-Nicobar Islands, and Puducherry. Rest of the India comprises of branches under the States and Union Territories under the rest of India.

Loanbaba provides information on everything you need to know about Muthoot gold loan schemes and rates. In the pointers below, we will take you through these schemes, the loan amounts, interest rates, EMI calculations, fees and charges, and a lot more.

Features of Muthoot Gold Loan

Below-given are features of the loan schemes:

• Quick approval and disbursal
• Minimal documentation
• Competitive interest rates
• No prepayment charges on the loan
• In-house gold valuation is possible
• Responsive customer care services
• Free and safe custody of the pledged gold ornaments

Types of Muthoot Finance Gold Loans

Muthoot Finance offers 14 types of loan against gold schemes. A few of these schemes (IPL, MML, MSL, WBS, and MBL) are available only in the Southern parts of India. Schemes than ones mentioned are otherwise available across the country.

1. Muthoot Super Loan (MSL)
• MSL is a special loan scheme for people who want to avail a higher loan amount.
• This scheme comes with special discounts and benefits on timely payment of EMIs.
• There is no upper limit for the borrowing amount.
• The minimum loan amount is Rs. 5 lakhs.
• The rate of interest per year is between 22% and 23.5%.
2. Zero Interest Loan (ZIL)
• As the name suggests, ZIL scheme does not require customers to pay interest on the borrowed amount.
• Thus, the rate of interest per annum is 0%.
• However, the penal rate is 24% per annum in case of delayed repayments.
• There is no maximum loan amount.
• The minimum amount to borrow is Rs. 1,500.
3. Muthoot Mahila Loan (MML)
• MML is designed for women borrowers.
• Only the South Indian branches of the financial institution offer this scheme.
• Minimum and maximum loan amount is Rs. 1,500 to Rs. 5 lakhs, respectively.
• Interest rate per annum is between 12% and 22%.
4. Muthoot Best Value Loan (MBL)
• MBL is one of the customized loans against gold for the middle-class customers.
• This scheme is available only at the South Indian branches of Muthoot Finance.
• Minimum and maximum loan amount is Rs. 1,500 and Rs. 3 lakhs, respectively.
• Rate of interest per annum is 14% and 24%.
5. Muthoot EMI Scheme (MES)
• MES is for professionals and salaried individuals.
• This is an EMI based scheme instead of bullet or lump-sum repayment.
• There is no maximum cap on the loan amount.
• The minimum borrowing limit is Rs. 20,000.
• The rate of interest per year is 21% on diminishing balance method.
6. One Percent Loan
• This loan scheme comes at a lower interest rate.
• The interest rate applicable is 12% to 25% per annum.
• The minimum borrowing amount is Rs. 1,500.
• The maximum borrowing amount is Rs. 5 lakhs.
7. Win Back (WBS)
• WBS is a specialized loan against gold to customers of only in Southern regions of India.
• Minimum and maximum loan amount is Rs. 1,500 and Rs. 5 lakhs, respectively.
• Interest rate is 19% per annum.
8. Muthoot High Value Loan Plus (MHP)
• This loan against gold scheme is available at low rate of interest.
• MHP is available for traders, dealers, property dealers, show owners and customers from the business community.
• Special benefits are available under this scheme.
• There is no upper limit to the loan amount.
• The minimum loan amount is Rs. 5 lakhs.
• The rate of interest per year is 12% and 23%.
9. Interest Prepaid Loan (IPL)
• IPL is one of the other gold loan schemes offered only at the South Indian branches of the company.
• Minimum and maximum loan amount is Rs. 1,500 and Rs. 5 lakhs, respectively.
• The interest rate is 22% per annum.
10. Muthoot Advantage Loan (MAL)
• MAL is designed for customers looking for a decent per gram gold rate and low interest rate.
• This product is available across India.
• There is no upper limit for the borrowing amount.
• The minimum borrowing amount is Rs. 1,500.
• The interest rate per year is 18% to 24%.
11. Muthoot High Value Loan (MHL)
• This is a customized gold loan scheme for people who own a business such as traders, property dealers, real estate builders, shop owners, etc.
• This scheme may provide the benefit of an extended tenure.
• There is no upper limit to the borrowing amount.
• The minimum loan amount is Rs. 3 lakhs.
• The rate of interest is between 17% and 22% per annum.
12. Muthoot Delight Loan (MDL)
• This loan against gold product is for those who want to borrow up to Rs. 2 lakhs only.
• The minimum borrowing amount is Rs. 1,500.
• The interest rate per annum is 17% to 24%.
13. Muthoot Ultimate Loan (MUL)
• MUL is for customers who want a maximum loan amount at the same time get discounts on timely repayments of the interest amounts.
• There is no maximum cap on the borrowing amount.
• The minimum loan amount is Rs. 1,500.
• The rate of interest per annum is 22% to 25%.
14. Muthoot Overdraft Scheme (MOS)
• MOS is specially provided to pharmacists, traders, shopkeepers, businessmen, petrol pump owners, and others.
• This scheme is often tagged as ‘additional bank limit’ as it helps finance the growth of business.
• There is no upper limit for the borrowing amount.
• The minimum borrowing amount for customers of South Indian branches is Rs. 5 lakhs.
• For the rest of the branches, the minimum loan amount is Rs. 2 lakhs.
• The rate of interest per annum is between 19% and 21%.

Muthoot Finance Gold Loan Interest Rates

Below-provided is a list of Muthoot gold loan interest rate.

NOTE: Rs. 1,500 is the documentation charged for limits sanctioned for MOS scheme. The interest is charged on monthly compounding basis. 24% per annum is charged for late EMI payments for loans under the MIS scheme.

Muthoot Finance Gold Loan Processing Fees

Below-given is a list of Muthoot gold loan processing fees.

Rebates on Muthoot Finance Gold Loan Interest

Below-given is a list of rebates applicable on the gold loan schemes.

NOTE: Rebate on interest is provided only on the prompt interest payments for MSL, MPL, and MAL scheme.

NOTE: 2% per annum is charged as penal interest along with the existing interest as above on the outstanding dues of more than 1 year/12 months.

Muthoot Finance Gold Loan Service Charges

Below-provided is a list of services charges for Muthoot gold loan.

Muthoot Gold Loan EMI Calculation

For instance you are based in a metropolitan city. You need a gold loan of Rs. 50,000 on 20gm of solid gold. Below-given is an illustration of Muthoot Finance Gold Loan EMI calculation.

NOTE: EMI amount varies as per the quality and purity of the pledged gold.

• Tenure 3 months to 12 months on Muthoot Advantage Loan (MAL) may cost you 18% to 21%.
• Tenure 3 months to 12 months on Muthoot High Value (MHL) Loan will cost you 16% to 18%.
• If you choose MAL at 18% rate for 3 months, then you have to pay Rs. 17,169 EMI every month.
• If you choose MHL for 3 months at 16% then you have to pay Rs. 17,113 as EMI every month.

Frequently Asked Questions about Gold Loan Muthoot Finance

Below-given are the relevant FAQs:

• What type of gold is acceptable for security?
  You can pledge any type of gold ornament such as rings, necklaces, watches, bracelets, Kardahs, pendants, Polki sets, and more.
• Who is eligible to get the gold loan
  Any citizen above 18 years of age with self-owned gold ornament, and the required documents, can apply for gold loan Muthoot Finance.
• Is there a need of a guarantor?
  Muthoot Finance Ltd. does not need a third-party or external guarantor. The funds are approved based on the pledged gold jewelleries.
• How much should you expect on the loan against gold?
  The eligible loan amount depends on the gold rate calculated on the date of application. The amount approved also depends on the purity of the gold jewellery.
• Is the gold pledged safe with Muthoot Finance?
  The financial institution enters the information about the pledged gold digitally into its system. All the submissions are then locked in a tamper-free packaging. All the branches of Muthoot Finances Ltd. have strong rooms allotted for the storage and safekeeping of the pledged gold ornaments. The safe rooms have CCTV cameras attached that are under surveillance 24 hours.
• What is the tenure for the loan?
  The minimum and maximum tenure is 7 days and 12 months (normal schemes), respectively. For EMI based schemes, the tenure can be extended up to 36 months.
• What is Muthoot Online Gold Loan facility?
  The OGL (online gold loan) facility by Muthoot Finance allows you to pay period interest and principal repayments through net banking or debit card on the internet. You can make repayments on each active or multiple loans in a single transaction through the highly secured payment gateway. It also allows you to avail a top-up amount and renew the eligible loan schemes 24 x 7.

  • To register, you have to fill a form on the WebPay domain. After this, you can go to the branch with the gold for further procedures.
  • You need to login and register on the OGL platform with your registered mobile number (one provided at the respective branch).
  • After this, you will get to know the active gold loans on your account, go through the outstanding interest and payment details.
  • The interest is charged on daily balance. You can pay the interest and opt for part prepayment online and get an opportunity to win exciting prizes.
  • The platform will also show the top-up amount you are eligible to withdraw on the registered bank account.
• Can you make partial repayments?
  You can repay at any of the branches of the Muthoot Finance Ltd. You can also repay through any of the approved online modes. Also, partial payment is allowed without any penalty charges.
• What are the different options for repayments?
  You can repay at the physical branch through a debit card, cheque, or cash. Demand drafts and credit cards are not acceptable. You can also repay through the iMuthoot mobile application or the Online Webpay facility.
• What is the process to get back the pledged gold assets?
  After you completely pay the dues on the loan, you will receive the pledged gold assets. You need to collect the gold secured from the branch from which you had taken the loan. Failure of repayments even after repeated reminders will unfortunately lead to the auctioning of the gold secured with the NBFC. But auction is not the first option. As a borrower, you will get periodical reminders about overdue interest payment. If you do not repay even then, a final Notice will be sent before the auction.