Muthoot Finance Gold Loan Highlights |
|
|---|---|
| Interest Rate | 10.90% p.a. onwards |
| Loan Amount | Rs 1,500 to Rs 5 crore |
| Loan Tenure | From 1 month to 12 months |
| LTV Ratio | Up to 75%, depending on the gold’s purity |
| Gold Loan Repayment Facility | Bullet Payments, Monthly Interest Payment, Partial Payments |
| Collateral | Gold loans against ornaments of 22 carats to 24 carats purity. |
Muthoot Finance Gold Loan Interest Rate
Muthoot Finance offers gold loans starting from 10.90% per annum. They also provide Zero Interest Loans (ZIL) across India. The interest rates for gold loans are determined based on the loan tenure and the type of gold loan scheme chosen by the applicant. Below are the interest rates for different Muthoot Gold Loan schemes:
Gold Loan Interest Rates for South Indian Branches
| Scheme | Interest Rates (p.a.) |
|---|---|
| High Value Retention (HVR) | 10.90% onwards |
| Muthoot Delight Loan (MDL) | 11.90% onwards |
| Muthoot High Value Loan (MHL) | 15.00% onwards |
| Best Value Schemes (BVS) | 14.00% onwards |
| Muthoot MUDRA Loan | 11.90% onwards |
| Muthoot Advantage Product (MAP) | 15.00% onwards |
If you're applying for a gold loan, remember that southern branches include Muthoot Finance Limited (MFL) branches in Andhra Pradesh, Telangana, Goa, Kerala, Karnataka, Tamil Nadu, Andaman & Nicobar UT, Pondicherry UT, and some parts of Maharashtra.
Gold Loan Interest Rates for Rest of India (excluding South Indian Branches)
| Scheme | Interest Rates (p.a.) |
|---|---|
| Muthoot Ultimate Loan (MUL) | 22.00 % onwards (2% rebate if the borrower pays 100% interest monthly) |
| Muthoot One Percent Loan | 12.00% onwards |
| Muthoot Delight Loan (MDL) | 17.00% onwards |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Types of Muthoot Finance Gold Loan
Stated below are the various schemes of Muthoot Finance Gold Loan. MFL also offers free insurance for pledged gold ornaments on its gold loan schemes (except on Muthoot MUDRA Loan). Applicants can also avail Online Gold Loan (OGL) facility on any of the below mentioned schemes.
Muthoot MUDRA Loan
Loan amount: Rs 1,500 to Rs 1 lakhs
Muthoot One Percent Loan
Tenure: 1 year
Loan amount: Rs 1,500 to Rs 50,000
Muthoot Delight Loan
Tenure: 1 year
Loan amount: Rs 50,000 to Rs 5 crores
Muthoot Ultimate Loan (MUL)
Tenure: 1 year
Loan amount: Rs 1,500 and onwards
Additional offer: If applicants repay 100% of the gold loan interest every month, they can receive a 2% rebate.
Best Value Scheme (BVS)
Tenure: 1 year
Loan amount: Rs 50,000 to Rs 5 crores
Muthoot High Value Plus Loan (MHP)
Tenure: 1 year
Loan amount: Rs 1.9 lakhs to Rs 5 crores
High Value Retention (HVR)
Tenure: 1 year
Loan amount: Rs 10 lakhs to Rs 5 crores
Muthoot Advantage Loan
Tenure: 1 year
Loan amount: Rs 50,000 to Rs 5 crores
Muthoot High Value Loan (MHL)
Tenure: 1 year
Loan amount: Rs 50,000 and onwards
Muthoot Finance – Gold Loan @ Home Service
Muthoot Finance Limited (MFL) offers a 30-minute doorstep service for gold loans starting at Rs. 10,000. They also provide instant cash loans up to Rs. 2 lakhs and Top-Up loan services. You can access these services through the Gold Loan@Home mobile application or by calling 1800 202 1212 for any of the mentioned gold loan schemes.
Repayment Facility
Applicants can choose to repay their gold loan through monthly interest payments, partial repayments based on fund availability, or by opting for a bullet repayment facility.
Loan Tenure
The Gold Loan @ Home Service has a minimum tenure of 7 days and a maximum of 1 year. However, if you opt for the monthly interest payment scheme, the maximum tenure can extend up to 3 years.
Muthoot Finance Gold Loan Repayment Options
Applicants can choose between two repayment options: "Monthly Interest Payment," where the customer repays the interest monthly, or "Bullet Payment," where the entire loan amount is repaid at the end of the tenure. Additionally, partial payments and pre-closure options are available for early repayments.
Gold Loan Transfer/Takeover Gold Loan
Gold loan borrowers can transfer their existing gold loan to Muthoot Finance's 'Loan at Home' service using the Gold Loan Transfer Facility. Muthoot Finance will pay the principal amount, and any difference will be paid by the borrower.
Also read: Best Gold Loan EMI Calculator
Muthoot Finance Gold Loan Fees & Other Charges
Fees & Other Charges – All over India
| Particulars | Charges |
|---|---|
| Service charges on Fresh loan under MEI scheme | 0.60% of the loan amount |
| Service charges on Fresh loan | Rs 50 per loan account |
| Loan @ Home Charges | Up to Rs.500 for loan offered at home services |
| SMS charges | Rs 5 per quarter at the time of loan closure or renewal |
| Safe Custody Charges | Rs 5/per gram per month, payable at the time of loan closure or renewal |
South Indian Branches
| Particulars | Charges |
|---|---|
| Notice Charges | Rs.30/each on first 3 ordinary notice and Rs 100 for 4th notice |
| Service charges on Fresh loan | 0.15% of the loan amount (Minimum Rs.100; Maximum Rs.1,000) |
| Door to Door collection charges (Follow up for interest or loan recovery) | Rs.150 per customer for recovery made through customer follow up visit |
| CAC (Credit Appraisal Charges) – If total exposure is above Rs 3 lakhs |
For loans:
|
Rest of India (excluding South Indian Branches)
| Particulars | Charges |
|---|---|
| Service charges on Fresh loan (IPL) | 1% on the loan amount (for 1 year only) |
| Notice Charges |
|
Eligibility Criteria for availing Muthoot Gold Loan
Muthoot Finance provides gold loans to Indian residents aged 21 and above, using ornaments of 22 to 24 carats purity. Your eligibility for the loan depends on the value per gram of your gold jewelry. The loan amount is calculated based on the current gold rate, the weight of your gold items, and their purity.
Also read: Best Gold Loan Eligibility
Documents Required for Muthoot Finance Gold Loan Application
Below is the detailed list of documents needed to apply for a gold loan and for transferring an existing gold loan to Muthoot Finance Limited (MFL):
Documentation for Availing Gold Loan
- Passport-size photographs of the applicant.
- Photo ID: PAN Card, Driving License, Aadhaar Card, Passport, etc.
- Address proof: Sales deed, rental agreement, Voter ID card, Driving License, utility bills, etc.
Documentation for availing Gold Loan Transfer Facility
- Recent Passport-size Photos
- Address Proof (Utility Bill, Water Bill, Gas Bill, Passport, etc.)
- ID Proof (PAN Card, Passport, Driving License, Aadhaar Card, Voter ID, etc.)
Also Read : Best Gold Loan Documents Required
Benefits of Muthoot Gold Loan
- No maximum loan amount limit.
- No charges for prepaying the loan.
- Loan amount disbursed quickly.
- Responsive customer service.
- Can avail loan as low as Rs.1,500.
- Gold evaluated by trusted in-house agents.
- Assured custody of gold ornaments used for the loan.
FAQs on Muthoot Gold Loan
1. What is the minimum tenure for which I can avail a gold loan?
You can avail a gold loan for a minimum tenure of 7 days.
2. What is the maximum tenure for which I can avail a gold loan?
For regular gold loan schemes, the maximum tenure is 12 months, while for the EMI-based gold loan scheme, it extends to 36 months.
3. Should I have a third-party guarantor in order to avail the gold loan from Muthoot Finance?
You don't need a third-party or external guarantor to get a gold loan from Muthoot Finance.
4. What type of gold can I pledge with Muthoot Finance in order to avail the gold loan?
To get a gold loan from Muthoot Finance, you can pledge various types of gold, such as ornaments, jewelry, gold coins, etc. This includes items like necklaces, rings, watches, bracelets, bangles, and more.
5. What is the mode of payment available to customers for the repayment of the gold loan?
You can repay the loan directly at a Muthoot Finance Branch using cash or a cheque. Demand drafts, credit card, or debit card transactions are not accepted at these branches.
6. Can I make a partial repayment of the gold loan amount?
You can make partial payments towards the principal of your gold loan, along with the interest payable, at any Muthoot Finance branch across India or online through the Muthoot Finance website.