Muthoot Finance Gold Loan
|Muthoot Finance Gold Loan Amount||Rs 1500 to Rs 5 Crore|
|Muthoot Finance Gold Loan Interest Rate||Competitive Interest Rate Starting from 1% per month onwards.|
|Muthoot Gold Loan Rate Per Gram Today||Basic KYC Documents for address and identity proof. No CIBIL Score document is required.|
|Purity of Gold||18 carats to 22 carats|
|Muthoot Finance Gold Loan Type||Gold jewelry and gold coins of 18-24 carats|
|Documents Required for Muthoot Finance Gold Loan||Basic KYC Documents for address and identity proof. No CIBIL Score document required.|
|Eligible Age||21 to 75 years|
We will discuss Muthoot Finance Gold Loan Rates per Gram today. Gold lying in your home can help you financially your business forward. Many companies in the market give you loans at some percentage of the market value of your gold. Muthoot Finance Gold Loan is a leading brand in India that provides you with a loan of 75% to 90% of the value of your gold against your gold.
To know how much gold loan you can get, you must know the Gold Loan rate per gram according to the purity of gold. This way, you can comprehend how much loan you can get against your gold. In that article, we will tell you about the features, benefits, and charges of the Muthoot Gold Loan Rate per Gram today and provide you with complete details about Muthoot Gold Loan Interest Rate.
Muthoot Gold Loan Rate Per Gram
Muthoot Finance Limited is a leading Indian financial institution providing a wide range of financial services on gold-based loans. Established in 1939, Muthoot Finance is one of the largest and most trusted players in the Non-Banking Financial Sector. Muthoot Finance is best known for its gold loan services, which involve providing loans to customers in exchange for gold jewelry or ornaments that are held as collateral. The company accepts and appraises gold articles of varying purity and weight and provides loans based on their value.
|Weight||Loan on 24 Carat Gold||Loan on 22 Carat Gold||Loan on 20 Carat Gold||Loan on 18 Carat Gold|
Muthoot Gold Loan Rate Per Gram – HDFC, SBI, Muthoot Finance, ICICI Bank, Manappuram, IIFL & Rupeek Gold Loan
There are many banks and NBFCs in India that give loans against gold. All banks and NBFCs charge interest rates according to their customers. Here we have given information about some banks and NBFCs that provide you with gold loans per gram.
|Bank/NBFC||Gold Loan Per Gram Rate||Interest Rate (per annum)||Min-Max Loan Amount|
|HDFC Gold Loan||Rs 3450 to Rs 4150||9.90%||Rs 10000 to 5 Crore|
|SBI Gold Loan||Rs 3450 to Rs 4150||9.75%||Rs 20000 to 50 lakhs|
|Muthoot Finance Gold Loan||Rs 3450 to Rs 4150||12.00%||Rs 1500 to 5 Crore|
|ICIC Gold Loan||Rs 3450 to Rs 4150||10.00%||Rs 50000 to 1 Crore|
|Manappuram Gold Loan||Rs 3450 to Rs 4150||12.25%||Rs 3000 to 1 Crore|
|IIFL Gold Loan||Rs 3450 to Rs 4150||12.00%||Rs 3000 to 50 Lakhs|
|Rupeek Gold Loan||Rs 3450 to Rs 4150||8.88%||The higher value for your Gold|
Muthoot Finance Gold Loan Schemes
Muthoot One Percent Loan
Gold loans ranging from Rs 1500 to Rs 50000 are available under Muthoot One Percent Loan Scheme. As the name of the scheme itself suggests, 1% interest will be charged per month on the loan amount you get under this scheme. You can apply online to take under this scheme gold loan.
- Online Gold Loan facility available
- loan amount: Rs 1500 to Rs 50000
- Tenure: 12 Months
- Free insurance for pledged gold ornaments.
- Scheme with the lowest Interest rate (12% p.a.) if 100% interest is paid monthly.
Muthoot Ultimate Loan (MUL)
The Muthoot Ultimate Loan scheme is available to everyone. If you need a loan and want to repay it in minimum time, you can take a gold loan under this scheme. Here the minimum limit of gold loans is 1500, and no maximum limit.
- Online Gold Loan Facility available
- loan starting from Rs 1500 and no maximum limit
- Tenure: 12 months
- The Interest rate is 22% p.a. with a 2% rebate if 100% interest is paid monthly.
Muthoot Delight Loan
Under the Muthoot Delight Loan scheme, you can get a maximum amount of up to Rs 5 crore as a loan. If you apply for the maximum loan amount, you may be required to provide income proof.
- Loan Amount: Rs 50000 to Rs 5 Crore
- Tenure: 12 Months
- Free insurance for pledged gold ornaments
- Competitive Interest rate starting from 12% per annum onwards.
Muthoot Mudra Loan
The Muthoot Mudra loan scheme is exclusively for women and is available across South India branches. This scheme is designed to empower women financially, so a low-interest rate is charged for taking loans under this scheme.
- Offered at South India Branches Only.
- Loan Amount: 1500 to 1 lakh
- Highly discounted rate of 11.90% per annum.
Muthoot High-Value Plus Loan (MHP)
Muthoot Finance will provide gold loans in this scheme to those who need more. Here you will get more money at a lower interest rate, which you can use according to your need.
- Online Gold Loan facility available
- Loan Amount: Rs 1,90,000 to Rs 5 Crores
- Interest rates are as low as 14% per annum.
- Maximum loan value offered
Muthoot Big Business Loans
Muthoot Finance Big Business Loan facility is for those looking for funds expansion of their business. Under this loan scheme, you are provided a big business loan against gold, for which different interest rates are charged.
- Loan amount: Rs 5 lakhs to Rs 500 lakhs per the scheme.
- Muthoot Big Business Loan Silver @ 12.9% per annum.
- Muthoot Big Business Loan Platinum @ 11.9% per annum.
- Muthoot Bigg Business Loan Diamond @ 10.9% per annum.
- Muthoot Big Business Loan Elite @ 10.5% per annum.
- Low rates of interest with maximum LTV
Muthoot Finance Gold Loan Interest Rate
Muthoot Finance offers maximum Gold Loans to its customers at low-interest rates, making it an attractive option for individuals seeking quick and cost-effective financial solutions. The interest rate on Muthoot Finance Gold Loan is generally lower than that of unsecured loans, making it an efficient way of borrowing money against your gold asset.
Factors Affecting Muthoot Finance Gold Loan Interest Rates
Loan Amount: The amount of gold you pledge as collateral directly affects the interest rate. A higher loan amount can lead to lower interest rates, as the risk for the lender is reduced.
Loan Tenure: The duration for which you take the loan can impact the interest rate. Shorter tenures might result in slightly lower rates, while longer could lead to higher rates.
Market Conditions: Gold market fluctuations and interest rates prevailing in the economy directly affect Muthoot Finance Gold Loan interest rates, which may vary over time.
Loan-to-Value (LTV) Ratio: The Loan-to-Value ratio, which represents the proportion of the loan amount to the value of the gold, can affect the interest rate. Lower LTV ratios could result in more favorable rates.
Borrower’s Credit Profile: While Muthoot Finance Gold Loan does not require extensive credit checks, your overall creditworthiness might still play a minor role in determining the interest rate.
Loan Type: Different types of gold loans offered by Muthoot Finance (such as regular, overdraft, or bullet repayment) may come with varying interest rates based on the specific features of the loan.
Loan Repayment History: If you have a history of timely repayment of previous Muthoot Finance Gold Loans, it can potentially lead to more favorable interest rates for future loans.
Special Schemes: Muthoot Finance may offer special schemes or promotional interest rates for specific periods, which can affect the interest rate you receive.
Features of Muthoot Finance Gold Loan
All the banks and NBFSCs that provide you with gold loan facilities have features and benefits due to which customers are attracted to them, likewise, Muthoot Finance offers you a host of features that makes gold loan even more cost-effective for you. These are as follows:
Quick and Hassle-Free Process: Applying for a Muthoot Finance Gold Loan is remarkably convenient. The straightforward process involves gold assessment, documentation, and disbursal, ensuring you get the funds you need in minimal time.
Competitive Interest Rates: Enjoy attractive interest rates that make repayment manageable and financially viable. Muthoot Finance aims to provide flexible terms to suit your repayment capabilities. You choose the loan amount according to your convenience and repay your loan with interest through easy EMIs.
No Income or Credit Score Requirement: Unlike conventional loans, Muthoot Finance Gold Loan does not require income proof or credit score evaluation. The value of your gold acts as the primary security. But if you take a higher-value loan, you may have to provide income proof.
High Loan Amounts: The loan amount depends on the value of the gold you pledge, ensuring you have access to a substantial sum while keeping your valuable possessions safe. As per RBI guidelines, you can get a gold loan from 75% to 90% of the value of gold according to the purity of the gold.
Security and Transparency: Muthoot Finance ensures the utmost security and transparency throughout the loan tenure. Your gold items are stored securely, and you receive regular updates about the loan status.
Flexible repayment options: Repayment of your Muthoot Finance Gold Loan is flexible, allowing you to choose from various repayment plans with EMI-based or bullet repayment. According to the information available on the website of Muthoot Finance, you get 7 days to 36 months to repay the gold loan.
Eligibility Criteria for Muthoot Gold Loan Rate Per Gram
To access the benefits of the Muthoot Finance Gold Loan, you fulfill some simple eligibility criteria. These norms ensure the loan process is streamlined and you and the lender are protected. Here are the eligibility requirements:
- Any Indian citizen above the age of 21 years is eligible for Muthoot Gold Loan.
- Applicant must be a citizen of India.
- A salaried and self-employed person can easily apply for a gold loan.
Documentation Required for Muthoot Gold Loan Rate Per Gram
- Identity Proof: Driving License, PAN Card, Form 60/61, Passport Copy, Voter ID Card, Aadhar Card, Ration Card.
- Address Proof: Driving License, Voter ID Card, Ration Card, Aadhaar Card, Passport Copy, Registered Lease Agreement along with a utility bill not more than 3 months old in the name of the landlord (any), in case of agriculture loan above Proof of land holding ‘1 lakh’.
- Ownership of Gold: You need to be the rightful owner of the gold you intend to pledge as collateral. This requirement prevents any disputes over ownership during the loan tenure.
- Purity and Weight: The gold you’re pledging should meet certain purity and weight standards. Muthoot Finance will appraise your gold to determine its value, and this evaluation is based on factors like purity, weight, and current market rates.
- Passport-sized Photographs: Recent passport-size photographs that comply with the specifications provided by Muthoot Finance.
Fee and Charges of Muthoot Gold Loan Rate Per Gram Today
|Type of Charges||Corporate||Rate of charges applicable|
|Service Charges – Fresh Loan-Rate applicable on loan amount (IPL)||Top-up services charges-Rate applicable on the enhanced amount||IPL (1%) (For 12 months period only)|
|Service charges – Fresh Loan-Rate applicable per account (ZIL/ZIP)||All||ZIL/ZIP – Rs50/loan|
|0.60% of the loan amount||All||Service charges on fresh loans under the MEI scheme|
|Southern Branches||All||2% of the enhanced amount (For GL schemes having 1st slab ROI <15% with rebate facility)|
|Security charges- Fresh loan||Rest of India||0.15% of the loan amount- Minimum Rs.100/- and Maximum Rs.1,000/-|
|Token charges- (For schemes except given in Sl no.1, 2, 10 & 11||Southern Branches||Loan up to Rs.1,00,000/- –> Rs.20/- |
Above Rs.1,00,000/- –> Rs.100/- Where 1st slab interest rate is <13% after rebate, other cases Rs.50/-
|SMS charges||All||Rs.5/per quarter at the time of closure or renewal|
|GCS||Southern Branchers||1. Rs.999/- per 6 months (in case the limit is not used over 6 months) |
2. If the transaction is through branches, then Rs.99/- per transaction
|GCL||Rest of India||1. Rs.999/- per 6 months (in case the limit is not used over 6 months) |
2. Part release charges of Rs.499/- per transaction
3. If the transaction is through branches, then Rs.99/- per transaction
|Loan @ Home charges||All||Up to Rs 500/- for loan @ home services|
|Door to Door collection charges (Follow up for interest/loan recovery)||Southern Branches||Rs.150/- plus GST per customer for recovery made through the customer follow-up visit|
How to apply for Muthoot Finance Gold Loan?
To avail of a Muthoot Finance Gold Loan, you need to follow a few simple steps:
- Visit a branch: Locate a Muthoot Finance branch near you. You can find the nearest branch by visiting the official website of Muthoot Finance or by using online search engines.
- Take your gold: Take the gold articles you wish to pledge as collateral for the loan to the chosen branch.
- Documentation: You will provide certain documents for the loan application, Like an Aadhaar Card, Passport, Voter ID Card, or any photo identity card issued by the Government, and passport-size photographs.
- Gold Ownership Proof: Gold purchasing bill or any other valid ownership proof for the gold you are pledging.
- Loan Application Form: You will fill out a loan application form. Muthoot Finance staff will assist you in the process if required. Provide accurate information in your application form.
- Valuation of Gold: The gold you bring will be appraised by experts at Muthoot Finance to determine its value. The loan amount you are eligible for will be based on this assessment.
- Loan amount and terms: The loan amount you will get will generally be a percentage of the value of the gold. Muthoot Finance will inform you about the loan amount, rate of interest, and other terms and conditions attached to the loan.
- Accepting the Terms: If you agree to the terms and conditions presented, you will need to sign the loan agreement.
- Disbursement: Once you complete the necessary formalities, the loan amount will be disbursed to you. This will be done via cash, check, or electronic transfer to your bank account.
- Repayment: Muthoot Finance generally offers various repayment options, which include regular installments or lump sum payments at the end of the loan tenure. Make sure you understand and adhere to the repayment schedule.
How can I pay the Muthoot Gold Loan EMI?
Paying your Muthoot Gold Loan EMI (Equated Monthly Installment) is a hassle-free process designed to ensure convenience for borrowers. Here’s a straightforward guide on how you can make your EMI payments:
Online Payment: One of the most convenient ways to pay your Muthoot Gold Loan EMI is through online platforms. You can use the official Muthoot Finance website or mobile app to log in to your account and make the payment securely. Follow these steps:
- Visit the Muthoot Finance official website or download the mobile app.
- Log in to your account using your credentials.
- Locate the EMI payment option.
- Enter the required details, such as your loan account number and the EMI amount.
- Choose your preferred payment method, like debit cards, credit cards, net banking, and other online payment options.
- Complete the payment process and keep the transaction confirmation for your records.
Auto-Debit: To ensure timely payments without any manual intervention, you can set up an auto-debit instruction. This option allows Muthoot Finance to automatically deduct the EMI amount from your linked bank account on the scheduled date each month. To set up auto-debit:
- Visit your nearest Muthoot Finance branch.
- Fill out the necessary forms to authorize auto-debit from your bank account.
- Provide accurate bank account details and complete the required formalities.
Visit the Branch: If you prefer a personal touch or face any issues with online payments, you can visit the nearest Muthoot Finance branch to make your EMI payment. The branch staff will guide you through the process and assist you with the payment.
Mobile Wallets: Some mobile wallets and payment apps also offer the option to pay your Muthoot Gold Loan EMI. Check if your preferred wallet or app supports this feature, and if it does, follow the instructions to complete the payment.
NEFT/RTGS: You can also make EMI payments through NEFT (National Electronic Funds Transfer) or RTGS (Real-Time Gross Settlement). Here’s how:
- Log in to your bank’s net banking portal.
- Add Muthoot Finance as a beneficiary using the provided details.
- Initiate the transfer by entering the EMI amount and your loan account number.
- Select NEFT or RTGS as the transfer method.
- Complete the transfer, and the payment will be processed within the specified time frame.
Muthoot Finance Gold Loan Contact Number
For inquiries and assistance regarding Muthoot Finance Gold Loan Rate Per Gram, you can reach out to their customer service team at the following contact number:
Customer Service: 1800 313 1212
Feel free to call this number for information about the loan application process, eligibility criteria, documentation requirements, interest rates, repayment options, and any other queries. The customer service representatives will assist you and provide the information you need to make informed decisions about your financial needs.
FAQ Related to Muthoot Finance Gold Loan
What is the rate of gold loan per gram in Muthoot Finance?
The Gold Loan rate per gram at Muthoot Finance depends on the purity of the gold and the scheme chosen by the borrower. Muthoot Finance offers gold loan schemes at various interest rates and loan-to-value (LTV) ratios. LTV ratio is the percentage of the total value of gold that can be given as a loan amount. You can avail up to Rs 4,560 per gram (24 carats) in Muthoot Finance Gold Loan.
What is a gold loan, and how does it work?
A gold loan is a secured loan where you pledge your gold jewelry or items to a lender in exchange for funds. Muthoot Finance evaluates the value of your gold and offers you a loan amount based on it. Once you repay the loan along with the interest, your gold is returned to you.
How much loan can I get against my gold?
The loan amount you can get depends on the purity and weight of your gold. Muthoot Finance offers a percentage of the gold’s current market value as the loan amount. Muthoot Finance provides competitive rates, ensuring you get the best value for your gold.
What if I am unable to repay the loan?
If you are unable to pay the EMI of the gold loan, then you have a few options. You can renew the loan by paying the interest amount, or the lender can auction the gold to recover the loan amount. Contacting Muthoot Finance is essential if you are having difficulty with repayment.
Is my gold safe with Muthoot Finance?
Muthoot Finance takes the safety of your gold seriously. They have secure storage facilities that protect your gold from theft or damage. Your gold items are in safe hands during the loan tenure.
Can I get my gold back whenever I want?
Yes, you can get your gold back after repaying the loan amount with interest. Muthoot Finance ensures a transparent process, and once your obligations are met, you can get your gold back without any hassle.
How to Pay Muthoot Finance Gold Loan EMI Online?
You can pay your Muthoot Finance Gold Loan EMI through convenient options. Use the official website or app for online payments via cards, net banking, or wallets. Set up auto-debit at a branch for automatic deductions. Visit a branch or use NEFT/RTGS for manual transfers. Stay on top of payments for hassle-free management.