Muthoot Finance Ltd. is one of the most popular gold loan providers in India with more than 2 lakh customers availing their services on a daily basis. Through Muthoot Finance Ltd. gold loan services you can avail cash against your gold within a few minutes.
| Name of Scheme | Muthoot Finance Gold Loan |
| Rate of Interest | 12% p.a. to 27% p.a. |
| Loan Amount | Rs.1,500 with no maximum limit |
| Loan Tenure | 7 days to 36 months |
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At present, Muthoot Finance offers 12 different types of gold loan schemes to its customer. Each scheme has their own advantage and cater to different needs and types of customers.
The Muthoot Mahila Loan or MML is a specialised scheme which is offered to women borrowers. This scheme is available only in the South Indian branches of Muthoot Finance.
| Minimum Loan Amount | Rs.1,500 |
| Maximum Loan Amount | Rs.50,000 |
| Rate of Interest | 12% p.a. |
The Muthoot Super Loan or MSL is offered to those customers who wish to avail a higher loan amount against their gold and also wish to avail the benefits of discounts arising out of timely repayment of the loan.
| Minimum Loan Amount | Rs.1,500 |
| Maximum Loan Amount | Less than Rs.99,990 |
| Rate of Interest | 23.5% p.a. |
The Muthoot Advantage Loan or MAL is a special gold loan scheme which is specially designed for individuals who are looking for a fairly decent per gram rate as well as lucrative interest rates. This scheme can be availed all across the country in all Muthoot Finance branches.
| Minimum Loan Amount | Rs.1,500 |
| Maximum Loan Amount | Rs.5 lakh |
| Rate of Interest | 18% p.a. |
The Muthoot High Value Loan or MHL is another specially curated gold loan scheme offered by Muthoot Finance. This scheme is most beneficial for customers running their own business, property dealers, traders, shop owners, builders, etc., who are looking for a loan with an extended loan repayment tenure.
| Minimum Loan Amount | Rs.3 lakh |
| Maximum Loan Amount | No upper limit |
| Rate of Interest | 16% p.a. onwards |
The Muthoot High Value Loan Plus or MHP is ideal for customers who are looking for gold loans at low interest rates. Dealers, traders, shop owners, property dealers, and people belonging to the business community can avail special advantages through this scheme.
| Minimum Loan Amount | Rs.5 lakh |
| Maximum Loan Amount | No upper limit |
| Rate of Interest | 12% p.a. onwards |
The Muthoot EMI Scheme or MES is ideal for all salaried individuals and professionals, who are looking for a gold loan and can repay it through EMIs instead of bullet payments or a lump sum payment.
| Minimum Loan Amount | Rs.20,000 |
| Maximum Loan Amount | No upper limit |
| Rate of Interest | 21% p.a. (diminishing balance method) |
The Muthoot Overdraft Scheme or MOS is specially designed for traders, businessmen, pharmacists, petrol pump owners, shopkeepers, etc. This scheme places the gold as an “additional bank limit” to fund the growth of the respective businesses.
| Minimum Loan Amount | Rs.2 lakh |
| Maximum Loan Amount | Rs.50 lakh |
| Rate of Interest | 19% p.a. to 21% p.a. |
The Muthoot Ultimate Loan or MUL are ideal for the individuals who are looking for a gold loan wherein they can avail maximum loan amount and also earn discounts by making timely payments of their monthly interests.
| Minimum Loan Amount | Rs.1,500 |
| Maximum Loan Amount | No upper limit |
| Rate of Interest | 24% p.a. |
The Muthoot One Percent Loan is meant for customers who are looking for a gold loan at lower interest rates.
| Minimum Loan Amount | Rs.1,500 |
| Maximum Loan Amount | Rs.50,000 |
| Rate of Interest | 12% p.a. |
The Muthoot Delight Loan or MDL has been specially designed for borrowers who are looking for a loan amount of up to Rs.2 lakh and paying lower interest.
| Minimum Loan Amount | Rs.1,500 |
| Maximum Loan Amount | Rs.2 lakh |
| Rate of Interest | 26% p.a. - 27% p.a. |
Muthoot Premier Loan or MPL is a gold loan scheme for borrowers who wish to avail loan amount starting at Rs.1 lakh for a tenure of 1 year.
| Minimum Loan Amount | Rs.1 lakh |
| Maximum Loan Amount | No limit |
| Rate of Interest | 23% p.a. |
This loan is for those who need capital to set up or expand their business. The repayment tenure offered is 1 year and the loan can be availed online also. You will also enjoy free insurance for gold ornaments pledged by you.
| Minimum Loan Amount | Rs.25 lakh |
| Maximum Loan Amount | Rs.5 crore |
| Rate of Interest |
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| Service charges on loan amount | 0.25% to 1% |
| Service charges on loan account | Rs.50 to Rs.1,500 per account (based on the type of scheme) |
| Token charges |
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| Security charges | 0.15% of the loan amount, subject to a maximum of Rs.600 and minimum of Rs.50 |
| SMS charges | South Indian branches – Rs.2 per transaction Rest of India – Rs.5 per transaction |
| Charges for lost token | Rs.25 |
| Notice charges |
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| Stamp duty | As per the applicable rates of the respective states |
| GCL |
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| Documentation Charges |
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For all the transactions and payments in relation to Muthoot Finance, you can use the online platform as well.
No, there is no need to have a third-party/ external guarantor in order to avail the gold loan from Muthoot Finance.
The minimum tenure for which you can avail a gold loan is 7 days.
The maximum tenure for which you can avail a gold loan is 12 months for all the regular gold loan schemes and 36 months for the EMI based gold loan scheme.
In order to avail a gold loan from Muthoot Finance, you can pledge any type of gold – in the form of ornaments/ jewellery, gold coins, etc. This includes Kardahs, necklaces, polka sets, rings, pendants, watches, bracelets, bangles, etc.
Yes, you can make a partial payment towards principal of the gold loan along with interest payable, at any Muthoot Finance branch across India or pay online through the Muthoot Finance website.
You can repay the loan directly at a Muthoot Finance Branch via Cheque or cash. Demand Drafts, Credit Card or debit card transactions are not accepted at these branches.
The rebates offered on interest rate of the gold loan availed under the Muthoot Super Loan (MSL) scheme, Muthoot Premier Loan (MPL) scheme and Muthoot Ultimate Loan (MUL) are as follows:
| Scheme | Rebate |
|---|---|
| Muthoot Super Loan (MSL) | 2% rebate if 100% interest paid on a monthly basis |
| Muthoot Premier Loan (MPL) | 3% rebate if 100% interest paid on a monthly basis |
| 2% rebate if 100% interest paid on a quarterly basis | |
| Muthoot Ultimate Loan (MUL) | 4% rebate if 100% interest is paid on a monthly basis. |
Customers who are citizens of India can avail a gold loan from Muthoot Finance after providing their gold ornaments and a few necessary documents. In order to know more, kindly get in touch with any branch of Muthoot Finance.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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