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    Overview about Muthoot Gold Loan

    Muthoot Finance offers one of the best gold loan schemes in India. This finance provider is popular mainly due to its easy and quick loan procedures, limited documentation, honest gold evaluation, highly secured gold custody and much more. The minimum loan amount that can be availed against a gold deposit is Rs. 1500 and a maximum cap is not set on the amount that can be availed as loan against gold .

    Benefits of Muthoot Gold Loan

    By availing a gold loan from Muthoot finance, you can enjoy the following benefits:

    • Faster disbursement of loan amount
    • Customer friendly services
    • Minimum loan amount is Rs. 1500 and there is no maximum limit on the loan amount offered against gold.
    • No penalty is levied on prepayment of the loan
    • Gold is evaluated by trusted in-house agents.
    • Offers high security for the gold placed in their custody against the loan offered to the borrower.

    Muthoot Finance Gold Loan Schemes

    Muthoot Finance offers 8 gold loan schemes to its customer, which are:

    • Muthoot Mahila Loan (MML)
    • Muthoot Best Value Loan (MBL)
    • Muthoot Super Loan (MSL)
    • Muthoot Advantage Loan (MAL)
    • Muthoot Premier Loan (MPL)
    • Muthoot High Value Loan (MHL)
    • Muthoot EMI Scheme (MES)
    • Muthoot Overdraft scheme (MOS)

    Features of Muthoot Finance Gold Loan Schemes

    The features of these unique gold loan schemes are briefly explained below:

    Muthoot Mahila Loan (MML)

    This gold loan scheme is offered by Muthoot Finance exclusively to women. This is offered only at the Muthoot Finance branches in South India.

    • Minimum Loan Quantum – The minimum loan quantum offered to women customers against gold is Rs. 1500.
    • Maximum Loan Quantum – The maximum loan offered to women customers by Muthoot Finance under the Muthoot Mahila Loan scheme is Rs. 50,000.
    • Muthoot Mahila Loan (MML) Interest rate – A discounted interest rate is offered to women customers under this scheme. The interest is 12% per annum.

    Muthoot Best Value Loan (MBL)

    Muthoot Best Value Loan is custom-made for meeting the needs of customers belonging to the lower to middle income category. The gold loan is offered at a good rate of interest for the loan amount required.

    • Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 1500.
    • Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 1, 00,000.
    • Muthoot Best Value (MBL) Interest rate – The interest rate offered to customers under this scheme is 14% per annum.

    Muthoot Super Loan (MSL)

    Muthoot Super Loan 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 Quantum – The minimum loan quantum offered to customers against gold is Rs. 1500.
    • Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 3, 00,000.
    • Muthoot Super Loan (MSL) Interest rate –The interest is 23% per annum and if interest is paid regularly on a monthly basis, 2% rebate is applicable on the interest rate and if interest is paid regularly on a quarterly basis, 1% rebate is applicable on the prevailing interest rate.

    Muthoot Advantage Loan (MAL)

    Muthoot Advantage Loan is a special gold loan scheme specially curated for the benefit of those who wish to avail a good interest rate as well as a higher loan amount per gram of gold placed with Muthoot Finance. This scheme is offered in all Muthoot Finance branches across East India, North India and West India.

    • Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 1500.
    • Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 5, 00,000.
    • Muthoot Advantage Loan (MAL) Interest rate – The interest rate is offered to customers under this scheme is 18% per annum.

    Muthoot Premier Loan (MPL)

    This gold loan scheme is for those customers who wish to avail the maximum loan amount against their gold and also wish to earn discounts as reward for timely repayment of the interest on a monthly basis.

    • Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 3, 00,000.
    • Maximum Loan Quantum – There is no maximum limit on the loan amount offered to customers by Muthoot Finance under this scheme.
    • Muthoot Premier Loan (MPL) Interest rate – The interest is 22.5% per annum and if interest is paid regularly on a monthly basis, 2% rebate is applicable on the interest rate and if interest is paid regularly on a quarterly basis, 1% rebate is applicable on the prevailing interest rate.

    Muthoot High Value Loan (MHL)

    Muthoot High Value Loan is a gold loan scheme from Muthoot Finance that is custom-made for businessmen, property dealers, traders, shop owners, builders, etc. who wish to take a gold loan for an extended loan tenure.

    • Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 3, 00,000.
    • Maximum Loan Quantum – There is no maximum limit on the loan amount offered to customers by Muthoot Finance under this scheme.
    • Muthoot High Value Loan (MHL) Interest rate – Avail a discounted interest rate of just 17% per annum on the loan amount borrowed.

    Muthoot EMI Scheme (MES)

    This scheme is ideal for all salaried individuals and professionals, who wish to avail a gold loan and repay it in EMIs (Equated Monthly Installments).

    • Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 20, 00,000.
    • Maximum Loan Quantum – There is no maximum limit on the loan amount offered to customers by Muthoot Finance under this scheme.
    • Loan Tenure – Customers can choose their loan repayment tenure in EMIs from 6 months, 12 months, 18 months, 24 months, 30 months and 36 months.
    • Grace Period – In case of late payment of gold loan EMI, a grace period of 3 days is applicable.
    • Muthoot EMI Scheme (MES) Rate of Interest – The interest applicable on the gold loan offered under this scheme is 21%, which is calculated based on diminishing balance.

    Muthoot Overdraft Scheme (MOS)

    Muthoot Overdraft Scheme is specially designed for traders, businessmen, pharmacists, petrol pump owners, shopkeepers, etc. This places the gold as an “additional bank limit” to fund the growth of their business.

    • Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 2, 00,000.
    • Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 50, 00,000.
    • Free Locker Facility – The borrower has the freedom to repay the loan amount as well as withdraw funds, with the free locker facility offered under this scheme.

    Muthoot Gold Loan Interest Rates

    Gold Loan Scheme Rate of Interest
    Loan Period South Indian Branches (excluding Kerala) Kerala Other Branches in India
    Muthoot Mahila Loan (MML) up to 1 month 12% per annum 12% per annum N.A.
    more than 1 month - 3 months 15% per annum 15% per annum N.A.
    more than 3 months - 6 months 20% per annum 20% per annum N.A.
    more than 6 months - 12 months 24% per annum 24% per annum N.A.
    Muthoot Best Value Loan (MBL) up to 1 month 14% per annum 14% per annum 14% per annum
    more than 1 month - 3 months 18% per annum 18% per annum 18% per annum
    more than 3 months up to 6 months 21% per annum 21% per annum 21% per annum
    more than 6 months up to 12 months 24% per annum 24% per annum 24% per annum
    Muthoot Super Loan (MSL) up to 12 months 23% per annum 22% per annum 23.5% per annum
    Muthoot Advantage Loan (MAL) up to 3 months 18% per annum 18% per annum 18% per annum
    more than 3 months up to 6 months 21% per annum 21% per annum 22% per annum
    more than 6 months and up to 12 months 24% per annum 24% per annum 24% per annum
    Muthoot Premier Loan (MPL) up to 12 months 22% per annum 21% per annum 22.5% per annum
    Muthoot High Value Loan (MHL) up to 3 months 17% per annum 17% per annum 17% per annum
    more than 3 months and up to 6 months 19% per annum 19% per annum 19% per annum
    more than 6 months and up to 9 months 20% per annum 20% per annum 20% per annum
    more than 9 months and up to 12 months 22% per annum 22% per annum 22% per annum
    Muthoot EMI Scheme (MES) more than 6 months or 12 instalments 21% per annum 21% per annum 21% per annum
    Muthoot Overdraft scheme (MOS) 12 months 19% per annum 19% per annum 19% per annum

    Muthoot Gold Loan – Other Fees and Charges

    Processing Fee South Indian States (including Kerala) 0.50% of the loan amount is charged as processing fee.
    Other Branches across India
    • For gold loans worth less than Rs. 10, 00,000, the processing fee charged is 1% of the loan amount.
    • For gold loans worth more than Rs. 10, 00,000 and less than Rs. 25, 00,000, a processing fee worth 0.5% of the loan amount is levied.
    • For gold loans that amount to more than Rs. 25, 00,000, a processing fee of 0.25% is charged.
    Penalty on Outstanding Loan amount All Branches Penalty interest of 2% (per annum) is charged over and above the existing rate of interest, on any outstanding loan amount that has not been repaid in 12 months.

    Muthoot Gold Loan FAQs

    1. Should I have a third-party guarantor in order to avail the gold loan from Muthoot Finance?

      No, there is no need to have a third-party/ external guarantor in order to avail the gold loan from Muthoot Finance.

    2. What is the minimum tenure for which I can avail a gold loan?

      The minimum tenure for which you can avail a gold loan is 7 days.

    3. What is the maximum tenure for which I can avail a gold loan?

      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.

    4. What type of gold can I pledge with Muthoot Finance in order to avail the gold loan?

      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.

    5. Can I make a partial repayment of the gold loan amount?

      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.

    6. 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 via Cheque or cash. Demand Drafts, Credit Card or debit card transactions are not accepted at these branches.

    7. What is the discount available on prevailing interest rate upon regular repayment of gold loan under the Muthoot Super Loan (MSL) scheme, Muthoot Premier Loan (MPL) scheme and Muthoot Advantage Loan (MAL) scheme?

      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 Advantage Loan (MAL) scheme are as follows:

      Scheme South Indian Branches Other Branches across India
      Muthoot Super Loan (MSL) 2% rebate on interest for 1 month 2% rebate on interest for 1 month
      1% rebate on interest for 3 months 1% rebate on interest for 3 months
      Muthoot Premier Loan (MPL) 2% rebate on interest for 1 month 2% rebate on interest for 1 month
      1% rebate on interest for 3 months 1% rebate on interest for 3 months
      Muthoot Advantage Loan (MAL) 4% rebate on interest for 1 month N/A
      1% rebate on interest for 3 months
    8. Who all can avail a gold loan from Muthoot Finance?

      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.

    News about Loans for Muthoot Gold Loan

    • With the gold price rise, Muthoot Finance will be targeting a 25% growth

      Muthoot Fincorp is targeting a 25% growth with a loan disbursal target amounting to Rs. 19,000 crore. As the second largest gold loan company, Muthoot Fincorp has introduced a special gold loan scheme named as SME Gold, with a target of Rs. 600 crore as per the MD and Group Chairman, Thomas John Muthoot. The company has four business segments, namely, Muthoot Microfin (MFI), Muthoot Housing (affordable housing), Muthoot Fincorp (gold loans) and Muthoot Capital (two-wheeler loans). Gold loan disbursement amounting to Rs. 19,000 crore will be the set target for the company.

      21st July 2016

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