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Muthoot Gold Loan Interest Rate Per Gram, Check Gold Loan Schemes and Apply Online

Updated: Aug 30,2019 17:12 IST

Dinesh

Muthoot Gold Loan is provided against the amount and quality of gold you pledge. Muthoot Gold Loan is one of the top gold loan provider in India and offers loans at best interest rates. Muthoot Gold Loan interest rates, different schemes provided for the customers, Online application process and the benefits associated with Muthoot Gold Loan briefed for your information.

An Overview of Muthoot Gold Loan

Muthoot Gold Loan FInance is one of oldest and the best gold loan provider in India and also around the globe. Muthoot Finance is operating over 131 years and is the most trusted gold loan company with over 2 lakh customers. Gold loans are best option to choose as the cash is readily made available with just few simple procedure. Gold loan is sometimes the best loan to choose among other loans because of instant cash available, minimum document works, and interest rates. Online option to apply for Muthoot gold loan has made it easier for the customers to avail the loan. Some of the key details of Muthoot Gold Loan are given in the below table.

Interest Rate

12.00% onwards

Processing Fee

0.25% to 1% of loan amount

Prepayment charges

Nil

Loan Amount

From up to Rs. 5000/-

Loan Tenure

7 days to 36 months

Gold Loan Scheme

EMI Scheme, Bullet Repayment Scheme

What is the Interest Rate of Muthoot Gold Loan?

Being the oldest and the trusted gold loan provider, Muthoot Gold Loan offers the most lowest interest rates among the gold loan sectors. The interest rate ranges from 12% to 24% and based on certain criteria interest rates vary 3-4% above or below the base rate. Different loan schemes are provided by Muthoot Gold Loan provides different interest rates and the applicant can avail any scheme based on his/her requirements. Check the table below for interest rates and other related charges.
 

Loan tenure

Interest rates

Loan tenure upto 1 month

12% onwards

Loan tenure of 1 month to 3 months

15% onwards

Loan tenure of 3 months to 12 months

20% onwards

Loan tenure of more than 12 months

21% onwards

The interest rate are fixed and are calculated on the basis of reducing balance. For detailed loan schemes, check the link Muthoot Gold Loan Schemes.

What is the Procedure to Avail Muthoot Gold Loan?

Muthoot Gold Loan is sanctioned over the gold ornaments you are pledging. With over 2 lakh customers, Muthoot Gold Loan is considered to offer the best interest rates on gold loans. Check the steps to apply for gold loan at Muthoot Finance.
  • Reach the nearest Muthoot Finance branch/office
  • The borrower needs to submit an application for with the necessary documents and Gold that is to be pledged.
  • The lender then checks the gold given as pledge by the borrower (both purity and weight).
  • After checking and authenticating completely, loan is provided based on the weight of the gold pledged.
  • The interest rate is fixed on the loan tenure and also the loan amount. 
Upon submission of application form and supporting documents, approval for the loan is given in minutes time provided everything is correct. 

How Muthoot Gold Loan Amount is Calculated?

  • Muthoot Gold Loan is calculated based of number of parameters, the factors given below will help you determine the right gold loan.
  • The first major parameter upon which gold loan amount is fixed is based on purity of the gold and the net weight of the gold you are pledging. The weight of the gems and stones are not counted and the loan is provided only for the weight of the gold. Based on the purity if it is 18 carat or 24 carat the loan amount is provided
  • Next is based on the current gold rate, the price of gold is multiplied to the amount of gold to calculate the value of gold loan.

What is the Eligibility Criteria to Avail Muthoot Gold Loan?

To apply for Muthoot Gold Loan, it requires minimum eligibility from the customers. Check the basic eligibility to avail Muthoot Gold Loan.
  • Anyone who owns gold can apply for Gold Loan at Muthoot Finance, but those who are minors are not eligible to apply. 
  • The gold submitted can be gold jewellery or gold coin. 
  • The gold should be within the karat range of 18 to 24. 
  • The weight of stone in the jewellery will be deduced from the gold weight and loan amount will be given only for the weight of gold. 

What are the Documents Required to Avail Muthoot Gold Loan?

In the process of availing for Muthoot Gold Loan, it does not require much of documents as proof. You just need to submit one document as Proof of Identity and One document as residential proof. The following documents can be submitted as identity proof
  • Ration Card
  • Driving license
  • PAN Card
  • Voter ID
  • Passport

What are the Features of Muthoot Gold Loan?

Muthoot Gold Loan is quickly processed and loan amount is sanctioned easily. Some of the features of Muthoot Gold Loan are listed below.
  • Instant Cash by pledging Gold Ornaments and Jewellery
  • One can choose from different schemes available
  • Higher loan amounts being sanctioned
  • Loan can be availed for short tenures
  • Lowest interest rates on regular payment of EMI
  • Fixed interest rates throughout the loan tenure
  • Does not require a Guarantor or Introducer
  • Any type of gold ornaments can be pledged 
  • Gold coins or gold bars is not accepted 
  • Anyone with minimum 18 years of age can apply for Muthoot Gold Loan
  • Minimum gold loan amount is Rs.1500 which one can avail.
  • Processing charges are low in Muthoot Gold loan
  • Loan tenure can be minimum 1 day to 15 months in normal schemes and in case of EMI schemes the maximum period is 36 months.

What are the Modes of Repayment of Muthoot Gold Loan?

Muthoot Gold Loan customers can now repay their loan amount through different methods. Proper repayment of loan helps the customers to get back their pledged gold ornaments easily. Some of the details of repayment of gold loan is listed below.
  • Repayment of the loan amount can be done at the end of the loan term and there is no much hassle about monthly EMIs. But then interest rates should be paid periodically.
  • The loan repayment can be done via. Cash or Cheque or DD.
  • Repayment can be done at counters of any branches across the nation but the ornaments pledged should be collected only from the respective branches.
  • Loan repayment of interest or principal can be done in Online mode either in full or partial

How to Avail Muthoot Gold Loan Online?

Gold Loan can be availed in Online from Muthoot Finance Limited. You can avail the loan anytime and from anywhere in the world. The steps to apply for Muthoot Gold Loan Online is given in the content below.
  • Safelock your Gold ornaments at your nearest Muthoot Finance Branch
  • Register for Online Gold Loan Service and link your savings bank account.
  • Get the loan amount credited to your bank account anytime using our mobile app or website.

What are the Benefits of Muthoot Gold Loan Online?  

Many people who require immediate financial support are benefited through Muthoot gold loan online. Some of the benefits of Muthoot Gold Loan Online are listed below.
  • Access gold loan from anywhere, anytime
  • Free insurance cover for your gold
  • Easy documentation, instant approval, convenient 24X7 online repayment
  • Hassle-free, paper-less transaction from your mobile device
  • Free safe custody for your valuable gold
  • No hidden charges, fully transparent
  • Pay interest only for the exact number of days
  • 100% safety and security for your gold jewellery
  • Enjoy anytime liquidity

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