What is Muthoot Finance Gold Loan? [2022]

Today, Gold Loan has become a source of income for the people in India because today people are taking loan by keeping the gold lying in their house in the bank, so that the gold remains safe and necessary income. The demand is also fulfilled. And that’s why today many banks are providing gold loan and all banks provide loan at interest rate Muthoot Finance Gold Loan

And Muthoot Finance is also one of the largest company providing Gold Loan and it provides Gold Loan at good interest rate and it does many other things besides the company like; Provides foreign exchange service, money transfers, wealth management service, travel and tourism service and this company also works abroad, so if any person wants to take gold loan, then this is the right company for him, today in this article we will tell you About Muthoot Finance Gold Loan.

What is Muthoot Finance Gold Loan?

Everyone knows about Gold Loan, if you do not know, then we tell a little that when you take a loan with a company or bank by pledging your gold or gold ornaments (collateral), then it is called Gold Loan. And in India, the popularity of Gold Loan is becoming very high because the rate of interest is low inside it and it is available quickly.

And Muthoot Finance is also a gold loan company and this company is passed the loan within 1 hour but all the documents should be correct and provides loan at good interest rate, so if a person needs money can take gold loan.

Muthoot Finance Gold Loan Details:

  • Interest Rates – 12% – 13%
  • Processing Fees – 1% of the Loan amount + applicable GST, minimum Rs.500/-+ applicable GST
  • Loan Tenure – 3 Year
  • Min. loan amount – ₹ 1500/-
  • Maximum loan amount – ₹ 1 Crore
  • Prepayment Charges – Nil / Zero

Features of Muthoot Finance Gold Loan

Muthoot Finance is a very big company that provides the best facilities to its customers, so if you compare this company with any other company, then there are many features like:

  • Muthoot Finance Gold Loan interest rate is very low. This company provides loan at interest rate.
  • This company passes the loan within 1 hour if all the documents and gold are correct.
  • This company keeps gold completely safe, it has good locker facility.
  • Muthoot Finance Gold Loan can be used for any purpose.
  • Loan is given with few documents and CIBIL score is not checked.
  • Muthoot company gives loan with negligible processing fee.
  • In this scheme one can take loan from 1 thousand to 1 crore.

Benefits of Muthoot Finance Gold Loan?

There are many benefits of Muthoot Finance Gold Loan such as :-

  • Muthoot Finance Gold Loan is approved very easily and is given quickly.
  • Muthoot Finance charges very low processing fee for Gold Loan.
  • Even if someone has a bad CIBIL score, he can get a gold loan.
  • You can use Muthoot Finance Gold Loan for any purpose.
  • Muthoot Company offers three-tier security of gold. Gold is kept very securely in lockers
  • It does not require much paper work.
  • In this loan can be taken for minimum 15 months and maximum 36 months.
  • Muthoot Finance provides the facility of Pre-Payment i.e. if you have the money arranged first and you want to close the loan first, then you can do Pre-Payment.

Tenure of Muthoot Finance Gold Loan?

Muthoot Finance Gold loan is a short term loan as well as a long term loan, you can get it for a maximum period of 36 months and a minimum tenure of 6 months. Therefore, everyone can take a loan according to their need and the tenure of this loan depends on the amount of the loan and all banks and companies have different tenures.

Muthoot Finance Gold Loan Eligibility Criteria

  • The age limit for taking Muthoot Finance Gold Loan is minimum – 18 years and maximum – 70 years.
  • Applicant should be an Indian citizen.
  • To avail Muthoot Finance Gold Loan, the applicant must be the owner of his own gold.
  • To avail Muthoot Finance Gold Loan, the purity of gold jewellery should be between 18 carats to 22 carats.
  • To take the loan, the applicant should have at least a gold weight of more than 10 grams.

Documents Required for Muthoot Finance Gold Loan

To take a gold loan, along with your gold ornaments, some documents will also have to be submitted, he can give a bank loan only after checking all the documents.

When taking a loan:

  • Application form
  • Identity card, proof of your address
  • PAN card
  • two photos

At the time of payment:

  • dp note and dp note delivery letter
  • gold jewelery delivery letter
  • order letter

Muthoot Finance Gold Loan Process

If any person wants to take a gold loan from Muthoot Finance, then not much has to be done for that loan can be taken very easily, you can go to any Muthoot Finance branch near you and take your gold and all the necessary documents with you. Take it with you and go there, take the form from the loan counter of the bank and fill it completely and submit all the documents together.

And after checking all the documents and gold, your loan will be processed and after some time you will be provided with the loan and if the loan amount is large then you may also have to talk to the manager of the bank.

How much loan can I take from Muthoot Finance?

The amount of loan provided to you by Muthoot Finance company depends on the value of your gold. The company gives you the loan after the valuation of the gold. Muthoot gives you 75% LTV ratio (Loan to Value) so you can get loan according to the amount of gold you have.

Muthoot Finance Gold Loan Process Fees Charges

If you want to take a Gold Loan from Muthoot Finance, then there is some process fee in it and that fee depends on the quality of your gold.

  • If your gold is BIS Hallmarked Jewelery / or you have gold coins taken from the bank then your processing fee is 1% of your loan amount and there is no Foreclosure Charges but inside it it contains 18 to 22 carat quality gold The same is taken for loan.

Muthoot Finance Gold Loan Payment Online

If someone has taken Gold Loan from Muthoot Finance, then he can pay his EMI / installment online and can also pay by visiting the offline branch Can do and can also pay by going to offline branch

So for this you can pay using muthoot finance online services. For this, we are providing you a link to the official page of muthoot finance online, through which you can take advantage of this service, but if you do not know how to make online payment, then you can go to the branch and make offline payment.

Muthoot Finance Gold Loan Terms and Conditions

If any person wants to take a gold loan from muthoot finance, then there are terms and conditions of the bank for him, if those rules are followed only then the loan is given like:

  • The most important thing is that the gold should be of good quality.
  • If the loan installment is not paid, then the bank will give you a few days notice, but even if the loan is not paid, then the bank can sell your gold.
  • You must have all the documents because the bank checks the documents.
  • The person taking the loan should be an Indian citizen.

Which is better between Gold Loan and Personal Loan

Rate of interest – Rate of interest in gold loan is very low because gold is mortgaged in gold loan. Hence it comes under the category of secured loan.
Personal loan on the other hand generally comes with a higher interest rate

Type Of Loan – Gold loan comes in secured loan loan, because gold is mortgaged in gold loan. Hence it comes under the category of secured loan. And Personal Loan is an unsecured loan.

Loan Amount – Gold loan is given according to the amount of gold loan according to the value of gold and personal loan is given according to the income.

Process Time – Gold loan can be received within one hour and the time of personal loan is not fixed, it may take one to two days.

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