Muthoot Gold Loan - Interest Rate 2024, Schemes, Eligibility
Muthoot Finance is a well-known company that offers gold loans at competitive interest rates. The interest rates start from 10.90% p.a. and the loan amount can range from Rs 1,500 to Rs 5 crore. The loan tenure ranges from 1 month to 12 months, giving borrowers the flexibility to choose the repayment period that suits their needs. The loan is offered against gold ornaments of 22 carats to 24 carats purity, and the loan-to-value ratio can go up to 75% depending on the purity of the gold.
Muthoot Finance also offers various schemes of gold loans to cater to different customer requirements. Some of the popular schemes include Muthoot MUDRA Loan, Muthoot Advantage Product, Muthoot High Value Loan, and Muthoot Delight Loan. Each scheme has its own interest rates, ranging from 10.90% p.a. to 15.00% p.a. These schemes are available in MFL branches located in southern parts of India.
Apart from gold loans, Muthoot Finance also provides other services such as doorstep service, online gold loan facility, and free insurance for pledged gold ornaments. The company has a simple and transparent loan repayment facility, allowing borrowers to make monthly interest payments, bullet payments, or partial payments as per their convenience.
Muthoot Finance charges various fees and other charges for its gold loan services. These charges include service charges on fresh loans, SMS charges, safe custody charges, and loan @ home charges. The fees and charges may vary depending on the location of the branch.
To apply for a Muthoot Finance gold loan, the applicant needs to meet certain eligibility criteria. The applicant should be a resident Indian aged 21 and above, and the gold ornaments pledged should have a purity of 22 carats to 24 carats. The loan amount is determined based on the value per gram of the gold jewellery. The required documents for the loan application include photo identity proof, address identity proofs, and passport-size photographs.
Overall, Muthoot Finance is a reliable and trustworthy lender for gold loans. The company provides competitive interest rates, flexible repayment options, and excellent customer service. Whether you need a gold loan for personal or business purposes, Muthoot Finance can be a good choice for meeting your financial needs.