Gold loan is a type of secured loan where gold is used as collateral in exchange for funds. It is granted against physical security of gold thus allowing people to use their gold which would have otherwise simply been kept away in a locker.
Features of Muthoot Finance Gold Loan
- Minimum loan amount that can be availed by a customer is Rs.1,500 with no maximum limit
- Pre-payment option available without paying any penalty
- In-house gold evaluation
- Safe custody for gold ornaments
|Tenure||7 days-12 months (normal schemes)/36 months (EMI based Scheme)|
|Loan Amount||Rs.1500-No limit|
Any Indian above 18 years of age can borrow money by providing gold ornaments and the prerequisite documents.
To avail Muthoot Finance Gold Loan, the loan applicant has to submit the following documents for his or her loan application to be accepted and processed:
- Valid passport
- Valid driving license
- Aadhaar card
- Pan Card
Muthoot Finance Gold Loan Schemes
|S.NO||Name of Muthoot Finance Gold Loan Scheme||Limit Per Scheme||Period||Interest Rate|
|1||Mahila Loan (MML)||Rs. 5 lakh (Maximum)||Up to 360 days||12%-26%|
|2||Best Value Loan (MBL)||Rs. 3 Lakh (Maximum)||Up to 360 days||16%-26%|
|3||Interest Prepaid Loan (IPL)||Rs. 5 Lakh (Minimum)||3 months/ 6 months/ 12 months||12%-22%|
|4||Win Back (WBS)||Rs. 5 Lakh (Minimum)||Up to 360 days||19%-25%|
|5||Super Loan (MSL)||Rs. 99900||Up to 360 days||21%-26%|
|6||Advantage Loan (MAL)||Rs. 5 Lakh (Maximum)||Up to 360 days||19%-27%|
|7||High Value Loan (MHL)||Rs. 3 Lakh (Minimum)||Up to 360 days||17%-27%|
|8||High Value Loan Plus (MHP)||Rs. 5 Lakh (Minimum)||Up to 360 days||12%-27%|
|9||Muthoot overdraft Scheme||Southern Branches:Rs.5 lakh (Minimum)|
Rest of India: Rs.2 lakh (Minimum)
|Up to 12 months||19%-21%|
|10.||Zero Interest Loan||NA||NA||0%|
|11.||One Percent Loan||Rs. 5 Lakh (Maximum)||Up to 360 days||12%-27%|
|12.||Delight Loan (MDL)||Rs. 2 Lakh (Maximum)||Up to 360 days||17%-27%|
|13.||Ultimate Loan (MUL)||NA||Up to 360 days||22%-27%|
|14.||Muthoot EMI Scheme||0.2 Lakh||Up to 6/12/18/24/30/36 months||21%|
Suppose you live in delhi, looking for a Rs.50,000 loan and ready to pledge 20 gram of solid gold. Here are the tenure and Muthoot gold scheme you will be eligible to avail:
|Gold Loan Scheme||Tenure||Rate of Interest|
|Muthoot Advantage Loan||Up to 3 months-12 months||18-21%|
|Muthoot High value Loan (MHL)||Up to 3 months-12 months||16-18%|
If you choose the first scheme and select a tenure of 3 months @18% rate of interest, you will need to pay Rs.17,169 EMI per month. Whereas in the second option with same tenure and 16% rate of Interest, you will need to pay Rs.17,113. However, this EMI amount may vary with the purity and quality of the gold you are pledging.
To calculate gold loan EMI for yourself, click here
How to Apply for Gold Loan?
The customer care executives of Muthoot finance will evaluate the gold deposited by you in terms of weight and purity and will inform you the loan amount that can be issued. If approved, the customer needs to fill out the KYC and submit the same to the branch office and will instantly get funds.
How to Repay Gold Loan?
Listed below are the options available for the repayment of your Muthoot loan:
You can pay your installments of gold loan EMI by visiting any branch office, irrespective of the location, via cash, debit card, cheque
Via webpay facility
- Visit the official website of Muthoot Finance
- On the left side bar, click ‘online gold loan’.
- On the next page, enter your username & password and click Login.
- In case, you are not a registered user then register yourself as a customer by clicking ‘New user’ and enter your customer ID/mobile number.
iMuthoot mobile application
- Download iMuthoot application in your phone. It is available on Android play store or App store
- Login using your webpay username and password
- On the home page, click Quick Pay
- On the next page, proceed with Loan no.,Customer ID, QR code and click search
- Select the payment mode and you will get a confirmation email on your registered email ID
How to Check Gold Loan Status?
To know the status of your gold loan, you need to be a registered customer with Muthoot Finance (Click here to know the steps to become a registered customer). After registering yourself, you will get login and password through which you can login and know the following details about your gold loan:
- Active gold loans available
- Transaction history of every loan
- Pay for multiple loans in single transaction
How to Close Muthoot Finance Gold Loan?
The customer can repay the amount either through online or by visiting the branch office. However, the final collection of the pledged gold will have to be from the initial branch where it was pledged.
There are certain aspects which you should know about gold loan before availing one from Muthoot finance:
- Credit cards and demand drafts are not accepted if you are paying at the branch office
- Failure to repay the loan will result in your gold to auction off.
- Muthoot finance provides gold loan against physical security of gold. Thus, one cannot pledge against gold ETF or sovereign gold bonds
Do I need to provide any security for my loan amount to approve?
No, the only security which is required is the gold which you will pledge. The loan amount will be sanctioned against the weight and purity of the gold pledged by you.
Is my gold safe with Muthoot Finance?
Yes, it is. The gold items kept with Muthoot finance are safe and are kept in tamper proof packaging.
How can I contact Muthoot Finance?
In case of any query related to Muthoot Finance, one can call their customer centre at 1800 313 1212.
Can I get a loan against my gold watch?
Yes. Customers can pledge any type of gold jewellery/ gold ornaments including necklaces, rings, watches, bracelets, polka sets, pendants, kardhas, etc. with Muthoot finance to get a gold loan.
Can I make partial repayment towards my gold loan?
Yes, one can make partial payment along with interest at any branch office of the Muthoot finance or through their website.
Suppose one has a gold loan of Rs.1 lakh for a period of 3 months. S/he may come on the 21st day from the start of the loan and pay 20 days interest and an additional Rs.25,000 as a part payment. From the next month, interest will be charged on Rs.75,000.
What happens if I am not able to repay my loan amount?
Muthoot finance will give periodical reminders to the customer about the payment of overdue interest. After the end of loan tenure, a final notice will also be given to the customer about the auction. Failure to repay the loan amount will result in Muthoot finance to auction off your deposited gold.
How much loan I can get from my gold jewellery?
This depends on the rate of gold per gram on that date and the purity of gold in the jewellery, watch, etc.