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Muthoot Finance Gold Loan

Home Gold Loan Muthoot Finance
Language icon हिंदी में पढ़े
Updated: 26-05-2021 08:38:17 AM

Please Note: Muthoot Finance is not a Paisabazaar partner for Gold Loan. Offers would be from partner banks/NBFCs only.

Muthoot Finance Ltd. specialises in offering gold loans at competitive interest rates starting at 12.00% p.a onwards. Gold loan is a secured loan that is considered as an instant financing solution to fulfill immediate fund requirements. Applicants who owns gold jewelry or ornaments and fulfils the eligibility criteria can apply for Muthoot Finance Gold Loan. Read further to know more about Muthoot Finance gold loan interest rate, loan amount, eligibility, documentation and other related information.

 

Muthoot Finance Gold Loan – Interest Rate & Features – 2021
Interest Rate 12.00% p.a. onwards
Minimum Loan Amount Rs. 1500
Maximum Loan Amount No Limit 
Loan Tenure 7 days to 36 months
Collateral/Security Any gold item of up to 50 g with a purity of 18K to 22K
Processing Fee 0.25% to 1% of the loan amount

Note: The above and below mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.

Jump to: Eligibility & Documentation | Fees & Charges | How to Apply | FAQs

Muthoot Finance Gold Loan Interest Rates - 2021
Muthoot Finance Gold Loan- Eligibility and Documentation
Features of Muthoot Finance Gold Loan
Muthoot Finance Gold Loan Schemes - 2021
Gold Loan Calculator
Fees and Charges for Muthoot Finance Gold Loan
How to Apply for Gold Loan?
Muthoot Finance Gold Loan Interest Rate Comparison

Muthoot Finance Gold Loan Interest Rates - 2021

Muthoot Finance gold loan interest is charged on a monthly compounding basis. Following is the list of a few Muthoot gold schemes and their corresponding interest rates. 

Muthoot Gold Loan Schemes* Interest Rate (p.a.) Ideal for
Muthoot One Percent Loan 12% onwards Customers who require small loans at low-interest rate
Muthoot Ultimate Loan 22% onwards Customers who want maximum loan value and discounts on timely Interest payments
Muthoot Overdraft Scheme 19% onwards Business owners
Muthoot Delight Loan Attractive rates Customers who want loan of up to Rs. 2 lakh at lower rate of interest
Muthoot EMI Scheme 21% onwards Customers who wish to repay gold loan through EMI payments
Muthoot Mahila Loan 12% onwards Exclusive to women customers, offered at Muthoot’s South India branches only
Muthoot Advantage  Loan 20% onwards Customers who want to benefit from competitive gold per gram rate
Muthoot Super Loan 23.5% onwards Customers who want maximum loan and discounts on timely interest payments
Muthoot High Value Loan Plus 12% onwards Business owners
Muthoot High Value Loan 18% onwards Customers who need financing for a longer period
Muthoot Super Saver Scheme 24% onwards Customers for who want to save on their loan

Note: The above and below mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.

Additional Points to Note:

  • Interest is charged on Monthly Compounding basis
  • Rebate is applicable, only if up to date interest is paid on the loan. Click here to check the applicable rebate
  • Loan tenure of all our schemes except (IPL, MOS, ZIL and MES) is 360 days. For MOS and IPL tenure is 12 months. For MES and ZIL (EMI scheme) tenure varies from 6 to 36 months
  • Some of the schemes are available only in certain cities/locations of India

Muthoot Finance Gold Loan- Eligibility and Documentation

Eligibility Criteria

Age Minimum 18 years
Nationality Resident Indian
Occupation Salaried, Self-Employed, Businessman, Students, Pensioners, Housewives etc.
Purity of Eligible gold 18 Karat to 22 Karat gold

Documents Required

Only basic KYC documents for address proof and identity proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.

Proof of Identity PAN Card, Aadhaar Card, Voter’s ID Card, Passport, Driving Licence or any other government approved photo ID
Proof of Address  Aadhaar Card, Passport, Utility bills (not more than 3 months old) or any other government approved address proof

Features of Muthoot Finance Gold Loan

  • Zero Prepayment Charges: Prepay jewellery loan without worrying about prepayment charges
  • Flexible Tenure: Repay your Muthoot Gold Loan within a flexible repayment period ranging from 7 days to 36 months
  • Multiple Loan Options: Multiple gold loan schemes to suit fund requirements of different customers
  • Minimum Documentation:  Only basic KYC documents for address proof and income proof are required
  • Easy Payment Schedule: Payments can be done on a daily, weekly or monthly basis
  • Safe & Insured: Your gold is kept in lockers within strong rooms at the branch

Muthoot Finance Gold Loan Schemes - 2021

Muthoot Finance Ltd. offers multiple gold loan schemes to cater to different requirements of its large and diverse customer base. A few of the many Muthoot gold loan schemes have been mentioned below along with its key features and benefits:

1. Muthoot One Percent Loan

Customers from the business community (such as traders, property dealers, builders and shop owners) who are looking for small loans at low-interest rates can choose to apply for Muthoot One Percent Loan.

  • Interest rate: 12% p.a., if 100% interest is paid monthly
  • Minimum loan amount: Rs. 1,500 
  • Maximum loan amount: Rs. 50,000
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance for pledged gold ornaments: Available
2. Muthoot Ultimate Loan

Muthoot Premier Loan is best suited for customers who want maximum loan value and discounts on timely interest payments.

  • Interest rate: 22% p.a. onwards
  • Minimum loan amount: Rs. 1,500
  • Maximum loan amount: No limit
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
3. Muthoot Overdraft Scheme

Muthoot Overdraft Scheme is an ideal financing solution for business owners.

  • Interest rate: To be paid on utilized amount
  • Minimum loan amount: Rs. 2 lakh
  • Maximum loan amount: Rs. 50 lakh
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
4. Muthoot Delight Loan

Muthoot Delight Loan is for customers who want gold loan of up to Rs. 2 lakh at a lower rate of interest.

  • Attractive Interest rate
  • Minimum loan amount: Rs. 1,500
  • Maximum loan amount: Up to Rs. 2 lakh
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
5. Muthoot EMI Scheme

Professional and salaried class customers who prefer paying easy installments (EMI payments) instead of lump sum or bullet payments can go for Muthoot EMI Scheme.

  • Interest rate: 21% p.a. (diminishing balance)
  • Minimum loan amount: Rs. 20,000
  • Maximum loan amount: No limit
  • Loan tenure: 6, 12, 28, 24, 30, or 36 months
  • No penalty on prepayments
  • Maximum loan value offered
  • Grace period of 3 days for late payment of EMI
  • Freedom to pay one or more EMIs based on your convenience
6. Muthoot Mahila Loan

Muthoot Mahila Loan is a special gold loan scheme for women.

  • Interest rate: 12% p.a. onwards
  • Minimum loan amount: Rs. 1,500
  • Maximum loan amount: Rs. 50,000
  • Available at Muthoot Finance’s South India branches only
7. Muthoot Advantage Loan

Customers who want a fairly good per gram rate at an attractive interest rate can apply for Muthoot Advantage Loan.

  • Interest rate: 18% p.a. onwards
  • Minimum loan amount: Rs. 1,500
  • Maximum loan amount: Up to Rs. 5 lakh
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
  • Offered at Muthoot Finance’s North, East and West India branches only
8. Muthoot Super Loan

Individuals who want maximum loan amount and discounts on timely interest payments can opt for Muthoot Super Loan.

  • Interest rate: 23.5% p.a. onwards
  • Minimum loan amount: Rs. 1,500
  • Maximum loan amount: Rs. 99,900
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
9. Muthoot High Value Loan Plus 

Individuals, from business community such as traders, property dealers, builders and shop owners, looking for a low interest gold loan can avail Muthoot High Value Loan Plus.

  • Interest rate: 12% p.a. onwards
  • Minimum loan amount: Rs. 5 lakh
  • Maximum loan amount: No limit
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
10. Muthoot High Value Loan

Muthoot High Value Loan is an ideal financing solution for anyone from business community looking to avail gold loan for a longer period.

  • Interest rate: 18% p.a. onwards
  • Minimum loan amount: Rs. 3 lakh
  • Maximum loan amount: No limit
  • Loan tenure: 12 months
  • Online Gold Loan (OGL) facility: Available
  • Free insurance of pledged gold ornaments: Available
11. Muthoot Super Saver Scheme

Customers for whom savings is the first priority can go for Muthoot Super Save Scheme.

  • Interest rate: 24% p.a. onwards
  • Minimum loan amount: Rs. 1.99 lakh
  • Maximum loan amount: No limit
  • Offered in Muthoot Finance’s South India branches only
  • No penalty on loan prepayment

Gold Loan Calculator

Use our Gold Loan EMI Calculator to check the amount of EMI you will need to pay on your Muthoot Finance gold loan. To calculate your Muthoot Finance gold loan EMI, follow these steps:

  • Step 1: Click here to go to Paisabazaar’s Gold Loan EMI Calculator
  • Step 2: Enter the loan amount, interest rate and loan tenure

Once you fill the above three details, you will be able to see the EMI amount on the right side of the screen.

An EMI Calculator is a great tool to help you compare and decide on different gold loan offers. By comparing different EMIs on different values of loan amount, interest rate and loan tenure, you can choose the one that gives you the most affordable EMI option.

Fees and Charges for Muthoot Finance Gold Loan

Below listed are the applicable fees and charges for Muthoot Finance Gold Loan-

Type Of Charges Corporate Rate Of Charges Applicable
Service charges – Fresh loan – Rate applicable on loan amount(IPL/MHL/MHP) Southern Branches IPL (1%) (For 12 months period only), MHP(0.5%)
Rest of India MHL up to Rs. 10L(1%), Rs. 10L to 25L(0.5%) and above Rs. 25L(0.25%), MHP(0.5%)
Service charges – Fresh loan – Rate applicable per account(ZIL/MOS) All ZIL – Rs. 50/loan

MOS – Rs. 1,500/account

For renewals within 12 months Rs. 750/account
Security charges – Fresh loan Rest of India 0.15% of loan amount- Minimum Rs.50 and Maximum Rs.600
Token charges – Fresh loan (For schemes except given in Sl no.1 & 2) Southern Branches Loans up to Rs.10,000 – Rs. 10

Loans above Rs. 10,000 – Rs. 20

For digital transfer – charges not applicable
SMS charges Southern Branches Rs. 2 per transaction at the time of closure or renewal
Rest of India Rs. 5 per transaction at the time of closure or renewal
Notice Charges (Applicable for loans under all schemes) Southern Branches 3 ordinary notice Rs. 10 each and 4th notice-Registered – Rs. 70
Rest of India 3 ordinary notice Rs. 30 each and 4th notice -Registered – Rs. 100, Auction Notice charges Rs. 120
Token lost charges (Applicable for loans under all schemes) All Rs. 25 (in addition to cost of stamp paper applicable)
Stamp duty levied by State Governments States Karnataka , Andhra and Rajasthan Actuals wherever applicable
GCL Southern Branches Rs. 999 per 6 months in case the limit is not used over a period of 6 months

Part release charges of Rs. 499 per transaction

If the transaction is through branches then Rs. 99 per transaction
Other Charges of Gold Loan Muthoot
  • Processing fees –  Muthoot Finance charges a low processing fees ranging from 0.25% to 1% of loan amount
  • Prepayment and foreclosure – Muthoot Finance Ltd. allows the prepayment of gold loan and typically levy prepayment or foreclosure charges

How to Apply for Gold Loan?

In order to receive funds against your gold ornaments with Muthoot Finance Ltd., you can:

  • Visit any of the nearest Muthoot Finance branches
  • Reach out to their customer care executives by giving a missed call to 80952 55577
  • You can even request Muthoot Finance’s executives to visit your residence to help you apply for gold loan

Muthoot Finance Gold Loan Interest Rate Comparison

In the table below, compare Muthoot Finance gold loan interest rate and loan amount with other popular lenders.

Lender Gold Loan Interest Rate Loan Amount
Axis Bank 12.50% onwards Rs. 25,001 to Rs. 25 Lakh
SBI 7.50% onwards Rs. 20,000 to Rs. 50 Lakh
Muthoot Fincorp 12% onwards Rs. 1,500 to Unlimited
ICICI Bank 11% onwards Rs. 10,000 to Rs. 1 crore
HDFC Bank 9.90% onwards Rs. 25,000 to Unlimited

Muthoot Finance Gold Loan FAQs

What type of security do I need to provide? Do I need a guarantor?
What is the minimum/maximum tenure of the gold loan?
What type of gold can I pledge to avail the gold loan?
Where do I repay my loan? Can partial repayment be made towards the gold loan?
What is the minimum limit on your gold loan?
How much can I expect for my gold?
How can I contact Muthoot Finance?
What type of security do I need to provide? Do I need a guarantor?

The only security which is required from the customer’s end in order to avail a gold loan from Muthoot Finance Ltd. is the very gold they will pledge. There is no need for an external/third party guarantor for the same. The loan will be sanctioned against the gold pledged.

What is the minimum/maximum tenure of the gold loan?

The minimum tenure for the gold loan is 7 days and the maximum tenure is 12 months ( Normal Schemes) and 36 months ( EMI based Scheme). It is to be noted that each loan has a different tenure.

What type of gold can I pledge to avail the gold loan?

You can pledge any type of gold jewellery/gold ornaments with us. This includes items such as necklaces, rings, bracelets, watches, ‘Polki’ sets, pendants, ‘Kardahs’, etc.

Where do I repay my loan? Can partial repayment be made towards the gold loan?

The loan can be repaid at any Muthoot Finance Branch, irrespective of the location. Muthoot Finance’s CBS system is implemented in all branches and allows the customers to repay their loans from any branch. However, the final collection of the pledged gold will have to be from the initial branch where it was pledged.

Yes, you can make partial payment along with interest at any branch of Muthoot Finance/ Online on our website. For e.g., if one has a gold loan of one lakh rupees for a period of 3 months. He/she may come on the 20th day from the start of the loan and pay 20 days interest and an additional Rs. 10,000 (part payment). Then, this additional amount will be fully adjusted from the principal amount, and from the 21st day the interest will be charged on Rs. 90,000.

What is the minimum limit on your gold loan?

The minimum amount of our gold loan range is Rs. 1,500.

How much can I expect for my gold?

This depends on the rate of gold on that date and the purity of gold in the ornaments. This answer can be best answered by your Nearest Muthoot Finance Branch.

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.

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