Muthoot Finance Personal Loan

Muthoot Finance offers both secured and unsecured personal loans to select categories of applicants. You can avail a personal loan up to Rs. 10 lakh with minimal documentation and quick disbursal from Muthoot Finance. Moreover, Muthoot Finance personal loans come with end-use flexibility and can be availed to meet a variety of expenses including vacation and wedding expenses, medical emergencies, etc.

Features of Muthoot Personal Loan

• Quick Loan Disbursal: These personal loans are known for their short processing times and quick disbursal of funds.
• Minimal Documentation: Minimal documents are required to apply for the personal loan.
• Doorstep Service: The lender’s representative will visit your place of residence to get the process of loan application completed, including document collection.
• Affordable Rates: Muthoot personal loan comes with competitive interest rates and charges. Currently, the interest rate starts from 14.00% p.a.
• Repayment Flexibility: Muthoot Finance offers flexible repaymentoptions. This allows you to choose a suitable combination of EMI amount and loan tenure for your personal loan.

Muthoot Personal Loan Interest Rates

Muthoot Finance personal loan interest rate starts from 14.00% p.a. The actual rate applicable to a borrower may vary based on various criteria including the customer’s credit score, monthly income, outstanding debt, amount borrowed, etc.

Muthoot Finance Personal Loan Top-Up

Muthoot offers pre-approved top-up loans to select existing personal loan customers. The approval for this personal loan top-up is subject to repayment track record and various applicable eligibility criteria. Please note that you can only apply for a Muthoot top-up loan after completing payment of at least 12 EMIs. Usually, the interest rate offered in case of these loans is at par with the rate applicable to standard personal loans from Muthoot Finance.

Eligibility Criteria

Muthoot Finance offers both unsecured and secured personal loans. While a collateral is not needed to avail an unsecured personal loan, an asset needs to be pledged to avail a secured personal loan. Following are the eligibility criteria for both the loan types:

• Unsecured Personal Loan

Other factors which may have a bearing on loan eligibility include your existing liabilities, length of employment, continuity of business, employer’s reputation, etc. Please note that the final decision depends on the NBFC’s loan approval parameters.

• Secured Personal Loan: Individuals who are not eligible to avail an unsecured personal loan and are willing to provide 100% collateral security in the form of LIC policies, RBI bonds, NSCs, etc. can apply for a secured personal loan.

How Credit Score Impacts Your Personal Loan Approval

As stated above, there are various factors including your income, existing liabilities, employment/ business status and history, etc. that affect your chances of securing a personal loan. However, your credit history and credit score, which is an important indicator of your credit behaviour and repayment ability, is one of the most important factors that affects your personal loan approval and the terms on which you avail it.

Here are a few key reasons why your credit score is important for your personal loan:

• Approval of Loan Application: There are higher chances of approval of your personal loan application if you have a good credit score. This is because it indicates responsible credit behaviour and clean repayment track record which instills a sense of confidence amongst the lenders.
• Rate of Interest: A good credit score can also help you get a relatively lower rate of interest on your personal loan. This is because it indicates responsible credit handling in the past and thus, minimizes the risk for the lender.
• Loan Amount Sanctioned: Apart from other factors, the maximum loan amount that you can avail on your personal loan is also often influenced by your credit score, which is an important indicator of your creditworthiness. Thus, a credit score of 750 or above may help you get approved for a higher loan amount as compared to a lower one.

• Longer Repayment Tenure: Besides other application-based factors, borrowers with a high credit score are perceived to pose a lower risk for the lender and may thus, be able to get approved for a longer repayment tenure.

Documents Required

While the exact list of documents has not been specified by the NBFC, following is the list of documents that are generally required to avail a personal loan:

• Proof of Identity: A copy of Passport/Aadhaar/Voter ID/Driving License/ PAN Card
• Proof of Address: A copy of Aadhaar Card/Registered Lease Agreement/Property purchase Agreement/Utility Bill (not more than 3 months old)/Passport/Driving License
• Proof of Income: Salary Slip/Bank Account Statement/Form 16/Previous Year ITR/P&L Statement and Balance Sheet
• Proof of Business: Certificate of Practice/Partnership Deed/GST Registration and Filing Documents/MOA & AOA/Shop Act License

Fees and Other Charges

Various fees and charges apart from interest charges that are applicable on Muthoot Finance personal loan are as follows:

How to Apply for Muthoot Finance Personal Loan with Paisabazaar?

You can apply for Muthoot Finance personal loan online with Paisabazaar.com by simply following the steps given below:

Step 1: Enter key personal details in the personal loan form given at the top of this page to see the loan offers you are eligible for.

Step 2: Select the loan offer from Muthoot Finance (if available) or call Paisabazaar for assistance.

Step 3: Fill in a few additional details about yourself so that your personal loan application can be forwarded to the lender

Step 4: Upload the relevant documents or schedule a document pickup

Step 5: After this, you will get a verification call from the lender’s representative

Step 6: Upon successful verification, the loan is approved and disbursed to your bank account.

Why Apply for a Personal Loan at Paisabazaar?

Key benefits of applying for a personal loan on Paisabazaar.com are as follows:

• Multiple Loan Offers from Top Lenders: Paisabazaar has more than 40 lenders including top banks/NBFCs/Fintechs as its partners and provides the best offers from multiple lenders on a single platform.
• Compare and Choose: With Paisabazaar.com, you can compare interest rates and other features including processing fees, foreclosure charges, etc. offered by multiple lenders and select the most appropriate option for yourself.
• Complete Guidance: The team of experts at Paisabazaar provide unbiased advice and complete guidance at every step of the loan process to help you select the most appropriate loan offer.
• Chances of Approval: The Paisabazaar platform offers personal loan offers rank-ordered on the basis of approval chances of your loan application determined as per your credit score as well as other eligibility factors. This enables you to choose the loan offer having the highest chances of approval.
• Pre-Approved Loans: You can also get access to various personalised pre-approved personal loan offers from time to time based on your credit health once you are a part of Paisabazaar. These personal loan offers also come with low processing fees, minimal or zero documentation and low interest rates.
• Document Pickup: In case physical documentation is required at any step, Paisabazaar.com also offers customers the benefit of document pick up from their home or office at a pre-decided time without any extra charges.
• Completely Digital Process: Paisabazaar.com enables you to carry out the entire process right from loan application, document submission to approval online without stepping out of your home.
• End-to-end Assistance: The Paisabazaar team offers complete assistance throughout the entire loan process. Right from looking for a loan offer to getting the loan disbursed to your account, Paisabazaar assists you and works with lenders in the background to offer you a great experience.

Muthoot Finance Personal Loan EMI Calculation

The following is a table showing the EMI calculation for Muthoot Finance personal loan for various loan amounts, interest rates and tenures.

Comparison of Muthoot Finance Personal Loan vs Other Lenders

The following is a comparison of the key features of personal loan offered by Muthoot Finance vs. other lenders:

Muthoot Finance Customer Care

You can reach out to the customer care department of Muthoot Finance via the following ways:

• Phone: You can call Muthoot Finance customer care on 080-68436919, Monday to Friday, between 10 AM to 6 PM.
• E-mail: You can write to Muthoot Finance at plcustomersupport@muthootgroup.com and seek answers to your various queries.

• Branch Visit: You can also visit your nearest Muthoot Finance branch.

Important Points to Consider while Applying for a Personal Loan

Following is the list of important points that you should consider when applying for a personal loan:

• Credit Score: Check and maintain your credit score. A good credit score/history is one of the most important prerequisites to avail a personal loan as it imparts trust in your repayment ability.
• Eligibility Criteria: Make sure you meet the eligibility criteria before applying for Muthoot Finance personal loan.
• Multiple Applications: Do not submit multiple loan applications at the same time. This will portray you as credit hungry and lower the chances of loan approval.
• EMI to NMI Ratio: Maintain a low EMI to net monthly income ratio, ideally less than 40% to improve your chances of personal loan approval.
• Terms and Conditions: Carefully read the terms and conditions before choosing an offer from a specific lender.

Frequently Asked Questions (FAQs)

Q1. What is the turn-around time for Muthoot personal loan?

The turn-around time for Muthoot Finance personal loan depends on the applicant’s profile and the loan amount. As a result, the time for the loan approval and disbursal varies from case to case.

Q2. Does Muthoot Finance offer pre-approved personal loans?

Yes, Muthoot Finance offers pre-approved personal loans to its existing personal loan customers, once they have completed payment of at least 12 EMIs. This pre-approved personal loan top-up is offered to select customers based on their repayment history.

Q3. What are the upper and lower limits for Muthoot Finance personal loans?

Applicants residing in metro locations can avail a personal loan ranging between Rs. 1 lakh to Rs. 10 lakh. Whereas, those residing in non-metro locations can avail a personal loan ranging between Rs. 50,000 to Rs. 10 lakh from Muthoot Finance.

Q4. How can I track the status of my complaint at Muthoot Finance?

You can check the status of your complaint

Q5. What does secured personal loan offered by Muthoot Finance mean?

Applicants who do not have a regular source of income can also apply for Muthoot personal loan. However, this loan type is a secured one where you need to pledge 100% collateral of the loan amount in the form of LIC policies, RBI bonds, NSCs, etc.

Q6. Do I need to visit Muthoot Finance branch to submit documents to avail a personal loan?

No, you need not visit the branch as Muthoot offers doorstep service. Their representative will visit the place of your residence to get the process of loan application completed, including document collection.

Q7. Is GST applicable on Muthoot personal loan EMIs?

No, GST is not applicable on Muthoot personal loan EMIs. Currently, charges like prepayment charges, foreclosure charges and processing fees are subject to 18% GST.

Q8. How can I pay my Muthoot Finance personal loan EMIs?

You can pay your Muthoot Finance personal loan EMIs via any of the following means given below:

• Using iMuthoot mobile app
• Virtual account using net banking
• UPI apps
• Muthoot Finance Online Personal Loan Payment page