Muthoot Finance Personal Loan can be availed to consolidate your debts, finance a wedding, make big purchases, fund a vacation, renovate a home etc. Starting from Rs. 50,000, Muthoot Finance personal loan goes up to Rs. 10 lakh and the fast processing allows you to avail this loan instantly.
Muthoot Finance Personal Loan - Features and Benefits
- Loan Amount: Muthoot Finance offers high loan amount to applicants provided they qualify for it. You can get personal loan of an amount starting at Rs. 50,000 to deal with various expenses at a time
- Quick disbursal: After you submit your loan application, Muthoot Finance starts the verification process and if everything goes well, approves and disburses the loan amount in no time
- Minimal Documentation: One of the major reasons behind fast processing of Muthoot Finance Personal Loan is that it requires minimal documentation. To avail a personal loan, applicants don’t have to trouble themselves with a stack of documents. Some of the basic documents they need to submit include identity proof, income proof, address proof, etc
- Flexible Repayment Options: Flexible repayment options ranging from 12 to 60 months offered by Muthoot Finance help borrowers choose an option that best suits their requirements. These options will not only help in reducing their EMI burden but also minimize the chances of default
Muthoot Finance Personal Loan - Interest Rate
| Interest Rate | Starting from 14.5% |
| Processing Fee | As applicable by the lender |
Muthoot Finance Personal Loan - Eligibility Criteria
- You should be at least 21 years old
- You should have a regular source of income
- You should meet the minimum salary criteria set by Muthoot Finance
Muthoot Finance Personal Loan - Documents Required
- Proof of Identity (a copy of Passport/Aadhaar/Voter ID/Driving License/PAN Card)
- Proof of Address (a copy of Aadhaar/Passport/Voter ID/Driving License)
- Salary slips of previous 3 months (Salaried Individuals)
- 2 years ITR (Self-employed Individuals)
- Bank statement of previous 3 months
- Latest Form 16
Muthoot Finance Personal Loan - EMI Calculator
Paisabazaar’s personal loan EMI Calculator calculates EMI for Personal Loan on the basis of inputs given by the Loan Applicant. The EMI Calculator asks for the following details:
- Loan Amount
- Loan Tenure
- Interest Rate
On sharing the above details, Paisabazaar.com will tell you the monthly EMI that will be invested every month on the Personal Loan. Also, the calculator helps you in managing your future expenses as per the EMI.
Compare Muthoot Finance Personal Loan VS Other Lenders
| Particulars | Muthoot Finance | Axis Bank | HDFC Bank | Citi Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 14.5% | 15.75% to 24% | 11.25% to 21.50% | Starting from 10.99% | 11.50% to 19.25% | Starting from 12.99% |
| Tenure | 36 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Rs. 50,000 to Rs. 10 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | As applicable by the lender | Upto 2% of loan amount plus GST | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
FAQs
What is the maximum personal loan amount that I can avail from Muthoot Finance?
You can avail a loan amount of upto Rs. 10 lakh from Muthoot Finance.
How do I check if I am eligible for a personal loan from Muthoot Finance?
To check your Muthoot Finance personal loan eligibility, you can go to Paisabazaar’s personal loan eligibility calculator.
How do I apply for Muthoot Finance personal loan offline?
You can either call on the customer care numbers mentioned above or you can visit the nearest branch.
Why is it necessary to submit salary slips to avail Muthoot Finance personal loan?
Salary slips work as an income proof and displays the salary that is credited to your account each month.