Muthoot Finance Personal Loan Highlights | |
| Interest rate | 13.75% p.a. onwards |
| Loan Amount | Rs. 50,000 onwards |
| Loan Tenure | Up to 60 months |
| Eligible Applicant Types |
|
| Processing Fees | 2% to 4% of loan sanctioned |
| Types of Loans | Personal Loan for Salaried and self-employed, Personal Loan for Muthoot Employees and Personal Loan for Landlords |
Muthoot Finance offers both secured and unsecured personal loans to select categories of applicants. You can avail a personal loan for an amount as low as Rs. 50,000 with minimal documentation and quick disbursal from Muthoot Finance. Moreover, Muthoot Finance personal loan comes with end use flexibility. You can use the funds to meet a variety of expenses, including vacation and wedding expenses or a medical emergency.
Table of Contents
Features of Muthoot Personal Loan
- Loan Amount: Muthoot personal loan starts from an amount as low as Rs. 50,000 and can go up to Rs. 10 lakh based on an applicant’s profile.
- Quick Loan Disbursal: These personal loans are known for their short processing times and quick funds disbursal.
- Minimal Documentation: Simple and minimal documents are required to apply for the personal loan.
- Doorstep Service: Bank’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 rate and charges. Currently, the interest rate starts from 13.75% p.a.
- Repayment Flexibility: Muthoot Finance offers flexible repayment option. 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 13.75% 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.
| Type of Muthoot Finance Personal Loan | Interest Rate |
| Personal Loan for Salaried and Self-Employed | 13.75% onwards |
| Personal Loan for Landlord | |
| Personal Loan for Muthoot Employees |
Types of Muthoot Finance Personal Loans
Muthoot Finance offers various types of personal loans that are categorized based on the type of applicant. The key ones are:
- Personal Loan for Salaried and Self-Employed: This unsecured loan can be availed by both salaried as well as self-employed individuals at competitive rates starting at 13.75% p.a. This option is available to both new applicants as well as individuals with an existing relationship to Muthoot.
- Personal Loan for Muthoot Employees: Staff of Muthoot Group with at least 5 years of service can avail Muthoot personal loan at 13.75% interest rate for a maximum period of 24 months. Supervisory staff can avail up to Rs. 1 lakh, while the upper limit for non-supervisory employees is Rs. 50,000.
- Personal Loan to Landlords: Owners of premises occupied by Muthoot Finance can get unsecured personal loan from Muthoot. The loan amount can range from Rs. 1 lakh to Rs. 10 lakh with repayment tenure of up to 60 months.
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
Who can avail? | Salaried employees of Public Sector Units Salaried employees of other reputed institutions Self-employed individuals |
Age Criteria | 26-58 years |
Monthly Income Criteria | Rs. 20,000 |
Other factors which may have a bearing on loan eligibility include your credit history and score, credit utilization ratio, 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.
Documents Required for Muthoot Finance Personal Loan
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/ Bank Account Statement
- Proof of Business: Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License
How to Apply for Muthoot Finance PL with Paisabazaar?
You can apply for Muthoot Finance personal loan online with Paisabazaar.com in 3 easy steps:
Step 1: Enter key personal details in the Paisabazaar form given at the top of this page to see the loan offers you are eligible for.
Step 2: Select a suitable offer and call Paisabazaar for any assistance.
Step 3: Fill out lender-specific applications and get instant conditional e-approval.
Personal Loan Verification Process
The process of personal loan verification generally involves the following steps:
- Lender receives the completely filled personal loan application form. You will subsequently receive a verification call from the chosen lender’s representative.
- Subsequently, a representative from the lender visits you to collect the required documents.
- The lender verifies your documents and approves the loan accordingly.
- You sign the loan agreement and the loan amount is disbursed.
Check Muthoot Finance Personal Loan Application Status
You can check the status of your personal loan application at Muthoot Finance via any of the following means given below:
Online Method: You can visit the Muthoot Finance loan application tracking page and enter your Mobile Number and Application No. / Date of Birth/ PAN Number to know the status of your loan application online.
Customer Care: You can check the status of your personal loan application at Muthoot Finance by contacting customer care on the following numbers:
- Southern India: 99469 01212
- Gujarat & Maharashtra: +91-8000451451
- Rest of India: 1800 313 1212
Branch Visit: You also have to option of visiting your nearby Muthoot Finance branch to know the status of your application. At present this NBFC does not provide any to check status of personal loan application online.
Fees and Other Charges
Various fees and charges apart from interest that are applicable on Muthoot Finance personal loan are as follows:
| Processing Fee | 2% – 4% of loan amount plus applicable taxes |
| Stamp Duty | As per applicable state laws |
| Loan Cancellation Charges | Rs.5,000 plus applicable taxes |
| Prepayment Charges | Upto 6% of the outstanding loan amount plus applicable taxes |
| Internal Foreclosure Charges | 2.5% of the outstanding loan amount plus applicable taxes |
| Re-Scheduling Charges | 1% of the outstanding loan amount plus applicable taxes |
| Late Payment Charges | 2% of the outstanding loan amount of the month. |
| Cheque Bounce Charges | Rs.1,000 plus applicable taxes |
| Cheque Swapping Charges | Rs. 750 plus applicable taxes |
How to Login on Muthoot Finance Portal?
Step 1: Visit Muthoot Finance Sign In page to log into your account.
Step 2: Enter your username and password then click login to complete the process
Muthoot Finance Personal Loan Statement
The personal loan statement can be obtained from Muthoot Finance via either the online or the offline method:
Online Method: You can log into the online portal of Muthoot finance using your User ID and password. Then you can view/download your personal loan statement from the portal.
Offline Method: You can either call up Muthoot customer care on their support numbers or visit a nearby branch in-person to request your personal loan statement offline.
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.
| Loan Amount (Rs.) and Interest Rate | Monthly EMI Payout (Rs.) | ||||
| 1-year loan tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
| 2 lakh @ 14.5 p.a. | 18,004 | 9,649 | 6,884 | 5,515 | 4,705 |
| 10 lakh @ 18 p.a. | 91,679 | 49,924 | 36,152 | 29,374 | 25,393 |
| 4 lakh @ 16.5 p.a. | 36,387 | 19,680 | 14,161 | 11,438 | 9,833 |
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 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.
Comparison of Muthoot Finance PL vs Other Lenders
The following is a comparison of the key features of personal loan offered by Muthoot Finance vs. other lenders:
| Comparison Criteria | Muthoot Finance | Axis Bank | HDFC Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | 13.75% onwards | 12-24% | 10.75-21.30% | 11.25-22.00% | 12.99% onwards |
| Tenure
| 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Processing Fees | 2% to 4% of the loan amount | Up to 2% of the loan amount | Up to 2.5% of the loan amount | Up to 2.25% of the loan amount | Up to 4.13% of the loan amount |
| Loan amount | Upto Rs. 15 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
Muthoot Finance Customer Care
You can reach out to the customer care department of Muthoot Finance via the following ways:
- Phone: You can call on the following numbers for any personal loan related queries:
| South India | 99469 01212 |
| Gujarat & Maharashtra | +91-8000451451 |
| Rest of India | 1800 313 1212 |
- E-mail: You can write to Muthoot Finance at plcustomersupport@muthootgroup.com and seek answers to your various queries.
- Visit your nearest Muthoot Finance branch.
Benefits of Applying for Personal Loan at Paisabazaar
Key benefits of applying for a personal loan on Paisabazaar.com are as follows:
- Compare multiple offers on a single platform to make an informed choice.
- Know your eligible loan amount even before applying for the loan.
- Paisabazaar uses an algorithm called SmartMatch which lets you know the chances of approval of your loan application.
- Calculate your loan EMI amount using Paisabazaar EMI calculator by just providing the loan amount, interest rate and the loan tenure.
- Get instant e-approval from the lender via our platform.
- We are ISO 27001-2013 certified, thus all your data remains safe and private with us.
Important Aspects
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 income ratio: Maintain a low EMI to income ratio, ideally less than 50% 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 loan tenure for Muthoot personal loan?
Muthoot Finance offers personal loan for 12 months to 60 months.
Q2. 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.
Q3. What are the various types of personal loans offered by Muthoot Finance?
Muthoot Finance offers 3 different types of personal loans:
- Personal loan for salaried and self-employed applicants
- Personal loan for Muthoot employees
- Personal loan for landlords
Q4. Does Muthoot Finance offer pre-approved personal loan?
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.
Q5. What are the upper and lower limits for Muthoot Finance personal loan?
Applicants residing in metro locations can avail a personal loan ranging between Rs. 1 lakh to Rs. 15 lakh. Whereas, those residing in non metro loactions can avail a personal loan ranging between Rs. 50,000 to Rs. 15 lakh from Muthoot Finance.
Q6. How can I track the status of my complaint at Muthoot Finance?
You can check the status of your complaint using the Muthoot Finance Complaint Status Tracker.
Q7. What does secured personal loan offered by Muthoot Finance mean?
Muthoot Finance offers secured personal loan where you need to pledge 100% collateral in the form of LIC policies, RBI bonds, NSCs, etc to avail the loan amount.
Q8. 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 your place of your residence to get the process of loan application completed, including document collection.
Q9. What is the rate of interest for Muthoot Finance personal loan?
Currently, the rate of interest for Muthoot personal loan starts from 13.75%. However, specific interest rate applicable to an applicant depends upon the person’s individual applicant profile, personal loan variant opted for, loan amount and tenure desired, etc.
Q10. Is GST applicable on Muthoot personal loan EMIs?
No, GST is not applicable on Muthoot personal loan interest component. Currently charges like prepayment charges, foreclosure charges and processing fees are subject to 18% GST.