Muthoot Finance offers personal loans of Rs. 50,000 to Rs. 10 lakh which customers can use to meet various personal financial needs. Muthoot Finance personal loans come with flexible repayment tenure of up to 5 years, have competitive interest rate, are disbursed quickly and require minimal documentation.
Muthoot Finance Personal Loan Documents Required
Muthoot Finance does not specify the exact list of documents required to avail a personal loan. Given below is a list of documents that are generally required for all applicants to avail a personal loan:
- Completely filled out loan application form
- Passport Size Photographs
- PAN Card (Mandatory)
- Identity Proof: A copy of Passport/ Voter ID/ Aadhaar / Driving License
- Address Proof: A copy of Aadhaar Card/ Property purchase Agreement/ Registered Lease Agreement/ Utility Bill (not more than 3 months old)/ Driving License/ Passport
Documents required for salaried applicants:
- Proof of Income: Bank Account Statement/ Salary Certificate/ Salary Slip/ Form 16
- Employment Proof: Letter on company letter head confirming employment period of applicant
Documents required for self-employed applicants:
- Proof of Income: P&L Statement and Balance Sheet/ Previous Year ITR
- Proof of Business: Certificate of Practice/ Partnership Deed/MOA & AOA/ GST Registration and Filing Documents/ Shop Act License
Also read about Muthoot Finance Personal Loan.
The following tips could help you increase your chances of securing a personal loan from Muthoot Finance:
- Credit Score: It is a 3-digit numeric summary of your credit history and ranges between 300-900. It is one of the first things that lenders look at to gauge a person’s repayment ability and credit worthiness. The higher/better the credit score, the greater are the chances of approval of your personal loan application.
- Know the Eligibility Criteria: Thoroughly go through the eligibility criteria and ensure that you meet it in all respects to enhance your chances of approval.
- Avoid Multiple Simultaneous Loan Enquiries/Applications: Avoid applying (or making enquiries) for a personal loan with multiple lenders at the same time. This may result in an increase in the number of hard enquiries for your credit report. These hard enquiries can further adversely affect your credit score, and decrease the chances of loan approval.
- Fixed Obligation to Income Ratio (FOIR): The ratio of your ongoing loan EMIs and credit card dues to your income is known as Fixed Obligation to Income Ratio (FOIR). Maintaining a low FOIR helps to increase the chances of approval of your loan.
Q1. What is Muthoot Finance personal loan interest rate?
Muthoot Finance personal loan interest rate starts at 14.50% p.a. However, specific interest rate depends on the individual applicant profile and hence, may vary.
Q2. Who can avail a personal loan from Muthoot Finance?
All salaried and self-employed individuals, Muthoot Finance employees as well as owners of premises occupied by the Muthoot Finance (landlords) can secure a personal loan from the NBFC, provided they meet the eligibility criteria.
Q3. Do I need to visit Muthoot Finance branch to submit documents to avail a personal loan?
No, Muthoot Finance provides doorstep service and therefore, customers need not mandatorily visit the branch office (though application at branch is also allowed). The company’s representative visits your place of residence to complete the entire loan application process including document collection.
Q4. What is the tenure option available for Muthoot Finance personal loans?
Muthoot Finance personal loans come with a repayment tenure ranging between 12 to 60 months.
Q5. How much time does Muthoot Finance take to disburse personal loans?
The turn-around-time for Muthoot Finance personal loan is usually 5 working days post submission of all applicable documents. But actual disbursal time varies on a case by case basis depending on the loan amount and the applicant’s profile.