Muthoot Finance offers one of the best gold loan schemes in India. This finance provider is popular mainly due to its easy and quick loan procedures, limited documentation, honest gold evaluation, highly secured gold custody and much more.
Benefits of Muthoot Gold Loan
By availing a gold loan from Muthoot finance, you can enjoy the following benefits:
- Faster disbursement of loan amount
- Customer friendly services
- Minimum loan amount is Rs. 1500 and there is no maximum limit on the loan amount offered against gold.
- No penalty is levied on prepayment of the loan
- Gold is evaluated by trusted in-house agents.
- Offers high security for the gold placed in their custody against the loan offered to the borrower.
Muthoot Finance Gold Loan Schemes
Muthoot Finance offers 8 gold loan schemes to its customer, which are:
- Muthoot Mahila Loan (MML)
- Muthoot Best Value Loan (MBL)
- Muthoot Super Loan (MSL)
- Muthoot Advantage Loan (MAL)
- Muthoot Premier Loan (MPL)
- Muthoot High Value Loan (MHL)
- Muthoot EMI Scheme (MES)
- Muthoot Overdraft scheme (MOS)
Features of Muthoot Finance Gold Loan Schemes
The features of these unique gold loan schemes are briefly explained below:
Muthoot Mahila Loan (MML)
This gold loan scheme is offered by Muthoot Finance exclusively to women. This is offered only at the Muthoot Finance branches in South India.
- Minimum Loan Quantum – The minimum loan quantum offered to women customers against gold is Rs. 1500.
- Maximum Loan Quantum – The maximum loan offered to women customers by Muthoot Finance under the Muthoot Mahila Loan scheme is Rs. 50,000.
- Muthoot Mahila Loan (MML) Interest rate – A discounted interest rate is offered to women customers under this scheme. The interest is 12% per annum.
Muthoot Best Value Loan (MBL)
Muthoot Best Value Loan is custom-made for meeting the needs of customers belonging to the lower to middle income category. The gold loan is offered at a good rate of interest for the loan amount required.
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 1500.
- Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 1, 00,000.
- Muthoot Best Value (MBL) Interest rate – The interest rate offered to customers under this scheme is 14% per annum.
Muthoot Super Loan (MSL)
Muthoot Super Loan is offered to those customers who wish to avail a higher loan amount against their gold and also wish to avail the benefits of discounts arising out of timely repayment of the loan.
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 1500.
- Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 3, 00,000.
- Muthoot Super Loan (MSL) Interest rate –The interest is 23% per annum and if interest is paid regularly on a monthly basis, 2% rebate is applicable on the interest rate and if interest is paid regularly on a quarterly basis, 1% rebate is applicable on the prevailing interest rate.
Muthoot Advantage Loan (MAL)
Muthoot Advantage Loan is a special gold loan scheme specially curated for the benefit of those who wish to avail a good interest rate as well as a higher loan amount per gram of gold placed with Muthoot Finance. This scheme is offered in all Muthoot Finance branches across East India, North India and West India.
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 1500.
- Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 5, 00,000.
- Muthoot Advantage Loan (MAL) Interest rate – The interest rate is offered to customers under this scheme is 18% per annum.
Muthoot Premier Loan (MPL)
This gold loan scheme is for those customers who wish to avail the maximum loan amount against their gold and also wish to earn discounts as reward for timely repayment of the interest on a monthly basis.
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 3, 00,000.
- Maximum Loan Quantum – There is no maximum limit on the loan amount offered to customers by Muthoot Finance under this scheme.
- Muthoot Premier Loan (MPL) Interest rate – The interest is 22.5% per annum and if interest is paid regularly on a monthly basis, 2% rebate is applicable on the interest rate and if interest is paid regularly on a quarterly basis, 1% rebate is applicable on the prevailing interest rate.
Muthoot High Value Loan (MHL)
Muthoot High Value Loan is a gold loan scheme from Muthoot Finance that is custom-made for businessmen, property dealers, traders, shop owners, builders, etc. who wish to take a gold loan for an extended loan tenure.
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 3, 00,000.
- Maximum Loan Quantum – There is no maximum limit on the loan amount offered to customers by Muthoot Finance under this scheme.
- Muthoot High Value Loan (MHL) Interest rate – Avail a discounted interest rate of just 17% per annum on the loan amount borrowed.
Muthoot EMI Scheme (MES)
This scheme is ideal for all salaried individuals and professionals, who wish to avail a gold loan and repay it in EMIs (Equated Monthly Installments).
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 20, 00,000.
- Maximum Loan Quantum – There is no maximum limit on the loan amount offered to customers by Muthoot Finance under this scheme.
- Loan Tenure – Customers can choose their loan repayment tenure in EMIs from 6 months, 12 months, 18 months, 24 months, 30 months and 36 months.
- Grace Period – In case of late payment of gold loan EMI, a grace period of 3 days is applicable.
- Muthoot EMI Scheme (MES) Rate of Interest – The interest applicable on the gold loan offered under this scheme is 21%, which is calculated based on diminishing balance.
Muthoot Overdraft Scheme (MOS)
Muthoot Overdraft Scheme is specially designed for traders, businessmen, pharmacists, petrol pump owners, shopkeepers, etc. This places the gold as an “additional bank limit” to fund the growth of their business.
- Minimum Loan Quantum – The minimum loan quantum offered to customers against gold is Rs. 2, 00,000.
- Maximum Loan Quantum – The maximum loan offered to customers by Muthoot Finance under this scheme is Rs. 50, 00,000.
- Free Locker Facility – The borrower has the freedom to repay the loan amount as well as withdraw funds, with the free locker facility offered under this scheme.
Muthoot Gold Loan Interest Rates
|
Gold Loan Scheme |
Rate of Interest |
|||
|
Loan Period |
South Indian Branches (excluding Kerala) |
Kerala |
Other Branches in India |
|
|
Muthoot Mahila Loan (MML) |
up to 1 month |
12% per annum |
12% per annum |
N.A. |
|
more than 1 month – 3 months |
15% per annum |
15% per annum |
N.A. |
|
|
more than 3 months – 6 months |
20% per annum |
20% per annum |
N.A. |
|
|
more than 6 months – 12 months |
24% per annum |
24% per annum |
N.A. |
|
|
Muthoot Best Value Loan (MBL) |
up to 1 month |
14% per annum |
14% per annum |
14% per annum |
|
more than 1 month – 3 months |
18% per annum |
18% per annum |
18% per annum |
|
|
more than 3 months up to 6 months |
21% per annum |
21% per annum |
21% per annum |
|
|
more than 6 months up to 12 months |
24% per annum |
24% per annum |
24% per annum |
|
|
Muthoot Super Loan (MSL) |
up to 12 months |
23% per annum |
22% per annum |
23.5% per annum |
|
Muthoot Advantage Loan (MAL) |
up to 3 months |
18% per annum |
18% per annum |
18% per annum |
|
more than 3 months up to 6 months |
21% per annum |
21% per annum |
22% per annum |
|
|
more than 6 months and up to 12 months |
24% per annum |
24% per annum |
24% per annum |
|
|
Muthoot Premier Loan (MPL) |
up to 12 months |
22% per annum |
21% per annum |
22.5% per annum |
|
Muthoot High Value Loan (MHL) |
up to 3 months |
17% per annum |
17% per annum |
17% per annum |
|
more than 3 months and up to 6 months |
19% per annum |
19% per annum |
19% per annum |
|
|
more than 6 months and up to 9 months |
20% per annum |
20% per annum |
20% per annum |
|
|
more than 9 months and up to 12 months |
22% per annum |
22% per annum |
22% per annum |
|
|
Muthoot EMI Scheme (MES) |
more than 6 months or 12 instalments |
21% per annum |
21% per annum |
21% per annum |
|
Muthoot Overdraft scheme (MOS) |
12 months |
19% per annum |
19% per annum |
19% per annum |
Muthoot Gold Loan – Other Fees and Charges
| Processing Fee | South Indian States (including Kerala) | 0.50% of the loan amount is charged as processing fee. |
| Other Branches across India |
|
|
| Penalty on Outstanding Loan amount | All Branches | Penalty interest of 2% (per annum) is charged over and above the existing rate of interest, on any outstanding loan amount that has not been repaid in 12 months. |
