Gold-Backed Prosperity: Exploring the MuthootFincorp Gold Loan Advantage

Gold Loan Advantage

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A gold loan is another form of secured loan that can be obtained in lieu of gold ornaments, such as jewellery, being pledged. It is the easiest way to meet financial needs and is considered to be the most sensible alternative to loans from banks. MuthootFincorp ensures the complete satisfaction of the customer when it comes to obtaining a gold loan. MuthootFincorp offers its customers an exemplary experience, whether through quicker loan disbursals or an attractive rate of interest.

How to Apply for a Gold Loan?

Mentioned below are the two different modes of applying for a Muthoot Fin-Corp Gold Loan:

1. Online Mode: 

Step 1: Open the Muthoot Finance website or the mobile app.

Step 2: Using the gold loan calculator, calculate the amount of loan that can be raised against the weight of gold that is to be pledged.

Step 3: Enter the name, state, email ID, and type of gold and then click “Calculate” to determine the loan amount.

Step 4: Choose the best scheme from the list of gold schemes available that best suits your convenience.

Step 5: Using the gold loan eligibility calculator, choose the scheme that best suits you.

Step 6: If the amount of the gold loan and the scheme match all the requirements of the gold loan, fill out the application form and click “Submit.”

Step 7: The bank representatives will connect with you soon to discuss all the formalities related to the gold loan.

2. Offline Mode:

Step 1: Visit any nearest branch of Muthoot Finance.

Step 2: Get your gold ornaments deposited at a branch near you.

Step 3: Next, sign up for the Online Gold Loan Scheme and then link the savings bank account with the same.

Step 4: After that, the mobile app or website can be used to get the gold loan credited to the bank account. 

MuthootFinCorp’s Gold Loan Schemes

Mentioned below are the different gold loan schemes offered by MuthootFincorp:

Name of Gold Loan Scheme Interest Rate Loan Amount Tenure
RestartIndia Pradhan Gold Loan 11.99% p.a. Minimum INR 5 lakh 12 months
Easy Pro 18% p.a. INR 3 lakh to INR 499999 12 months
Easy Max 21% p.a. INR 1 lakh to INR 299999 12 months
Super Value Gold Loan 23% p.a. Applicable through all ticket sizes 12 months
Easy Blue 18% p.a. Up to INR 99,999 12 months
Easy Scale Up 10.95 p.a. Minimum INR 8 lakh 12 months

Features and Benefits of MuthootFincorp’s Gold Loan

Mentioned below are the features and benefits of MuthootFincorp’s Gold Loan:

Flexible Repayment:

Get flexible repayment options for gold loans with easy monthly interest payments.

Special Schemes:

It provides attractive schemes that suit your needs.

Attractive Interest Rates:

It provides an attractive rate of interest on gold loans.

Instant Approval of Loan:

Get your gold loan approval instantly with minimum paperwork.

Maximum Loan to Value:

Get the gold pledged up to 75% of the value of the loan from MuthootFincorp.

Tenure:

In the case of Regular schemes, the maximum tenure of gold loans ranges from 6 to 12 months.

In the case of EMI schemes, a tenure of 24 months to 36 months is offered on a selective basis.

Hassle-Free Loans:

Get a quicker and more convenient processing of gold loans.

Minimum Documentation:

Get easy and simple documentation while applying for the loan.

Nominal Processing Fees:

The processing of gold loans starts from an amount as low as INR 25, depending upon the scheme.

Eligibility Criteria

Mentioned below are the eligibility parameters to be met in order to apply for MuthootFincorp Gold Loan:

  • The minimum age of an applicant at the time of application for a loan should be 18 years.
  • The maximum age of an applicant at the end of the loan tenure should be 65 years.
  • The purity of gold should range between 18 to 24 carats.
  • The minimum amount of gold loan to be borrowed is INR 1000.
  • The maximum amount of gold loan that can be borrowed is INR 50 lakhs.

Documentation Required

Mentioned below is the list of documents which is to be submitted while applying for a gold loan:

  • PAN Card, AADHAR Card, Driving License, Passport, Voter ID, and so on can be proof of photo identity information to avail of a gold loan.
  • Address proofs like sales deeds, bank statements, rent agreements, utility bills, voter ID cards, driving licenses, and so on.
  • Passport-size photographs.

Transfer of Gold Loan

A Gold Loan Balance Transfer is a process to transfer an outstanding gold loan from one lender to the other. It allows the transfer of a gold loan from other banks or NBFCs to MuthootFincorp. This process can be used if the customer is not satisfied with the bank’s services or if the rate of interest offered is lower. One can decide on a gold loan company in India on the basis of the Loan-to-Value (LTV) ratio and other factors. Mentioned below are the benefits of transferring a gold loan to Muthoot:

  • Quicker and Hassle-free process of disbursal
  • Choose the rate of interest and gold loan schemes based on the requirement of funds, tenure, and quality of gold.
  • The decreased annual interest rate
  • Low EMIs
  • Better loan features
  • Gold Security
  • Amazing customer support
  • Rewards
  • More than 3600 branches all across India
  • Digital Payment options are available.

Mentioned are the eligibility parameters required to transfer the gold loan balance to MuthootFinCorp:

  • The minimum age of an applicant at the time of application for a loan should be 18 years.
  • The maximum age of an applicant at the end of the loan tenure should be 65 years.
  • The purity of gold should be in the 18k to 22-carat range.
  • Also, one must have 6-12 EMIs on a gold loan on the outstanding balance or 1-5 per cent of the outstanding principal on the gold loan.

Interest Rates and Charges

A gold loan consists of two elements: principal and interest. It is considered repaid when both the principal and interest amount are repaid. Hence, when choosing a loan, a lender with the lowest Gold Loan Interest Rate should be chosen. The attractive interest rates offered by Muthoot help fulfil customers’ short-term financial obligations. Mentioned are the interest rates offered by MuthootFincorp on Gold Loan:

Interest Rate Starting from 9.95% p.a.
Associated Charges Processing fee: Zero

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