Muthoot Finance Gold Loan Interest Rate is among the lowest interest loan rate to be offered by any loan app or corporation The interest rate is applicable and convenient for borrowers and this makes them the No. 1 choice of the people.
You can apply for Muthoot Finance Gold Loan in a simple and convenient manner having little or less to worry about the interest rate. Aside from the processing fee, there are no hidden charges or extra fees that are added to the Loan amount.
However, Muthoot Finance Gold Loan Interest Rate can be enjoyed if you know about the Loan Scheme, eligibility, how the interest rate applies, and more.
This article will be discussing the above in the subsequent paragraphs, all you need do now is to make sure you read it to the end.
About Muthoot Finance Gold Loan
This particular kind of loan is only obtainable with the use of Gold. you cannot qualify for a Gold Loan application without the possession of the valuable.
Muthoot Finance Gold Loan is available to only citizens in India. This means that to apply for the loan you must be an indigene or citizen of that country but due to its simple, secured, and easy services rendered, it has come to be recognized in several countries of the world.
You can use this Loan for any purpose of your choice as long as it involves money. Such needs might be personal, to further your higher education, to start up a lucrative business, to purchase landed property, and other of your financial needs that must be taken care of.
Muthoot Finance Gold Loan Interest Rate is one of the many intriguing features that this gold loan company has to offer to its customers. The loans are accessed at the lowest rate.
With this Gold Loan, you can experience a better healthy life and take care of your medical issues and hospital bills. A lot of individuals have accessed this Gold Loan to solve most of their financial problems, you can try it out today.
Muthoot Finance Gold Loan Interest Rate
There are loans secured by gold that have reduced interest rates. The primary cause of this is that gold loans are classified as secured loans. since there are no risks involved in this for financial companies.
As a result, a gold loan has a lower interest rate than a personal loan or any other kind of loan. However, the prices for gold loans occasionally fluctuate from person to person. Muthoot Finance Gold Loan Interest Rate has the following 3 features:
- It has a minimum annual interest rate of 7%.
- 1% of the processing fee is taken by Muthoot Finance.
- Premature loan closing fees also range from 0% to 2%.
Due to the flexible nature of the interest, Muthoot Finance has become one of the largest Gold loan-providing companies in India.
Muthoot Finance Gold Loan Rate per Gram
This non-banking company offers loans to customers at a good rate. The loan amount is a minimum of 1500 and it has no limit on the maximum amount to borrow, it strictly depends on the value of the Gold presented.
Muthoot Finance Gold Loan Interest Rate is lower than any other personal loan obtainable elsewhere but it is different from per gram loan rate. The range can be from 25000 to 1 core. Muthoot Finance Gold Loan amount per gram is shown below;
- 18 Carat Gold for RS 16000
- 17 Carat Gold for RS 17200
- 19 Carat Gold for RS 18500
- 20 Carat Gold for RS 19800
- 21 Carat Gold for Rs 21700
- 22 Carat Gold for RS 22900
Always have in mind that the amount to be offered to you by the Gold loan solely depends on the value of the Gold presented by you. So if you want a higher amount, bring gold of high purity and quantity.
Benefits Of Applying For Muthoot Finance Gold Loan
- Obtaining a gold loan from Muthoot Company is extremely simple. which is rapidly provided and swiftly approved
- When providing a gold loan, Muthoot Finance Company charges relatively cheap processing fees.
- You can obtain a loan from Muthoot Finance Company based on your gold worth anywhere between Rs 18000 and Rs 1 crore.
- You can choose to be repaying the loan in parts until paid completely
- Pre-payment options are available from Muthoot Finance Company. This implies that if you wish to pay off your loan early, you can do so without incurring any additional fees.
- A gold loan from Muthoot Company may be taken out for a minimum of 15 months and a maximum of 36 months.
- Muthoot Finance Gold Loan Interest Rate is very considerable and offers one of the lowest rates
- Only a few documents are required for the loan process which means that it is simple and easy to attain.
- The Gold is kept in a safe locker until the period of repayment is over. It provides 3 tiers of security.
How To Apply For Muthoot Gold Loan Interest Rate
Now to apply for the gold loan and get a cheap interest rate and per gram rate, a few simple steps have been carefully outlined below for you to check out.
Here are the procedures to apply for a good Gold Loan Interest Rate:
- you must have gold in possession either jewelry or other Gold Ornaments
- you must be a citizen of India
- visit the official website online.muthootfinance.com to get an online application form
- fill out the loan stating the loan amount and your personal details
- check for the interest rate that appeals to you and go for it
- wait for approval which will take up to an hour
- after it has been verified and approved the amount will be disbursed into your account instantly.
Types of Muthoot Finance Gold Loan Scheme
This non-banking company offers 11 loan schemes to its customers addressing the interest rate and loan amount available. Let’s get to learn about the schemes as discussed below;
- Muthoot Mahila Loan (MML): this loan is offered only to women from the southern side of India with a minimal amount of Rs1500 and a maximum to be Rs 50000 with an interest rate of 12%
- Muthoot Advantage Loan (MAL) This loan is a special kind available to persons who want a good interest percentage and a moderate per-gram rate. It offers a minimum loan amount of Rs 1500 and Rs 5 lakh with an interest rate of 18%.
- Muthoot Overdraft Scheme (MOS) is for traders and businessmen, it offers a minimum of Rs.2 lakh and a maximum of Rs.50 lakh with an interest rate of 19% to 21%.
- Muthoot High-Value Loan Plus (MHP) this loan is for individuals looking for a low-interest rate such as traders market people. It has a minimum amount of Rs.5 lakh and no limits for the maximum amount. Its interest rate is 12%.
- Muthoot High-Value Loan (MHL) is for individuals who are handly or operating their own business. The minimum loan amount is Rs.3 lakh and no limits to a maximum amount. The interest rate16%
- Muthoot Delight Loan (MDL) This loan type is for persons looking for a loan amount of Rs 2 lakh with a low-interest rate. it offers a minimum amount of Rs 1500 and a maximum of Rs 2 lakh
- Muthoot Premier Loan (MPL) is for an applicant who wants a loan amount of Rs 1 lakh and a repayment period of 1 year. it gives an interest rate of 23%
- Muthoot Big Business Loans. this is for persons who want to expand their business. it offers a minimum amount of Rs 25 lakh and a maximum of Rs. 5 crore and an interest rate of 9-10%.
- One Percent Loan: The Muthoot One Percent Loan is for customers who want a gold loan at a cheaper interest rate. The minimum amount rate is Rs.1500 with the maximum being Rs50 lakh, with a 19-21% interest rate.
- Muthoot Ultimate Loan (MUL): The Muthoot Ultimate Loan or MUL are for individuals who want a maximum loan amount that could give them enough repayment terms. The Minimum Amount is Rs.1500 with no limits as to the maximum amount. it has an interest rate of 24%.
- Muthoot EMI Scheme (MES): the Muthoot EMI Scheme or MES is available for all professionals and salary earners. it offers a minimum amount of Rs.20000 and has no upper limit. the interest rate is 21% using the diminishing method.
Muthoot Finance Gold Loan Interest Rate can be enjoyed by all as long as you are qualified to take up the loan application form. Only citizens of India can apply.
The repayment period last for only 1-3 years depending on the type of Gold Loan Scheme you choose. Make sure the one you are going for will be favorable enough for you to repay back before the loan term expires.