Muthoot Gold Loan

Muthoot Gold Loan Interest Rate Jan 2017

Last Updated 19th Jan 2017
Interest Rate 12.00% - 24.00%
Repayment Options EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme
Loan Tenure 1 month to 36 months
Minimum and Maximum Loan Amount Rs. 1,500 and Rs. 10,000,000
Processing Fee 0.25% to 1% of loan amount.
Prepayment Charges Nil
Penal Charges 0.16% per month
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Muthoot Gold Loan Interest Rate Calculator

Muthoot offers gold loan to the customers who have urgent need of money. Gold loan to be offered by Muthoot has many features like:
  • Specially designed schemes for lower to middle income group customer and for business community
  • Discounts on timely payment of monthly interest
  • Nil prepayment charges

Gold Loan Muthoot

Gold loan interest rates offered by Muthoot are fixed as well as floating
  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in Muthoot benchmark rate and should be chosen only if you believe that the rates will not hike in future
  • In contrast to this are floating rates which changes with a single change in Muthoot benchmark rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Muthoot Gold Loan Rates depends upon
  • Loan amount: Gold loan rate in Muthoot depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate

Gold Loan Charges

Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Muthoot allows prepayment of gold loan with Nil prepayment charges
Processing Fee- Muthoot asks for a processing fee of 0.25% to 1% of loan amount. with applicable service tax
Penal Interest- Muthoot charges a penal interest of 0.16% per month if you don’t pay the EMI on the due date decided by the bank

Muthoot Gold Loan EMI Calculator

Gold Loan EMI of Muthoot is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by Muthoot is Rs. 3,321 per lakh loan amount. Gold loan EMI of Muthoot depends upon:
  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 36 months gold loan from Muthoot at interest rate of 12.00% per annum, EMI will be Rs. 3,321 per Rs. one lakh loan amount. At interest rate of 24.00% for the same loan, the EMI will be Rs. 3,923
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 12.00% per annum, the EMI would range from Rs. 101,000 to Rs. 3,321 for loan tenure ranging from 1 month to 36 months

Muthoot Gold Loan Eligibility Calculator

Gold loan eligibility criteria Muthoot

Eligibility of Gold loan in Muthoot depends upon multiple factors:-
  • Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing gold loan.
  • Gold loan rate per gram: Muthoot will value the jewelry based on price of 22 carat gold adjusted for purity. Muthoot use thirty days average rates of 22 carat gold prices. You can also check today gold rate at Myloancare.
  • Form of gold pledged: You can get gold loan from Muthoot against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for gold loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
  • Purpose for which loan is used: You can use the gold loan from Muthoot for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Estimated eligibility online by using Gold Loan Eligibility Calculator

Popular Products

Muthoot offers you following gold loan schemes
  • Muthoot Overdraft Scheme
  • Muthoot Highvalue Loan
  • Muthoot Best Value Loan
  • Muthoot Mahila Loan
  • Muthoot Super Loan
  • Muthoot Premier Loan
  • Muthoot Advantage Loan
  • Muthoot EMI Scheme

Gold Loan Muthoot documents required

The documentation process of Muthoot is smooth. Here is a list of documents which are required to apply for home loan from Muthoot:
  • Identity proof: Passport, Driving License, PAN Card, Aadhar Card, Voter’s ID Card
  • Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy

Frequently Asked Questions

What is the maximum loan tenure I can opt under Muthoot jewel loan?

Muthoot offers you tenure of upto 36 months to repay your gold loan.

Can I prepay my gold loan? What are the charges applicable?

Yes, you can prepay your gold loan. Applicable prepayment charges - Nil.

If I fail to repay the loan amount on time, what are the late payment charges on Muthoot gold loan?

If you fail to repay the loan amount on due date, then you need to pay penal charges at 0.16% per month over and above contracted rate of interest. In case the loan is still not paid back, Muthoot may dispose off the gold and recover its dues including principal, interest and penal charges.

What is the maximum gold loan amount available?

You can avail gold loan up to Rs. 10,000,000 from Muthoot

Compare Muthoot Gold Loan

Muthoot Gold Loan in India

Muthoot Gold Loan News - Jan 2017
18th Jan 17 Muthoot Finance to raise Rs. 1, 400 crore via NCDs
Muthoot Finance is set to raise funds worth Rs. 1, 400 crore via public issue of non convertible debentures. The debentures, with a tenor of 96 months, will carry interest rates ranging between 8.25 to 9.25 percent payable annually and at maturity. The issue opens on 17th January, 2017 and will close on 17th February, 2017.
28th Dec 16 Largest gold loan companies of Kerala hold more gold then Singapore and Sweden
The combined gold holdings at Muthoot Fincorp, Muthoot Finance and Manappuram finance is estimated to be higher than the total gold reserves of Singapore and Sweden. As on September 2016, the combined gold holdings of three companies is reported at 263 tons which is higher than the gold holding of 195 tons reported in 2014. The gold mortgaged with Muthoot Finance standalone, the largest gold loan company of India, , is higher than the gold reserves of Singapore and Sweden at 127 tones and 125 tons respectively.
02nd Dec 16 Muthoot Finance to launch an instant gold loan scheme for customers
Muthoot Finance has announced the launch of an instant gold loan scheme for its customers. As a part of the scheme, Anytime Pawn Machines will be installed that will issue new currency notes to the customers in exchange of their gold jewellery. The machine will use laser technology to check the weight and purity of gold before issuing cash.
28th Nov 16 Muthoot Finance influences its customers to use digital modes of payment
Muthoot Finance has registered a 60 percent drop in its loan disbursements after demonetization, as the company stopped accepting old currency notes. In a bid to revive its business, the company has started encouraging its customers to use digital modes of payment to repay loans.
24th Nov 16 Muthoot Finance shares plunge by 8 percent
Muthoot Finance, India,s largest gold finance company, saw an 8 percent fall in its shares as cash ban hit business. With an average loan ticket size of about Rs. 35000, the company disburses a large number of its loan in cash. This has made fresh disbursements rather difficult. Effect may also be felt in repayments which are also mostly made in cash for low ticket gold loans.
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