Muthoot Gold Loan Interest Rate

Muthoot Gold Loan Interest Rate Mar 2017

Last Updated 21st Feb 2017
Interest Rate 12.00% - 24.00% Check Special Offer
Repayment Options EMI Scheme, Bullet Repayment Scheme
Loan Tenure 7 days 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
Apply Gold Loan Online @11.00%*
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Muthoot Gold Loan

Muthoot Gold Loan Interest Rate Calculator
Muthoot Gold Loan Interest rate calculator works on various inputs like
  • Loan Amount – Generally banks offer lower interest rates for higher amount. However, Muthoot offers loan between Rs. 1,500 and Rs. 10,000,000 amount.
  • Relationship with the Bank – Muthoot offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low gold loan interest rates from the bank.
  • Repayment Capacity – Before giving loan to the borrower, Muthoot checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Muthoot Gold Loan Eligibility Calculator
Eligibility of gold loan in Muthoot relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • 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.
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. 14,863 to Rs. 3,321 for loan tenure ranging from 7 days to 36 months

Documents Required for Muthoot Gold Loan

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

Compare Gold Loan Interest Rates of Muthoot with other banks

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
Muthoot Gold Loan News - Mar 2017
17th Mar 17 Muthoot Finance to raise Rs. 2,000 crore via NCDs
Muthoot Finance is planning to raise funds worth Rs. 2,000 crore via non convertible debentures through a public issue. The leading Gold Loan NBFC expects to utilise the funds for lending activities and other business purposes. The issue is being managed by Edelweiss Financial Services and AK Capital Services.
11th Mar 17 Shares of Muthoot Finance plunges on RBI guidelines for gold loans
Shares of leading gold company, Muthoot Finance plunged by 7.07 percent at Rs. 326.65 per share on 10th March, 2017. The share price of the gold company fell soon after the government capped the limit of cash loan against gold at Rs. 25,000. As per NBFCs, the revision is likely to disrupt the working of NBFCs dealing in cash even as Gold Loan NBFCs maintained a reasonable growth during demonetisation.
10th Mar 17 NBFC cash loan against gold restricted to Rs. 25,000
RBI has notified the leading gold companies including Muthoot Finance and other NBFCs to restrict the amount of cash disbursal against loan to Rs 25,000 with an immediate effect.. Earlier, NBFCs were allowed to disburse gold loans of up to Rs 1 lakh in cash and any higher amount would necessarily be disbursed in cheque.
04th Mar 17 Muthoot Exim launches India’s first ever range of non jewelry platinum products
Muthoot Exim, precious metal division of Muthoot Pappachan Group has launched India’s first ever range of non platinum jewellery products in partnership with World Platinum Investment Council. Anantvarsham Platinum Series has been launched with an intention to stimulate the growing demand of physical platinum in India.
15th Feb 17 Muthoot Finance to invest in Muthoot Homefin Limited
Muthoot Finance is planning infuse equity of Rs 1.93 crorein its subsidiary company Muthoot Homefin Limited. Under the deal, the company will purchase 17,00,000 shares of Muthoot Homefin and increase its stake to 88.27 percent in the subsidiary company.
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