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Muthoot Gold Loan Interest Rate

Muthoot Gold Loan Interest Rates Mar 2021

Last Updated 25th Feb 2021

Muthoot Finance gold loan is India's largest gold loan company which began the concept of taking loan against gold in India. Muthoot Finance Gold Loan Interest rate starts from 11.99%. Muthoot Finance also offers online gold loan which makes the process quick and hassle free with minimal documentation. You just need to walk in to the nearest Muthoot gold loan branch by fixing an appointment online or calling on the phone number of Muthoot branch near you. Check Best Offers.

Gold Loan in Muthoot
Muthoot Gold Loan Rate 11.99% onwards
Processing Fee 0.25% to 1% of loan amount.
Loan Tenure 7 days to 36 months
Loan Amount ₹ 1,500 to ₹ 50 Lakh
Prepayment Charges Nil
Gold Loan SchemeEMI Scheme, Bullet Repayment Scheme

Information from secondary sources. MyLoanCare is not a channel partner of Muthoot Finance.

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Muthoot Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. Muthoot gold loan can be taken for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from Muthoot has the following benefits:

  • Muthoot group offers rebate on its interest payments, if EMI is paid regularly.
  • You can get jewel loan of small amount starting from Rs. 1,500 with no maximum loan amount limit.
  • Muthoot doesn’t charge any foreclosure fees from its gold loan customers.

Muthoot Gold Loan Details

If you are planning to take a Loan against Gold from Muthoot, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: Muthoot offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • Muthoot Gold Loan Interest Rate starts from 11.99%
    • Muthoot charges a processing fees of 0.25% to 1% of loan amount.
    • Loan Tenure of Gold Loan ranges from 7 days to 36 months
    • Lowest EMI per lakh on Gold Loan from Muthoot is ₹ 3,321 offered at the lowest gold loan interest rate of 11.99% at the longest loan tenure of 36 months
    • Muthoot allows prepayment of jewel loans with Nil charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of Muthoot
    • EMI Scheme
    • Bullet Repayment Scheme

Comparison of Muthoot Gold Loan with other Banks

Muthoot offers gold loan at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Muthoot SBI HDFC Bank
Interest Rate 11.99% - 11.99% 7.50% - 7.50% 9.50% - 17.10%
Processing Fees 0.25% to 1% of loan amount. 0.50% of the loan amount, minimum Rs. 500 1.50% of the loan amount
Loan Tenure 7 days to 36 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 1,500 to ₹ 50 Lakh ₹ 20,000 to ₹ 20 Lakh ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil Nil after 3 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 3,321 per lakh ₹ 3,111 per lakh ₹ 4,591 per lakh

How can I get a Gold Loan from Muthoot ?

You can apply for a gold loan with Muthoot directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which Muthoot will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

Muthoot Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Muthoot is 11.99%.The factors that are used by Muthoot to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. Muthoot’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. Muthoot offers loan between ₹ 1,500 and ₹ 50 Lakh amount.
  • Relationship with the Bank: Muthoot offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from Muthoot.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. Muthoot offers gold loan with a tenure of 7 days to 36 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, Muthoot also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by Muthoot is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including Muthoot also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. Muthoot's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Other Charges of Gold Loan Muthoot

In addition to interest rates, Muthoot also carry some other charges while offering gold loan which include:

  • Processing fees – Muthoot charges minimum processing fees 1.50% of the loan amount. To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.

Documents Required for Muthoot Gold Loan

The documentation process of Muthoot is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

FAQs

How much gold loan can I avail from Muthoot?

You can get upto ₹ 50 Lakh as gold loan from Muthoot.

How can I check my Muthoot gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan Muthoot available online? Is there a Muthoot gold loan online payment facility?

Yes, you can apply gold loan online in Muthoot to get a quick loan. Yes, Muthoot offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

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

Does Muthoot offer Agricultural Gold Loan?

No, Muthoot does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.


Muthoot Gold Loan Reviews 4/5  by 1 customers
MyLoanCare Service
4/5.0
Banks Service
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Ritu Joshi, Agra
Reviewed on 03rd Jan 2017
4 / 5 stars
Muthoot Gold Loan Availed in Feb-18

Muthoot gold loans are very cheap in terms of interest. The service is also goodRead more...

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Muthoot Gold Loan News - Mar 2021
  • 2021-02-25 : Muthoot Finance Q3 profit up 17% to Rs 1,006 cr, revenue rises 16%
    Muthoot Finance has reported a net profit of Rs 1,006.6 crore during the quarter ended December 31, 2020, compared to Rs 861.04 crore a year ago. Muthoot Finance achieved a growth of 22 % in the gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against the previous year growth of 22%
  • 2020-11-20 : Muthoot Finance penalised by RBI
    The RBI announced a penalty of ₹ 10 lakh was imposed upon Muthoot Finance for failing to follow instructions to keep the LTV of Gold Loans and to obtain a pan card from the borrower in respect of gold loans exceeding ₹ 5 lakh. In consideration of its financial status, the company regulatory inspection on 31 March 2018 and 31 March 2019 shows that it refused to comply with its orders.
  • 2020-11-13 : Muthoot Finance LTV currently at 61%
    At the 2nd quarter end, the overall weight of gold pledged to the company stood at 163 tonnes, compared with 171 tonnes in the last fiscal year. Its loan-to-value is currently at 61 %, against 75 % of the regulatory requirement and 69-70 % of the long-term average.
  • 2020-08-20 : Muthoot Finance Q1 net profit surged by 52% to ₹858 cr
    Muthoot Finance posted a 52% jump in its consolidated net profit at ₹858 crores in the first quarter ended June of the current fiscal year. It posted a net profit of ₹563 crores during the corresponding quarter a year ago. Consolidated gross loan assets of the bank backed by gold loans increased 15.50% to ₹46,501 crore as on June 30, 2020, as against ₹40,228 crores a year ago.
  • 2020-07-22 : Muthoot Finance expects gold loan portfolio to grow 15-20% in 2020-21
    Muthoot Finance expects its gold loan business to grow 15-20% during the current financial year, The bank hopes the gold portfolio to remain largely unaffected by the coronavirus pandemic.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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