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Muthoot Fincorp Ltd. Personal Loan Calculator

Muthoot Personal Loan EMI Calculator, Jul 2021

Last Updated 14th Jul 2021

  • Personal loan EMI in Muthoot depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Muthoot Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,327 per lakh on Muthoot Fincorp Ltd. Bank personal loan as calculated using the lowest interest rate of 14.00% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on Muthoot Fincorp Ltd. Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,979₹ 3,418₹ 2,327
₹ 5 Lakh₹ 44,894₹ 17,089₹ 11,634
₹ 10 Lakh₹ 89,787₹ 34,178₹ 23,268

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Personal Loan EMI Calculator Muthoot Fincorp Ltd.

Muthoot Personal Loan EMI is a fixed amount of money paid by you to Muthoot based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Muthoot personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Muthoot Fincorp Ltd.. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Muthoot Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Muthoot personal loan which can range between 14.00% to 24.00%.
  • Compare Muthoot personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Muthoot with that of leading banks in India using the same loan amount of upto ₹ 15 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on Muthoot personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Muthoot Fincorp Ltd. over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Muthoot Fincorp Ltd. or balance transfer to another bank.

Muthoot Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Muthoot Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Muthoot Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 14.00%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Muthoot personal loan plan for you.Personal Loan EMI is calculated for Muthoot Fincorp Ltd. for different loan amounts and tenures at the rate of 14.00%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,801 ₹ 3,418 ₹ 2,327
3 Lakh ₹ 14,404 ₹ 10,253 ₹ 6,980
5 Lakh ₹ 24,006 ₹ 17,089 ₹ 11,634
10 Lakh ₹ 48,013 ₹ 34,178 ₹ 23,268

Factors Affecting Muthoot Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Muthoot gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 15 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Muthoot personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Muthoot is 14.00%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in Muthoot. So, your EMI will be lower if you take a 60months loan from Muthoot as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Muthoot Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Muthoot14.00% ₹ 8,979 ₹ 44,894 ₹ 89,787
RBL Bank 14.00% ₹ 8,979 ₹ 44,894 ₹ 89,787
IIFL 24.00% ₹ 9,456 ₹ 47,280 ₹ 94,560
HDB Financial 30.00% ₹ 9,749 ₹ 48,744 ₹ 97,487

Muthoot Personal Loan Amortization Calculator

Muthoot Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Muthoot gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 5 years from Muthoot at an interest rate of 14.00%. EMI calculated for this loan amount is ₹ 6,980 and the total annual EMIs to be paid annually is ₹ 83,766. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 20,381 ₹ 21,501 ₹ 41,883 ₹ 2,78,499
2022 ₹ 36,002 ₹ 47,764 ₹ 83,766 ₹ 2,30,735
2023 ₹ 28,869 ₹ 54,897 ₹ 83,766 ₹ 1,75,838
2024 ₹ 20,670 ₹ 63,095 ₹ 83,766 ₹ 1,12,743
2025 ₹ 11,248 ₹ 72,518 ₹ 83,766 ₹ 40,224
2026 ₹ 1,658 ₹ 40,224 ₹ 41,883 ₹ 0

In the above illustration, on a Muthoot Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 14.00, EMI paid is ₹ 6,980 and an annual total of EMIs is ₹ 83,766, the interest component is ₹ 39,213 while the principal component is ₹ 44,553 in year 1 of loan disbursement. You repay only 14.85% of the total principal after paying 12 EMIs during the first year.

Muthoot Personal Loan Interest Calculator Formula

Muthoot calculates personal loan EMI based on the following formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Muthoot Personal Loan EMI is calculated:

In the above formula,

P = Loan amount.Muthoot personal loan amount can range from ₹ 50,000 to ₹ 15 Lakh.

r = Rate of interest per month. The current Muthoot Personal Loan rate is 14.00%.
n = Tenure in month. This can range up to 60months in case of Muthoot.

How to use Muthoot Personal Loan EMI Calculator

  • Muthoot personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Muthoot EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

Muthoot Personal Loan EMI for ₹ 1 Lakh

The following table shows Muthoot Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 14.00%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,00014.00% 1₹ 8,979
₹ 1,00,00014.00% 2₹ 4,801
₹ 1,00,00014.00% 3₹ 3,418
₹ 1,00,00014.00% 4₹ 2,733
₹ 1,00,00014.00% 5₹ 2,327

Muthoot Personal Loan EMI for ₹ 3 Lakh

The following table shows Muthoot Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 14.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,00014.00% 1₹ 26,936
₹ 3,00,00014.00% 2₹ 14,404
₹ 3,00,00014.00% 3₹ 10,253
₹ 3,00,00014.00% 4₹ 8,198
₹ 3,00,00014.00% 5₹ 6,980

Muthoot Personal Loan EMI for ₹ 5 Lakh

The following table shows Muthoot Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 14.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,00014.00% 1₹ 44,894
₹ 5,00,00014.00% 2₹ 24,006
₹ 5,00,00014.00% 3₹ 17,089
₹ 5,00,00014.00% 4₹ 13,663
₹ 5,00,00014.00% 5₹ 11,634

Muthoot Personal Loan EMI for ₹ 10 Lakh

The following table shows Muthoot Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 14.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,00014.00% 1₹ 89,787
₹ 10,00,00014.00% 2₹ 48,013
₹ 10,00,00014.00% 3₹ 34,178
₹ 10,00,00014.00% 4₹ 27,326
₹ 10,00,00014.00% 5₹ 23,268

How to Pay Muthoot Personal Loan EMI?

There are various online & offline methods to pay your Muthoot Personal Loan EMI. To repay your Muthoot EMI online, you can log in to your net banking account or else you can also use the mobile banking of Muthoot. Muthoot also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Muthoot branch.

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FAQs

Why should I calculate Muthoot Fincorp Ltd. loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Muthoot personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

What is the lowest EMI per lakh offered by Muthoot on a personal loan?

Muthoot offers a personal loan at a 14.00% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,327. However, Muthoot may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre-close Muthoot personal loan?

You can pre-close your Muthoot personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on Muthoot ?

Muthoot offers you an option of prepayment after 0 months at Nil prepayment charges.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from Muthoot?

Yes, Muthoot charges a certain amount of processing fee to process your loan application. Currently, Muthoot charges a processing fee of 2.5-3.5% on a Personal Loan.

Will I get a personal loan from Muthoot if I have a bad credit score?

No, for taking a loan from Muthoot, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Muthoot personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Muthoot Bank?

At the current rate of 14.00%, EMI on Muthoot personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 1,65,204, ₹ 1,77,053 and ₹ 2,15,170 respectively.

Can I have a co-applicant while applying for a Personal loan with Muthoot ?

Yes, you can opt for a co-applicant to take a personal loan from Muthoot that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Muthoot personal loan?

If you have funds, then you can pay more than the regular EMI on your Muthoot Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Muthoot loan EMI?

You can pay the Muthoot personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

Compare Personal Loan EMI of All Banks

Muthoot Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-102-1616
Ahmedabad 1800-102-1616
Ambala 1800-102-1616
Anand 1800-102-1616
Aurangabad Bihar 1800-102-1616
Bangalore 1800-102-1616
Bhilai 1800-102-1616
Bhilwara 1800-102-1616
Bhiwadi 1800-102-1616
Bhopal 1800-102-1616
Bhubaneswar Cuttack 1800-102-1616
Bikaner 1800-102-1616
Chandigarh 1800-102-1616
Chennai 1800-102-1616
Cochin 1800-102-1616
Coimbatore 1800-102-1616
Dehradun 1800-102-1616
Delhi 1800-102-1616
Durg 1800-102-1616
Faridabad 1800-102-1616
Gandhinagar 1800-102-1616
Ghaziabad 1800-102-1616
Goa 1800-102-1616
Gurgaon 1800-102-1616
Hyderabad 1800-102-1616
Indore 1800-102-1616
Jabalpur 1800-102-1616
Jaipur 1800-102-1616
Jalandhar 1800-102-1616
Jodhpur 1800-102-1616
Kanpur 1800-102-1616
Karnal 1800-102-1616
Kolhapur 1800-102-1616
Kolkata 1800-102-1616
Kota 1800-102-1616
Kozhikode 1800-102-1616
Lucknow 1800-102-1616
Ludhiana 1800-102-1616
Madurai 1800-102-1616
Meerut 1800-102-1616
Mehsana 1800-102-1616
Mohali Sas Nagar 1800-102-1616
Mumbai 1800-102-1616
Mussoorie 1800-102-1616
Nagpur 1800-102-1616
Nashik 1800-102-1616
Noida 1800-102-1616
Panipat 1800-102-1616
Pondicherry 1800-102-1616
Pune 1800-102-1616
Raipur 1800-102-1616
Rajkot 1800-102-1616
Rohtak 1800-102-1616
Roorkee 1800-102-1616
Salem 1800-102-1616
Shimla 1800-102-1616
Sonipat 1800-102-1616
Surat 1800-102-1616
Trichy 1800-102-1616
Udaipur 1800-102-1616
Vadodara 1800-102-1616
Varanasi 1800-102-1616
Vijaywada 1800-102-1616
Vizag 1800-102-1616

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Muthoot Fincorp Ltd. Personal Loan News - Jul 2021
  • 2021-03-24 : CRISIL upgrades rating of Muthoot FinCorp
    CRISIL upgraded its rating of Muthoot FinCorp from ‘A’ (Stable) to ‘A+ (Stable)’. The rating upgrade by CRISIL will help the NBFC in strengthening the confidence of the lenders and retail investors.
  • 2021-01-25 : Muthoot Finance Shopping Dhamaka benefited retailers
    Shopping Dhamaka, launched by Muthoot Finance, benefited more than 25,000 retailers in Kerala. Muthoot Finance has been organising this campaign to help small retailers impacted due to COVID 19. Shopping Dhamaka includes tailor made loan schemes, advisory services, and demand generation programmes such as digital market training.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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