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Muthoot Fincorp Ltd. Personal Loan

Online Muthoot Personal Loans

Last Updated 29th Sep 2021

  • Muthoot Personal Loan interest rate starts from 14.00%. Check Best Offers
  • The processing fee charged on Muthoot Fincorp Ltd. personal loan is 2.5-3.5%.
  • Muthoot Fincorp Ltd. also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Muthoot Fincorp Ltd. personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Muthoot Fincorp Ltd. has special schemes for different income and occupation groups.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Muthoot Fincorp Ltd. Personal Loan Details

  • Interest Rate on Muthoot Fincorp Ltd. personal loan ranges from 14.00% to 24.00%.
  • Lowest EMI per lakh works out to be ₹ 2,327 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Muthoot Fincorp Ltd. are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 26 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 15 Lakh
  • Muthoot Fincorp Ltd. Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Muthoot Fincorp Ltd. on personal loan is 2.5-3.5%
  • Muthoot allows personal loan foreclosure and part prepayment at Not allowed.

How to Get the Best Offer on Muthoot Fincorp Ltd. Personal Loan?

There are various factors that impact your chances to get the best offers on Muthoot Fincorp Ltd. Personal Loan, as listed follows:

  • Loan Amount - Muthoot offers loans between ₹ 50,000 and ₹ 15 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Muthoot offers personal loan to all customers with a net take home monthly salary of more than ₹ 10,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Muthoot has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Muthoot Fincorp Ltd. personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Muthoot offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 14.00%
  • Credit Score - Muthoot checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Muthoot Fincorp Ltd. Personal Loan Documents

You require the following documents to avail personal loan from Muthoot Fincorp Ltd.

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Muthoot Fincorp Ltd. Personal Loan?

The step-by-step procedure to get a personal loan online from Muthoot is mentioned below:

  • Visit the official website of Muthoot Fincorp Ltd. Or contact your nearest Muthoot branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Muthoot will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Muthoot, and on successful approval of the loan, the funds will be disbursed to your Muthoot account immediately.

You can also apply for Muthoot personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Muthoot branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Muthoot representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Muthoot Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Muthoot Fincorp Ltd.
Maximum Annual Percentage Rate (APR) 14.7% to 24.7%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Muthoot Personal Loan Interest Rate: 14.00% to 24.00%
  • Processing Fee payable to: Upto ₹ 3,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,327 for 60 Months ₹ 1,00,000 loan at 14.00% (lowest rate, longest time period) to ₹ 9,456 for 12 Months ₹ 1,00,000 loan at 24.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 14.7% to 24.7%
  • Total cost payable over loan tenure: ₹ 1,11,245 for 12 Months loan to ₹ 1,43,110 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Muthoot take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Muthoot ?

Below-mentioned is the reason why you must avail a personal loan from Muthoot.(1) Online approval & disbursal during Covid (2) Proprietors, partnerships firm employees eligible (3) Flexible repayment options (4) Faster loan processing

How much interest is charged by Muthoot on personal loan?

Personal loan interest rates in Muthoot are 14.00% to 24.00%. Muthoot personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from Muthoot ?

If you apply for loan from Muthoot, your lowest Personal Loan EMI per lakh will be ₹ 2,327 which corresponds to lowest interest rate of 14.00% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in Muthoot?

Muthoot personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from Muthoot?

Muthoot offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 15 Lakh

Can I add my spouse's income while applying for personal loan from Muthoot?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Muthoot Fincorp Ltd. . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Muthoot personal loan?

You can get a personal loan from Muthoot by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Muthoot Fincorp Ltd.’s application process.

How can I check my Muthoot personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Muthoot, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Muthoot's website. In case you are unable to track your application online, you can get Muthoot loan assistance at Muthoot loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Muthoot personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Muthoot. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Muthoot?

No, Muthoot does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Muthoot personal loan after 1 year?

You can close your personal loan from Muthoot after 0 months by paying charges: Nil prepayment charges

Can I negotiate with Muthoot on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Muthoot personal loan EMI?

You can pay your Muthoot personal loan EMI by using ECS facility or through Standing Instruction.Muthoot also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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Muthoot Fincorp Ltd. Personal Loan News - Nov 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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