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Muthoot Fincorp Ltd. Personal Loan Interest Rate

Current Muthoot Personal Loan Interest Rates, May 2022

Last Updated 14th Feb 2022

Interest Rate 14.00% - 24.00% Check Best Offers
Tenure Upto 60 months
Processing Fee 2.5-3.5%
Loan Amount ₹ 50,000 to ₹ 15 Lakh
Minimum Income ₹ 10,000
Eligible Age 26 to 58 years
Part Prepayment Charges Not allowed
Foreclosure Charges Not allowed
  • You can avail the lowest rates on Muthoot Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

Muthoot Personal Loan Rate of Interest and Charges

  • Muthoot offers Personal Loans to salaried individuals at a low rate in comparison to self-employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Muthoot personal loan rates and charges.
Muthoot Personal Loan Rates and Charges
Interest Rate 14.00% to 24.00%
Part Prepayment Charges Not allowed
Foreclosure Charges Not allowed
Processing Fees 2.5-3.5%

Interest rates on Muthoot Personal Loans Schemes

Muthoot Personal Loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Muthoot Personal Loan remains unchanged at 14.00% as of 22 Mar, 2021. Muthoot also runs special schemes with lower rates for defense, armed forces and government employees. Personal loan interest rate for government employees and defence personnel is different from private salaried employees.

Muthoot Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 14.00% 2.5-3.5% NIL
Self-Employed Professional Starting from 0.00% NIL NIL

Muthoot Personal Loan Rate Comparison with Other Banks

Here is a comparison of Muthoot Personal Loan with top lenders based on the interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Muthoot HDFC Bank SBI
Rate of Interest Starting from 14.00% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 26 years 21 years 21 years
Processing Fee 2.5-3.5% Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 15 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Not allowed Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Not allowed Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Muthoot Personal Loan Balance Transfer Interest Rates

Muthoot personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Muthoot at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently, Muthoot offers the lowest personal loan balance transfer rate of 14.00%.

How to Get Low Interest Rates on Muthoot Personal Loan?

You can get the lowest Muthoot personal loan rate by ensuring the below-mentioned things:

  • Ensure that you are aware of the Muthoot personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a personal loan interest rates Muthoot.
  • Always check if you are eligible for a pre-approved offer from Muthoot to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further, keep track of the loan rates trends, as Muthoot may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Muthoot offers lower rates to employees working in top firms drawing high salaries.


What is the Interest Rate on Personal Loan in Muthoot?

Today, the lowest interest rate on Muthoot Personal Loan is 14.00% and ranges up to 24.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Muthoot personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Muthoot personal loan?

You can reduce the interest to be paid on Muthoot personal loan by any of following ways: (i) Maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) Applying at peak time when Muthoot provides discounted personal loan offers.

Is Muthoot personal loan a floating rate loan or a fixed-rate loan?

Muthoot is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Muthoot's personal loan rate drop in 2022?

Presently, Muthoot offers personal loans at an interest rate starting at 14.00%. There has been no change in personal loan rates of Muthoot since 22 Mar, 2021.

How do I check my eligibility to get a personal loan at a low rate from Muthoot?

The lowest rate on Muthoot is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at the official website of Muthoot. Apart from that, you can also use MyLoanCare Personal Loan Eligibility Calculator to calculate online eligibility without any hassles.

Can I ask for a reduction in the Muthoot personal loan interest rate?

You can ask for a reduction in your Muthoot personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Muthoot?

No, there is no need for any collateral or security while availing of a personal loan from Muthoot. Muthoot personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Muthoot early?

If you want to prepay your entire personal loan from Muthoot, then you can make a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Muthoot personal loan scheme availed by you, before making any decision.

How does Muthoot calculate the interest on a personal loan?

The interest for Muthoot personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Muthoot personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Muthoot personal loan interest calculation.

Reducing rate method:  As per the Muthoot personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Muthoot Fincorp Ltd. Personal Loan News - May 2022
  • 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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