*Terms & Conditions apply. Applicable on loans less than Rs. 1 lakh only. Cash Component at the sole discretion of Muthoot Finance. Cash is subject to availability.
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We have installed POS machines in our Branches to enable customers to make payment of interest using their ATM / Debit Cards..
Government of India had waived charges for usage of debit cards up to 31/12/2016. However, Banks might start charging from January 2017 onwards. As an incentive for promoting the usage of POS machines, we have decided not to pass on the charges (in respect of payment of interest) to the customers for the time being. The position will be reviewed thereafter.
Credit Cards/Foreign cards cannot be used for payment of loans/interest as this will be in violation of the regulatory guidelines specifying that credit cards can be used only for purchase of good and services. Violation of this instruction will invite disciplinary action apart from recovery of the charges levied by the Bank.
Though we have not fixed any such limit, the limits set by card issuing Banks/Government will apply and any swiping above such limits will result in failure of the transaction.
All the cards are protected with a PIN number to prevent misuse. PIN numbers are not to be shared with any third party due to the possibility of frauds. The customers’ presence in the Branch is therefore required for entering the PIN number after swiping the card. The question of allowing a third party to swipe the card for making payment does not therefore arise.
Automation of the process is still not completed. As the entries are posted manually in CBS quoting the transaction number, it may be better not to attempt multiple transactions in one swipe.
In case of failed transactions, customers’ bank accounts are not debited. However, if it happens, reversal will immediately happen. In rare cases where such refunds are not received by the customer within 48 hours, the matter should be taken up by the customer with his Bank.
Since the receipts are printed on thermal paper, the printing will fade after a few months. Once the transaction number is input and the entry is recorded, we do not need the receipt to be preserved as record.
Card can be used for making payment towards a loan account maintained with another Branch. The instructions / procedures stipulated for accepting remittances on behalf of other Branches should be followed by the Branch accepting such payments.
The receipt will be generated by the POS machine only if the transaction is successful. For all successful transactions, the amount taken out of the customer’s account through the Debit Card will be credited to our pool account with the sponsoring Bank within T + 1 day. Branches can release the gold ornaments against POS successful transactions.
We are the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). We provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time-frame, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
Branches spread over 21 states and 4 Union Territories
Customers in our portfolio