gold-loan

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Gold Loan

Muthoot Finance’s Gold Loan portfolio is the largest in India as well as around the globe. It is humbling to know that more than 2, 53,000 people avail our trusted services on a daily basis.

For the past 130 years, the company has been serving the interests of customers as its top most priority. Our journey through centuries coupled with the fact that we are still a rapidly growing company, highlights the trust and commitment that our customers worldwide have shown in us.

With Muthoot Finance Ltd. Gold Loan services, it takes no more than a few minutes for your gold to generate cash. The simple procedure that we follow allows:

  • Quick loan disbursal
  • Minimum loan amount of Rs 1500 with no maximum limit
  • Pre-payment option-without any penalty
  • Minimal documentation
  • In-house gold evaluation
  • Best customer service with a shorter response time
  • Safe custody for gold ornaments

SALES ENQUIRY

GOLD LOAN schemes

Scheme rate of interest
Slab Period/s Kerala Other South
Indian Branches
All other
Branches
Muthoot Bestvalue Loan (MBL) Upto 1 month 14% p.a. 14% p.a. 14% p.a.
>1 Upto 3 months 18% p.a. 18% p.a. 18% p.a.
>3 Upto 6 months 21% p.a. 21% p.a. 21% p.a.
>6 Upto 12 months 24% p.a. 24% p.a. 24% p.a.
Muthoot Mahila Loan (MML)* Upto 1 month 12% p.a. 12% p.a. N.A.
>1 upto 3 months 15% p.a. 15% p.a. N.A.
>3 upto 6 months 20% p.a. 20% p.a. N.A.
>6 upto 12 months 24% p.a. 24% p.a. N.A.
Muthoot Super Loan (MSL) Upto 12 months 22% p.a. 23% p.a. 23.5% p.a.
Muthoot Premier Loan (MPL) Upto 12 months 21% p.a. 22% p.a. 22.5% p.a.
Muthoot Advantage Loan (MAL) Upto 3 months 18% p.a. 18% p.a. 18% p.a.
>3 Upto 6 months 21% p.a. 21% p.a. 22% p.a.
>6 Upto 12 months 22% p.a. 22% p.a. 22% p.a.
Muthoot Highvalue Loan (MHL) Upto 3 months 18% p.a. 18% p.a. 18% p.a.
>3 Upto 6 months 20% p.a. 20% p.a. 20% p.a.
>6 Upto 9 months 21% p.a. 21% p.a. 21% p.a.
>9 Upto 12 months 22% p.a. 22% p.a. 22% p.a.
Above 12 months(Penal Interest -2% addnl)
Muthoot Overdraft scheme (MOS) 12 months 19% p.a. 19% p.a. 19% p.a.
Muthoot EMI Scheme (MES) >6/12 instalments 21% p.a. 21% p.a. 21% p.a.
MGL Upto 6 months
Rebate 2% for monthly payment
Above 6 months(Penal Interest-2%)
23% p.a. 24% p.a. 24% p.a.
Interest Prepaid Loan ( IPL) 3 Months 16% p.a.(After 3 months ,22% p.a.) 16% p.a.(After 3 months ,22% p.a.) N.A
6 Months 14% p.a.(After 6 months ,22% p.a.) 14% p.a.(After 6 months ,22% p.a.) N.A
12 Months 12% p.a.(After 12 months ,22% p.a.) 12% p.a.(After 12 months ,22% p.a.) N.A
Interest is charged on monthly compounding basis.Documentation charge of Rs.1500/- is chargeable for limits sanctioned under MOS scheme.Late payment charges are applicable for loans under MIS Scheme@24% p.a. for delay in payment of EMIs.
Processing charges are applicable for loans under MHL scheme as below:
Kerala & Other South Indian Branches 0.50% of the loan amount irrespective of the loan amount
All other branches 1% of the loan amount for loans below Rs.10 lakhs
0.5% of the loan amount for loans of Rs.10 lakhs & above and upto Rs.25 lakhs
0.25% of the loan amount for loans of Rs.25 lakhs and above
Rebate of interest is available for prompt payment of interest in MSL, MPL & MAL schemes as mentioned below
Scheme Kerala & Other South Indian Branches All other branches
MSL Rebate 2%/1month Rebate 2% /1 month
MPL Rebate 2%/1month Rebate 2% /1 month
MAL Rebate 4%/3month N.A.
Rebate 1% /6 months
Penal interest @2% p.a. is chargeable in addition to the interest as above on loans outstanding for more than 12 months.
* Available in selected branches





Service Charges relating to Gold Loans
Sl No Category Service charge
1 Service charge for gold loans under normal schemes (except loans under MHL and MLS schemes) Applicable only in South India Branches) Rs.10/- for loans upto Rs.10,000/- and Rs.20/- for loans above Rs.10,000/- every time a loan is sanctioned/renewed and a pledge form is printed.
2 Processing charges for loans under MHL (Muthoot High value Loan) scheme.

South Branches - 0.5% of the loan amount

North Branches - Loan amount below Rs.5 lakhs-1% of the loan amount, Loans of Rs.5 lakhs and above and less than Rs.10 lakhs-1% of the loan amount, Loans of Rs.10 lakhs and above and less than Rs.25 lakhs-0.5% of the loan amount, Loans of Rs.25 lakhs and above-0.25% of the loan amount

3 Documentation charges for limits sanctioned under MOS (Muthoot Overdraft scheme) Rs.1500/- per account (For renewals within 12 months Rs.750/- per account)
4 Processing charges for loans under MSS (Muthoot Samsung Scheme) Rs.50/- per loan account
5 Processing charges for loans under ZIL (Zero Interest Loan) scheme Rs.50/- per loan account
6 Charges for lost tokens (Applicable for loans under all schemes) Rs.25/- (in addition to the cost of stamp paper applicable)
7

Notice charges

(Applicable for loans under all schemes)

South Branches:- Ordinary Notice - Rs.10/-

Registered Notice - Rs.40/-

Auction Notice - Rs.70/-

North branches:-

Ordinary Notice(3 times) - Rs.10/- *3=Rs.30/-

Registered Notice - Rs.40/-

Auction Notice - Rs.100/-

(whenever a loan is marked for auction, the charges will be recovered)

8

Administrative charges

(applicable only in North branches)

0.15% of loan amount(Minimum Rs.40/-,maximum Rs.600/-) for all schemes in North branches
9 Stamp duty levied by State Governments Actuals wherever applicable
10 SMS Charges Rs.2/- per account at the time of closure / renewal

Gold Loan Schemes

Scheme Slab Periods Rate of Interest

*Please understand the amount of interest is only suggestive. it depends upon the purity and quality of gold

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FAQs

  • What is a Gold Loan?

    A gold loan is a loan which is secured against gold ornaments. A borrower pledges their gold ornaments with the lender in exchange for funds. Therefore, it is a loan which is granted against a certain physical security of gold. Gold loans have successfully enabled thousands of people to mobilize their personal assets, which would've otherwise simply been kept away in a locker.

  • What are the benefits of talking a Gold Loan from Muthoot Finance Ltd.?

    Customer oriented Services
    Quick Loan disbursal
    Avail minimum loan amount of Rs. 1500 and no maximum limit
    Pre-payment option-without any penalty
    Minimal documentation
    In-house gold evaluation
    Prompt customer service with in a shorter response time
    Strong rooms for safe custody of gold ornaments

  • Who is eligible to avail a Gold Loan?

    Any major Indian citizen can borrow. All they need to provide are the gold ornaments and the required documents.

  • What type of security do I need to provide? Do I need a guarantor?

    The only security which is required from the customer’s end in order to avail a gold loan from Muthoot Finance Ltd. is the very gold they will pledge. There is no need for an external/third party guarantor for the same. The loan will be sanctioned against the gold pledged.

  • What is the minimum/maximum tenure of the gold loan?

    The minimum tenure for our gold loan is 7 days and the maximum tenure is 12 months ( Normal Schemes) and 36 months ( EMI based Scheme)., Each loan has a different tenure (please refer to table below).

  • What type of gold can I pledge to avail the gold loan?

    You can pledge any type of gold jewellery/gold ornaments with us. This includes items such as necklaces, rings, bracelets, watches, 'Polki' sets, pendants, 'Kardahs', etc.

  • How can I repay my loan? What different options are available for the repayment?

    You must repay the loan at any of our branches by cash or cheque. (credit/debit cards and demand drafts are not accepted).

  • Where do I repay my loan? Can partial repayment be made towards the gold loan?

    The loan can be repaid at any Muthoot Finance Branch, irrespective of the location. Muthoot Finance’s CBS system is implemented in all branches and allows the customers to repay their loans from any branch. However, the final collection of the pledged gold will have to be from the initial branch where it was pledged.

    Yes, you can make partial payment along with interest at any branch of Muthoot Finance/ Online on our website. For e.g., if one has a gold loan of a lakh rupees for a period of 3 months,. he/she may come on the 20th day from the start of the loan and pay 20 days interest and an additional Rs.10000.00 (part payment)., Then, this additional amount will be fully adjusted from the principal amount, and from the 21st day the interest will be charged on Rs.90000.00

  • How and when can I get back the pledged gold jewellery/ornaments?

    The gold which you pledge with us will be given back to you after the loan and the complete amount has been repaid. Failure to repay the loan will result in Muthoot Finance Ltd. reluctantly auctioning off the same. The borrower will be given periodical reminders for payment of overdue interest and after the tenure of loan, a final Notice before the auction. As mentioned earlier, the pledged gold has to be collected from the branch where it was initially pledged and stored.

  • What is the minimum limit on your gold loan?

    The minimum amount of our gold loan range is Rs.1500

  • Is my Gold jewellery/ornaments safe with Muthoot Finance Ltd.?

    Yes it is. We understand the sentiment attached to your ornaments and therefore we have installed specialized safe rooms and CCTV cameras for round the clock surveillance in all of our 4200 plus branches. The gold items pledged with Muthoot Finance Ltd. are entered into our systems and all submissions are locked away in tamper proof packaging.

  • What is the maximum limit on the gold loan?

    There is no maximum limit.

  • How can I apply for a Gold Loan with Muthoot Finance Ltd.

    In order to receive funds against your gold ornaments with Muthoot Finance Ltd., you will have to walk into any of our branches and inform the customer care executive of the same. The executive will then help you fill out a KYC form and guide you through the rest of the process.

  • How much can I expect for my gold?

    This depends on the rate of gold on that date and the purity of gold in the ornaments. This answer can be best answered by your Nearest Muthoot Finance Branch..

  • I need some more information, how can I contact Muthoot Finance Ltd.?

    You can reach us at 011 3051 3051, or click here for contact us page.You can also voice your concerns on our Facebook page and Twitter handle.

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why us

We are India’s No.1 - Most Trusted Financial Services Brand, according to the Brand Trust Report, 2017 & 2016 consecutively. We are also 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.

  • 25000

    Employees

  • 4300+

    Branches spread over 21 states and 4 Union Territories

  • 6 million

    Customers in our portfolio

  • 130 year

    Existence