Quick Link
Muthoot Blog Banner
BLOG

Stay

Updated at

All Times

Learn How Gold Loan Works at Muthoot Finance

Gold has progressed from being a precious metal used to make exquisite jewellery to an incredibly popular financial instrument in India that’s highly liquidable. If you want cash quickly for business purposes, unexpected costs, or a medical emergency, you can opt for a Gold Loan to meet such needs. It’s about putting your asset to work.

So, how exactly does a Gold Loan work?

A gold loan, also referred to as a loan against gold, is a secured loan that an individual can avail from Muthoot Finance at competitive interest rates, in exchange for gold decorations such as gold jewellery. It is the most convenient approach to meet your financial needs and a viable alternative to obtaining loans through traditional banking channels.

Gold Loan Interest Rates and Features

Interest Rate

12.00% p.a. onwards

Minimum Loan Amount

Rs. 1500

Maximum Loan Amount

No Limit

Loan Tenure

7 days to 36 months

Collateral/Security

Any gold item weighing up to 50 g with a purity ranging from 18K to 22K

Processing Fee

0.25% to 1% of the loan amount

 

Interest Rates on Muthoot Finance Gold Loans

  • Interest is compounded on a monthly basis.

  • Only if the loan's interest is paid up to date is a rebate available.

  • Except for IPL, MOS, ZIL, and MES, all of our Gold Loan Schemes have a 360-day loan term. The term for MOS and IPL is 12 months. The duration of MES and ZIL (EMI scheme) varies from 6 to 36 months

  • Some of the schemes are only available in specific parts of India.

Explore our Gold Loan Schemes

  • IPL: Interest Prepaid Loan

  • MOS: Muthoot Overdraft Scheme

  • ZIL: Zero Interest Loan

  • MES: Muthoot EMI Scheme

  • MOPL: Muthoot One Percent Loan

  • MPL: Muthoot Premier Loan

  • MUL: Muthoot Ultimate Loan

  • MDL: Muthoot Delight Loan

  • MML: Muthoot Mahila Loan

  • MAL: Muthoot Advantage Loan

  • MSL: Muthoot Super Loan

  • MHP: Muthoot High Value Loan Plus

  • MHL: Muthoot High Value Loan

  • SSS: Super Saver Scheme

  • MBBL: Muthoot Big Business Loan

 

Check the Eligibility Criteria

  • The minimum age requirement is 18 years old.

  • The applicant should be an Indian national

  • Occupation Residents of India include salaried, self-employed, businessmen, students, pensioners, housewives, and others.

  • Pure gold that qualifies in Gold karats ranges from 18 to 22 karats.

Documentation Required

  • Only the most basic KYC papers, such as proof of address and identification, are required

  • For approving a gold loan, the bank does not ask you to present evidence of income or verify your CIBIL score.

  • Identity Verification

  • PAN Card, Aadhaar Card, Voter's ID Card, Passport, Driver's License, or any other government-issued picture ID is acceptable.

  • Aadhaar Card, Passport, Utility Bills (not older than 3 months) or any other government-approved proof of address

Gold loan Procedure at Muthoot Finance

In order to avail a Gold Loan and obtain cash against your gold jewellery from Muthoot Finance Ltd., you can opt for any of the following means:

  • Visit any Muthoot Finance location near you.

  • Call our toll free number 1800 313 1212.

  • You may even avail Gold Loan@Home Facility and have Muthoot Finance professionals come to your home to assist you in applying for a gold loan.

EMI Calculator for Gold Loan

Muthoot Finance's Gold Loan Calculator, you can determine your eligibility for a gold loan. All you have to do is provide your name, email address, phone number, gold type, required amount, and a few other data points on the website. 

Gold Loan Characteristics

In certain situations, we must borrow money on a short-term basis in order to satisfy essential needs. In such circumstances, a gold loan can be considered. If you have enough gold assets, you can take a gold loan by using your gold articles as security.

The main advantages of taking a gold loan are:

  • In comparison to other loans, a gold loan is a simple and quick approach to tend to one's financial needs.

  • A gold loan does not require a strong credit history because it is a secured loan.

  • The time it takes for a loan to be disbursed is very short.

  • The paperwork is simple and straightforward. This is due to the fact that gold is deposited as security with Muthoot Finance.

Why Choose Muthoot Finance For A Gold Loan?

According to the Brand Trusted Report for 2016 and 2017, Muthoot Finance is India's No. 1 Most Trusted Financial Services Brand. It is commonly regarded as the top gold loan provider in India. Expect the highest level of convenience and transparency when you take out a gold loan from us.

Besides offering the best gold loans at the most competitive interest rates, it also offers a variety of gold loan programmes schemes from which you can choose based on your needs. Each plan has its own benefits and caters to different customer preferences.

Above all, Muthoot Finance understands the emotional attachment that customers have to their jewellery. As a result, at each of our branches, we have installed specialised safe rooms as well as CCTV cameras for round-the-clock surveillance. We input the gold committed with Muthoot Finance Ltd. into our systems, and each submission is sealed in tamper-proof packaging. All of our clients' gold ornaments and jewellery are safe and secure with us.

CATEGORIES

OUR SERVICES

RECENT POSTS

Subscribe to our newsletter

help us serve you better

Close Icon