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Gold Loan Process
Gold Loan: An Overview
One of the quickest and easiest ways of getting funds for personal requirements, business, and so on – a gold loan is a secured loan that a borrower can avail by pledging gold ornaments as security. The gold loan process is very simple and the loan amount that is sanctioned depends on the purity of the gold. A gold loan, like any other type of loan, can be repaid in monthly instalments for a tenure chosen by you, backed by an interest rate that is charged on the loan. Once the repayment of the loan amount is completed, your gold ornaments or articles are given back to you.
In addition to the purity of the gold in your gold jewellery, other factors like the rate of the gold on the particular date, type of gold, etc. are some of the details for availing a gold loan. These details also impact the loan amount that you will be sanctioned against the gold articles. One of the best benefits of availing a gold loan is that there are no restrictions on the loan’s end-use. You can apply for a gold loan for your kid’s education, for a new business, or for any other purpose that you need financial aid for. A gold loan is an effective, easy, and hassle-free way to meet a sudden financial requirement.
How Does a Gold Loan Work?
For availing a gold loan, the gold you wish to pledge as collateral will be valuated based on its purity and weight. The loan-to-value ratio for gold loans in 75%, which means that you will be able to avail a loan amount of up to 75% of the value of the gold you pledge. If you wish to borrow more, you can simply pledge more gold. During the loan tenure, borrowers can make monthly interest payments or they can repay the loan amount and the applicable interest at the end of the loan tenure.
How to Get a Gold Loan from Muthoot Finance
The convenience of digitisation has benefited everyone in several ways. Today, you can easily apply for a gold loan online without any hassles. To avail a gold loan from Muthoot Finance, here is the gold loan procedure that you need to follow –
Step 1:
Visit Muthoot Finance’s website or download the iMuthoot application on your mobile phone.
Step 2:
You will find a gold loan calculator, using which you can calculate the loan amount against the weight of the gold article in grams. All you have to do is fill in your name, state, email id, gold type, and other mandatory details, required for the gold loan process. Click on the calculate button and the loan amount that you will get against your gold will be shown.
Step 3:
At Muthoot Finance, you will find a variety of schemes available for gold loan that we offer to our customers. You can choose the best one according to your preferences.
Step 4:
Once you choose the best-suited gold loan scheme for your requirement, you can calculate the eligibility of Gold Loan using Gold Loan Calculator.
Step 5:
If the Gold Loan amount and the scheme matches all your requirements, you can fill the form and submit it. One of our expert executives will get in touch with you in no time to discuss the gold loan formalities.
Documents Required for Availing Gold Loan from Muthoot Finance
While at Muthoot Finance, we work on ensuring hassle-free documentation for our customers; there are some documents that are mandatory for the gold loan procedure in India. Following are the documents that you need to keep handy: –
- PAN Card, AADHAR Card, Driving License, Passport, and so on that can be proof for photo identity information to avail gold loan.
- Address identity proofs like sales deed, rent agreement, utility bills, voter ID card, driving license, and so on.
- Passport size photographs.
In addition to the documents, meeting the eligibility criteria for availing the gold loan is mandatory. To know more about the gold loan auction procedure and other such information, you can get in touch with us easily.
At Muthoot Finance, we offer gold loans at the lowest interest rates along with excellent benefits. Apply for a gold loan online today with us!
GOLD LOAN SCHEMES
MUTHOOT
ONE PERCENT LOAN
- Small loans at low interest rates.
- Loan Amount: ₹1,500 to ₹50,000
- Online Gold Loan (OGL) facility available
- Loan Amount: ₹1,500 to ₹50,000
- Tenure: 12 months
- Free insurance for pledged gold ornaments
- Scheme with the lowest rate of interest (12% p.a.) if 100% interest is paid monthly
MUTHOOT
ULTIMATE LOAN (MUL)
- Maximum loan value and discounts on timely interest payments.
- Loan Amount: Starting at ₹1,500
- Online Gold Loan (OGL) facility available
- Loan starting from ₹1,500 and no maximum limit
- Tenure: 12 months
- Free insurance for pledged gold ornaments
- Rate of interest is 22% p.a. with 2% rebate if 100% interest is paid monthly
MUTHOOT
DELIGHT LOAN
- Loan Amount: ₹50,000 to ₹5 crores
- Tenure: 12 months
- Online Gold Loan (OGL) facility available
- Loan Amount: ₹50,000 to ₹5 crores
- Tenure: 12 months
- Free insurance for pledged gold ornaments
- Low rates of interest
MUTHOOT
MUDRA LOAN
- Special loan scheme for women that’s available at South India branches.
- Loan Amount: ₹1,500 to ₹1 lakhs
- Offered at South India branches only
- Loan Amount: ₹1,500 to ₹1 lakhs
- Highly discounted rate of 11.9% p.a.
MUTHOOT
ADVANTAGE LOAN
- Competitive per gram and interest rates.
- Loan Amount: ₹50,000 to ₹5 Crores
- Online Gold Loan (OGL) facility available
- Offered at branches in South India
- Loan Amount: ₹50,000 to ₹5 Crores
- Tenure: 12 months
- Free insurance for pledged ornaments
- Attractive interest rate of 18% p.a.
MUTHOOT HIGH VALUE
PLUS LOAN (MHP)
- Loans curated for the business community.
- Loan Amount: ₹1,90,000 to ₹5 crores
- Online Gold Loan (OGL) facility available
- Loan Amount: ₹1,90,000 to ₹5 crores
- Tenure: 12 months
- Free insurance for pledged gold ornaments
- Interest rates as low as 14% p.a.
- Maximum Loan Value offered
MUTHOOT
HIGH VALUE LOAN (MHL)
- Loans which are ideal for longer periods.
- Loan starting from ₹50,000 and no maximum limit
- Online Gold Loan (OGL) facility available
- Loan starting from ₹50,000 and no maximum limit
- Tenure: 12 months
- Free insurance for pledged ornaments
- Interest rate as on date as low as 15% p.a.
- Maximum Loan Value offered
- Offered at branches in South India
MUTHOOT BIG BUSINESS LOANS
- Low rates of interest with maximum LTV
- Tenure: 12 months
- Low rates of interest with maximum LTV
- Tenure: 12 months
- Free insurance for pledged gold ornaments
- Online Gold Loan (OGL) facility available
- Loan Amount: ₹5 Lakhs to ₹500 lakhs as per Schemes
- Muthoot Big Business Loan Silver @12.9% p.a.
- Muthoot Big Business Loan Platinum @11.9% p.a.
- Muthoot Big Business Loan Diamond @10.9% p.a.
- Muthoot Big Business Loan Elite@ 10.5% p.a.
BEST VALUE SCHEME (BVS)
- Offered at South India branches only
- Loan Amount: ₹50,000 to ₹5 Crores
- Offered at South India branches only
- Loan Amount: ₹50,000 to ₹5 Crores
- Highly discounted rate of 14% p.a.
- Tenure: 12 months
- Free insurance for pledged ornaments
HIGH VALUE RETENTION (HVR)
- Offered at South India branches only
- Loan Amount: ₹10 Lakh to ₹5 crores
- Offered at South India branches only
- Loan Amount: ₹10 Lakh to ₹5 crores
- Lowest interest rate of 10.9% p.a.
- Tenure: 12 months
- Free insurance for pledged ornaments
MUTHOOT
ONE PERCENT LOAN
- Small loans at low interest rates.
- Loan Amount: ₹1,500 to ₹50,000
MUTHOOT
ULTIMATE LOAN (MUL)
- Maximum loan value and discounts on timely interest payments.
- Loan Amount: Starting at ₹1,500
MUTHOOT
MUDRA LOAN
- Special loan scheme for women that’s available at South India branches.
- Loan Amount: ₹1,500 to ₹1 lakhs
MUTHOOT
ADVANTAGE LOAN
- Competitive per gram and interest rates.
- Loan Amount: ₹50,000 to ₹5 Crores
MUTHOOT HIGH VALUE
PLUS LOAN (MHP)
- Loans curated for the business community.
- Loan Amount: ₹1,90,000 to ₹5 crores
MUTHOOT
HIGH VALUE LOAN (MHL)
- Loans which are ideal for longer periods.
- Loan starting from ₹50,000 and no maximum limit
BEST VALUE SCHEME (BVS)
- Offered at South India branches only
- Loan Amount: ₹50,000 to ₹5 Crores
HIGH VALUE RETENTION (HVR)
- Offered at South India branches only
- Loan Amount: ₹10 Lakh to ₹5 crores
-
GOLD LOAN SCHEMES
Avail the best interest rates and quick loan disbursals with Muthoot Finance.
Get More Details
Service Charges relating to Gold Loan
| SL No. | Type of Charges | Corporate | Rate of charges applicable | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Service charges -Fresh loan- Rate applicable on loan amount(IPL) |
Southern Branches |
IPL (1%) (For 12 months period only) | ||||||||||
| 2 | Service charges -Fresh loan- Rate applicable per account (ZIL/ZIP) |
ALL |
ZIL/ZIP-Rs.50/loan | ||||||||||
| 3 | Service charges on fresh loan under MEI scheme |
ALL |
0.60% of loan amount | ||||||||||
| 4 | Top-up services charges - Rate applicable on enhnaced amount |
All |
2% of enhanced amount (For GL schemes having 1st slab ROI <15% with rebate facility) | ||||||||||
| 5 | Security charges- Fresh loan |
Rest of India |
0.15% of loan amount- Minimum Rs.100/- and Maximum Rs.1,000/- | ||||||||||
| 6 | Token charges- (For schemes except given in Sl no.1, 2, 10 & 11 |
Southern Branches |
Loan up to Rs.1,00,000/- --> Rs.20/-
Above Rs.1,00,000/- --> Rs.100/- Where 1st slab interest rate is <13% after rebate, other cases Rs.50/- |
||||||||||
| 7 | SMS charges | ALL | Rs.5/per quarter at the time of closure or renewal | ||||||||||
| 8 | Notice Charges (Applicable for loans under all schemes) |
Southern Branches
Rest of India |
3 ordinary notice Rs.30/each and 4th notice-RegisteredRs.100/-
3 ordinary notice Rs.30/each and 4th notice-RegisteredRs.100/- Auction Notice charges Rs.120/- |
||||||||||
| 9 | Token lost charges (Applicable for loans under all schemes) |
ALL |
Rs.25/-(in addition to cost of stamp paper applicable) | ||||||||||
| 10 | Safe Custody Charges |
ALL |
Rs.5/per gram per month, payable at the time of closure or renewal |
||||||||||
| 11 | Stamp duty levied by State Governments |
States:- Karnataka , Andhra and Rajasthan |
Actuals where ever applicable |
||||||||||
| 12 | GCS |
Southern Branches |
1.Rs.999/- per 6 months (in case the limit is not used over a period of 6 months) 2.If the transaction is through branches then Rs.99/- per transaction |
||||||||||
| 13 | GCL |
Rest of India |
1.Rs.999/- per 6 months (in case the limit is not used over a period of 6 months) 2.Part release charges of Rs.499/- per transaction 3.If the transaction is through branches then Rs.99/- per transaction |
||||||||||
| 14 | Loan @ Home charges |
ALL |
Upto Rs.500/- for loan @ home services |
||||||||||
| 15 | CAC (Credit Appraisal Charges) – If total exposure > Rs.3 L |
Southern Branches |
|
||||||||||
| 16 | Door to Door collection charges (Follow up for interest / loan recovery) |
Southern Branches |
Rs.150/- plus GST per customer for recovery made through customer follow up visit |
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NORTH, EAST & WEST INDIA TOLL-FREE NO.:
1800 313 1212
SOUTH INDIA CALL CENTER NO.:
99469 01212
WRITE TO US:
mails@muthootgroup.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM
Refer a Friend*
Refer a friend & get a Chance to
Win Exciting Muthoot Finance Merchandise
Ask an Expert
NORTH, EAST & WEST INDIA TOLL-FREE NO.:
1800 313 1212
SOUTH INDIA CALL CENTER NO.:
99469 01212
WRITE TO US:
mails@muthootgroup.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM
WHAT OUR CUSTOMERS HAVE TO SAY
Maharashtra Speaks
Words from Gujarat
If you are looking for a gold loan, I would 100% suggest that you visit Muthoot Finance. They have a lot of schemes that you can choose from, based on your requirements and the process to avail the loan is very simple.
Sunil B
Kamla Devi
Words From Bengal
I was searching for a gold loan near me and that is when a lot of people suggested me to go for Muthoot Finance. It is counted amongst the most popular gold loan providers in India so it was a logical choice as well. I got the exact amount that I needed and I am glad I chose them. A thing that I liked the most about is that they provide pre and part payment options.
Megha Patil
I chose to avail a gold loan from Muthoot Finance as it is one of the most trusted gold loan providers and I had only heard good things about their services. The great thing about availing a gold loan from here is that you are offered different benefits such as quick loan disbursal, minimum documentation, etc. Taking a gold loan from the company is really easy. They have quite a simple process for availing a gold loan.
Sneha Singh
Gold Loan Process FAQs
Any Indian citizen above the age of 21 years old can apply for a gold loan. A gold loan is an excellent option to meet short-term financial needs. The gold loan application process is extremely simple; you may apply online or visit the local Muthoot Finance branch.
The loan shall be disbursed on executing the necessary documents and completion of the formalities regarding creating a charge over the security offered by the borrower. You can apply for the acknowledgement letter for the gold loan, and the borrower shall be given notice of the same with full particulars about the remaining claims and the conditions under which the company is entitled to retain the securities till the relevant claim is settled or paid.
A gold loan is one of the quickest and easiest ways to obtain cash for personal needs, company needs, and so on. The gold loan process is easy, and the loan amount is determined by the purity of the gold. A gold loan, like any other form of loan, can be returned in monthly instalments over a certain period of time, backed by an interest rate. Your gold jewellery or goods are returned to you once the loan amount has been repaid.
A gold loan is a secured loan which a borrower takes from the lender in lieu of gold ornaments. You can apply for a gold loan online on the Muthoot Finance website, where you need to upload basic questions related to you and the gold that you need to acquire the loan on. After checking your eligibility, the team will contact you.
No, a co-applicant is not required in order to obtain the Muthoot Finance gold loan. In order to proceed with the registration, you must give all of the basic information for the gold loan as specified by the company's terms and conditions. This comprises declarations and commitments made by the borrower and confirmed by him, as well as any additional papers requested by the organisation.
At Muthoot Finance, Facility of Part payment and part-release of gold jewellery is also available. However, the release, whether partial or full, is available only after verification of signature, original KYC papers, and client copy of the original pawn ticket (Token) for gold loan. If the token is lost, an indemnification in the form of stamp paper of the appropriate value must be acquired prior to the release of the jewellery. If the client dies, the ornament will be handed to the legal heirs in accordance with the Company's policy for settling Deceased Loan accounts.
It usually varies between 0.25 – 1 percent of the loan amount.
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