One of the quickest and simplest ways to get money is through a gold loan. The procedure for obtaining a gold loan is simple, and the gold's purity determines the loan amount. A gold loan can be repaid in interest-bearing monthly installments over a specified length of time, just like any other type of loan. Your gold jewellery or other items are given back to you once the loan has been paid off.
Gold Loans are available from Muthoot Finance under flexible programmes for a minimum of 1,500 rupees.
Anyone above the age of 21 is eligible for a gold loan. Muthoot Finance uses a gold loan eligibility calculator which determines the amount of gold you are eligible for based on the amount of gold you have and the purity of the gold. You can check the gold loan eligibility online or visit the nearest Muthoot Finance branch.
The bank or lender can charge penalties for late payment of EMIs depending on the amount from the due date of the loan repayment.
A gold loan does not have a minimum CIBIL score requirement. The security of your collateral and its quality are significantly more important in achieving quick approval because this is a secured loan. Those who need money but have bad credit can get help from a gold loan.
Minimum loan amount of Rs 1,500/- and Maximum loan amount upto Rs.5 Crore.
The interest rate on gold loans on a lot of factors like Repo Rate. If there is a cut in the repo rate, the Muthoot Finance gold loan interest rate also gets lower down. If the gold loan amount is offered at a fixed rate, the repo rate does not affect the gold loan rate at Muthoot Finance.
Interest is compounded monthly at the applicable rate for each slab. Loan tenure is 12 months for a normal Gold Loan scheme. Minimum Interest Rate starting from 9% p.a. if interest is serviced monthly.
The interest rate of the gold loan depends upon the type of loan scheme availed and its tenure.
It usually varies between 0.25 – 1 percent of the loan amount.
