Muthoot Finance Gold Loan

Muthoot Finance is the largest gold loan providing company in India. It was founded in 1939. This is a non-banking financial company and it has 4400 branches all over India. The financial company has a good reputation and the company is reliable too. There is no risk of fraud at all. Muthoot finance caters to the customers with other financial products like personal loans too but the gold loan very famous product. So many people get a gold loan to overcome their financial crises. Let us discuss the gold loan in brief.

Gold Loan 

Gold loan is also known as a loan against the gold. In this type of loan, you pledge your gold to the company and get a certain amount of money according to the value of your gold. The company keeps your gold under the security and whenever you return the loan you get back you gold as it is.

Why Gold Loan?

Life has different ways to surprise us. You never know when you need money that is beyond your savings. So instead of asking for money from the relatives and your friends, people prefer to go for loans. But the gold loan is a better option to get a financial aid. The reason after this is you will get a good amount at lower rates of interest. Besides that, you don’t have to charges for the security of your gold so if you are going through some financial problems and you have sufficient gold that can help you in your bad time, and then there is nothing wrong to use your gold. You can get a financial aid with the help of this gold rather than keeping it in your locker.

Features of Muthoot Finance Gold Loan

  1. There are some features of Muthoot Finance gold loan. Let us discuss them.
  2. The gold loan is approved very easily and disbursed quickly.
  3. You can pledge your gold jewelry to get a gold loan.
  4. An applicant can’t pledge against the gold bars, gold funds.
  5. Bank doesn’t consider the minted gold coins weigh more than 50 grams.
  6. Muthoot finance charges very less processing fees for the gold loan.
  7. The amount of gold loan starts from Rs. 1500 and can be up to 1 Crore.
  8. Muthoot finance offers the facility of the pre-payment. It means that if you want to close your loan before the tenure of the loan than you can do so without any extra charges.
  9. Response time for the queries of the customer is very quick.
  10. Minimum tenure can be 15 months and can be up to 36 months.
  11. You can return your gold loan in two ways either by Bullet Repayment or by paying EMI’s.
  12. There is a processing fee of 1% of the loan amount sanctioned.
  13. The company provides a three-layered security of the gold. The gold is kept very securely in the lockers.
  14. Interest rates charged by the Muthoot finance are very reasonable and comparable to the other banks so that the customer prefers only Muthoot finance over other banks.

 Features       

Eligibility

  1. The minimum age of the applicant should be 18 years.
  2. He/she should be a citizen of India.
  3. Applicant should have at least 10 grams of gold.

Documentation

  1. One identity proof is required. It can be your Adhaar card, PAN card, voter ID card, driving license or passport.
  2. One residence proof is required. It can be a ration card, Aadhar card, and PAN card, Voter ID card, driving license or your passport.
  3. 2 Passport sized colored photographs.  (The applicant should not be wearing the specs in the photograph)
  4. KYC (know your customer) document.    

Why Muthoot Finance Gold Loan?

  1. First of all the rates of interest are very reasonable.
  2. After that, the process of application is very simple and easy.
  3. Beside all these the loan gets disbursed very quickly.

Interest Rate

  1. The rate of interest is 11% onwards. It depends on the tenure of your loan.
  2. If the tenure of the loan is one month then it is 12%.
  3. For more than one month and less than three months, it is 15% onwards.
  4. For 3 to 12 months it is 20% onwards.
  5. For the tenure of more than 12 months, it is 21% onwards.

Processing Fees

The company charges a minimal amount of processing fees to the customers but it can be maximum 1% of the amount of the loan sanctioned.

Foreclosure Charges

There are no foreclosure charges in Muthoot Finance gold loan; however other banks charge foreclosure charges.

Quality of the Gold

The gold that you are pledging should be of 18 to 20 carats. Gold of quality 24 carats is not accepted.

How do you get Loan Amount?

You can get a loan amount in the form of cash. When you get a gold loan from the Muthoot Finance the bank provides you the loan in the form of cash and keeps your gold jewelry as a security. Unfortunately in future if you won’t be able to return the loan amount then the bank will recover the amount of gold from the pledged gold.

How much amount do you get?

The amount of loan provided to you by the company is depending on the value of your gold. The company gives you the loan after the valuation of the gold. Generally, you get Rs. 18000 to Rs. 20000 for 10 grams of gold. It may vary a little bit up or down. It is 75% LTV ratio (Loan to Value).

How to Apply?

  1. You can apply online for the Muthoot Finance gold loan on the websites of the Dialabank. It is dialabank.com .steps to apply for Muthoot Finance gold loan are
  2. Search on google for dialabank.com.
  3. Fill the application form online. This form is not that complex; it requires very basic information of yours.
  4. After that, you will get a call back from our side within a few minutes.
  5. You will get all the guidance from the experts.

Why Dialabank?

  1. Dialabank is the first financial helpline of India.
  2. You will get a comparison of the rates of interest of all the financial companies here.
  3. Besides that, you will get a document pickup facility from your doorstep if you apply for the loan here.
  4. The process of approval of the loan is very quick.
  5. Furthermore, you will get a quick response to the customer’s inquiry.
  6. There are no charges for the information and applying for the loan.
  7. For more information, you may call on 60011600

Features

  • Instant Gold Loan disbursal
  • Gold Loan in 5 Lowest Rate of Interest


    Call us on 60011600 (Single Number across 18 Cities) or 9878981166

    The process of Gold Loan

      Gold Loan Scheme     Loan Tenure / Period        Rate of Interest (p.a.)
    TrueValue Loan 3 / 6 / 12 months 15% / 18% / 21%
    Fair Value Loan 3 / 6 & above 6 months 17% / 20% / 24%
    Real Value Loan 6 / 12 months 20% / 23%
    Xpress Loan 9 / 12 months 21% / 24%
    Easy Loan 6 /12 months 23% / 24%
    Super Loan 12 months 24%
    Installment Scheme 6 / 9 / 12 months 14% / 14.5% / 15%
    Installment Scheme 18 / 21 / 24 / 15 months 16.75% / 17% / 17.25% / 17.5%
    Loan Overdraft n/a 20%

    Apply Online For Gold Loan

    Muthoot Gold Loan Calculator

    Muthoot Finance provides a gold loan calculator to make the calculations easier. On the online gold loan calculator, you can calculate the rate of interest on the required amount of loan for a particular time. So it makes easier for the customer to get an overview of the interest rate of the whole tenure and according to his/her comfort, he/she can make the changes in the amount of loan and the tenure of the loan. In the online gold loan calculator, you have to fill in the following information.

    And you will get all the calculations done automatically.

    Similarities between Gold Loan and a Personal Loan

    There is a similarity in between gold loan and a personal loan that you can use the amount of gold loan and personal loan to fulfill our personal needs. The lender will not put any restriction on the use of the amount of loan.

    Which is better among a Gold Loan and a Personal Loan?

    If someone needs a financial support and she/he has gold too and he/she has to make a choice in between both of them then always choose gold loan because being a secured loan the gold loan offers low rates of interest as compared to the personal loan.

    Is Gold Loan Unsecured?

    No, the gold loan is not an unsecured loan. It comes in the category of secured loan. This is also known as a loan against gold. In this loan, we get a loan amount against our gold ornaments. If the customer fails to get return the gold loan on time then the bank does a recovery from your gold.* For any assistance regarding Gold Loan, call us at 60011600, our trained Relationship Managers will provide you with the best information.

    Key Features of Muthoot Finance Gold Loan

    1.

    Interest Rate

    Very reasonable and depends on the scheme as well.

    2.

    Eligibility

    More than 18 years.

    3.

    Citizenship

    Indian

    4.

    Minimum Tenure

    6 Months

    5.

    Maximum Tenure

    36 Months

    6.

    Processing Fees

    Rs. 50 Per Loan account

    7.

    Foreclosure Charges

    No Charges

     

    Advantages of Muthoot Finance Gold Loan

    1.

    First of all the process is very easy and hassle-free.

    2.

    The documentation process is not complex. It is very less as compare to other banks and NBFC’s.

    3.

    The rates of interest are very easy and reasonable.

    4.

    The amount of the loan gets disbursed very quickly.

    5.

    The loan ornaments will be kept in very tight security.

     

    The consequence of not Paying the Loan on Time

    Who can apply for the Gold Loan?

    1.

    Any salaried person who has gold.

    2.

    Any self-employed person with the gold.

    3.

    Any housewife and working women can apply for a Muthoot Finance Gold Loan.

    4

    Any Indian citizen with gold can get a gold loan.

     

    What is the difference between a personal loan and a gold loan?

    Feature

    Gold Loan

    Personal Loan

    The rate of Interest

    The rates of interest are quite low in a gold loan.

    Personal loan generally comes with high rates of interest

    Type of Loan

    Gold loan comes in the category of secured loan.

    A personal loan is a totally unsecured loan.

    Amount of Loan

    As per the value of gold ornaments.

    Amount of loan based on your income, it is not that big in general because it is an unsecured loan.

    Time of Disbursal

    The amount of loan gets disbursed very quickly, within a few hours.

    The process of disbursal of the loan amount is not that quick. It will take at least a day or two days to get the loan amount to be disbursed.

     

     

     

    Leading Gold Loan Providers in India
    Manappuram Gold Loan Axis Bank Gold Loan HDFC Gold Loan Other Gold Loan Providers

      EMI CALCULATOR

     

    • Get Gold Loans from Rs. 1500 to Rs. 1 crore
    • No penalty Prepayment option
    • Less documentation
    • In-house Gold evaluation
    • 100% Safety of Your Gold (Ornaments or Bars)
      1. First of all, you apply online at www.dialabank.com.
      2. After that, you fill the online application form with the required information.
      3. Now if all is good with your CIBIL score and your age eligibility, you will get an approval from the Muthoot Finance.
      4. After getting the gold loan approval your documents will be picked up from your doorstep.
      5. Now you have to go for the valuation of your gold.
      6. After the valuation of the gold by the jeweler, you will get the loan amount as per the value of your gold ornaments.
      7. Muthoot Finance provides you higher LTV.
      8. Besides that, you will get your loan disbursal within an hour.
      1. Amount of Loan
      2. Tenure of the loan
      1. The company will sell the pledged gold ornaments to recover the loan amount with the interest.
      2. The CIBIL score gets affected negatively.