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Muthoot Finance Gold Loan Interest Rate

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Updated: 24-01-2024 11:33:31 AM

Please Note: Muthoot Finance is not a Paisabazaar partner for Gold Loan. Offers would be from partner banks/NBFCs only.

Muthoot Finance Gold Loans can be availed by pledging your gold ornaments as collateral. Muthoot Finance offers various gold loan schemes at an interest rate of 11.90% onwards. Before deciding to go with a specific scheme, it is important to compare interest rates of different schemes as mentioned below:

Muthoot Finance Gold Loan Interest Rate – 2021
Interest Rate 11.9% p.a. onwards
Processing Fees 0.25% to 1% of the loan amount
Loan Tenure 7 days to 36 months
Lowest EMI / Lakh Rs. 3,321
Loan Amount Minimum – Rs. 1,500; Maximum – No Limit

Note: The above mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.

Know More: Gold Loan Schemes  |  Interest Rate from Top Banks | Fees & Charges  | Eligibility |  How to apply | FAQs

Interest Rate on Muthoot Finance Gold Loan Schemes
Muthoot Gold Loan Interest Rate Comparison
Gold Loan EMI Calculator
Factors affecting Gold Loan Interest Rate
Muthoot Finance Gold Loan Interest Rate- Fees & Charges
Muthoot Finance Gold Loan Interest Rate- Eligibility & Documentation
How to apply for Muthoot Finance Gold Loan?
Frequently Asked Questions (FAQs)

Interest Rate on Muthoot Finance Gold Loan Schemes

Muthoot Finance gold loan interest is charged on a monthly compounding basis. Following is the list of Muthoot gold loan schemes and the applicable interest rates. 

Muthoot Gold Loan Schemes Interest Rate (p.a.)
Muthoot One Percent Loan 12% onwards
Muthoot Ultimate Loan 22% onwards
Muthoot Overdraft Scheme 19% onwards
Muthoot Delight Loan 17% onwards
Muthoot EMI Scheme 21% onwards
Muthoot Mahila Loan 11.90% onwards
Muthoot Advantage  Loan 18% onwards
Muthoot Super Loan 23% onwards
Muthoot High Value Loan Plus 12% onwards
Muthoot High Value Loan 16% onwards
Muthoot Super Saver Scheme 11.90% onwards

Note:

  • Interest is charged on Monthly Compounding basis
  • Note: The above mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
  • Rebate is applicable, only if up to date interest is paid on the loan. Click here to check the applicable rebate
  • Loan tenure of all our schemes except (IPL, MOS, ZIL and MES) is 360 days. For MOS and IPL tenure is 12 months. For MES and ZIL (EMI scheme), tenure varies from 6 to 36 months
  • Some of the schemes are available only in certain parts of India

Muthoot Gold Loan Interest Rate Comparison

Following is the list of interest rates offered by the top banks / NBFCs. You can compare and then choose according to your specific interest.

Lender Gold Loan Interest Rate Loan Amount
Axis Bank 13% onwards Rs. 25,001 to Rs. 25 Lakh
SBI 7.30% onwards Rs. 20,000 to Rs. 50 Lakh
Muthoot Finance 11.90% onwards Rs. 1,500 to Unlimited
ICICI Bank 11% onwards Rs. 10,000 to Rs. 15 Lakh
HDFC Bank 9.90% onwards Rs. 25,000 to Unlimited
Federal Bank 8.50% onwards Rs.1,000 to Rs.1.5 crore

Gold Loan EMI Calculator

You can visit our gold loan EMI Calculator page to check the EMI amount you will have to pay against your loan. To calculate your EMI, follow the below mentioned steps-

Step 1- Click here to use our gold loan EMI Calculator

Step 2- Enter the loan amount, interest rate and loan tenure

After entering the details, you will be able to see the EMI amount that you are required to pay. The calculator helps you compare different gold loan types offered by the top banks. We advise you to choose the one that gives you the most affordable option.

Factors affecting Gold Loan Interest Rate

Though the rate of interest on gold loan is decided on the basis of banks or NBFC’s internal policies, listed below are some of the factors that may have an effect on the gold loan interest rates offered to you:

1. Loan Amount- The rate of interest charged by lenders is affected by the loan amount. Usually, a higher interest rate is charged for a bigger loan amount. Some banks have also set different interest rate brackets for different loan amounts.

2. Purity of Gold- The purity of gold that you pledge also impacts the rate of interest. This is because the lenders assess the risk factor on the basis of how much the gold would be worth in the market which is directly impacted by its purity.

3. Repayment Ability – Your income, along with other liabilities, gives the lenders an understanding of your repayment capability. Applicants with higher income and a better repayment ability may be charged a lower interest rate compared to applicants who have a lower repayment ability.

4. Lender-Borrower’s relationship- At times, gold loans are offered at an affordable interest rate to the existing customers of the bank. Hence, if you are associated with the lender in any way via savings account, an FD, etc. the gold loan interest rate offered to you might be lower from your lender.

Muthoot Finance Gold Loan Interest Rate- Fees & Charges

Apart from the interest rate and processing fee, below listed are the other applicable fees and charges for Muthoot Finance Gold Loan-

Type Of Charges Corporate Rate Of Charges Applicable
Service charges – Fresh loan – Rate applicable on loan amount(IPL/MHL/MHP) Southern Branches IPL (1%) (For 12 months period only), MHP(0.5%)
Rest of India MHL up to Rs. 10L(1%), Rs. 10L to 25L(0.5%) and above Rs. 25L(0.25%), MHP(0.5%)
Service charges – Fresh loan – Rate applicable per account(ZIL/MOS) All ZIL – Rs. 50/loan

MOS – Rs. 1,500/account

For renewals within 12 months Rs. 750/account
Security charges – Fresh loan Rest of India 0.15% of loan amount- Minimum Rs.50 and Maximum Rs.600
Token charges – Fresh loan (For schemes except given in Sl no.1 & 2) Southern Branches Loans up to Rs.10,000 – Rs. 10

Loans above Rs. 10,000 – Rs. 20

For digital transfer – charges not applicable
SMS charges Southern Branches Rs. 2 per transaction at the time of closure or renewal
Rest of India Rs. 5 per transaction at the time of closure or renewal
Notice Charges (Applicable for loans under all schemes) Southern Branches 3 ordinary notice Rs. 10 each and 4th notice-Registered – Rs. 70
Rest of India 3 ordinary notice Rs. 30 each and 4th notice -Registered – Rs. 100, Auction Notice charges Rs. 120
Token lost charges (Applicable for loans under all schemes) All Rs. 25 (in addition to cost of stamp paper applicable)
Stamp duty levied by State Governments States Karnataka , Andhra and Rajasthan Actuals wherever applicable
GCL Southern Branches Rs. 999 per 6 months in case the limit is not used over a period of 6 months
Part release charges of Rs. 499 per transaction. If the transaction is through branches then Rs. 99 per transaction

Muthoot Finance Gold Loan Interest Rate- Eligibility & Documentation

Eligibility Criteria

Age Minimum 18 years
Nationality Resident Indian
Occupation Salaried, Self-Employed, Businessman, Students, Pensioners, Housewives etc.
Purity of Eligible gold 18 Karat to 22 Karat gold

Documents Required

Only basic KYC documents for address proof and identity proof required. Please note that the bank does not require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.

Proof of Identity PAN Card, Aadhaar Card, Voter’s ID Card, Passport, Driving Licence or any other government approved photo ID
Proof of Address  Aadhaar Card, Passport, Utility bills (not more than 3 months old) or Any other government approved address proof

How to apply for Muthoot Finance Gold Loan?

To apply for Muthoot Finance Gold Loan you can visit any of the nearest Muthoot Finance branches. You can reach out to their customer care executive by giving a missed call at- 80952 55577. Alternatively, you can request Muthoot Finance’s executive to visit your place to help you apply for a gold loan.

Frequently Asked Questions (FAQs)

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

Some reasons why Gold Loan from Muthoot Finance is so popular are:

  • Customer oriented Services
  • Quick loan disbursal
  • Avail minimum loan amount of Rs. 1,500 and no maximum limit
  • Pre-payment option-without any penalty
  • Minimal documentation
  • In-house gold evaluation
  • Prompt customer service within a shorter response time
  • Strong rooms for safe custody of gold ornaments

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

The only security which is required from your end to avail a gold loan from Muthoot Finance Ltd. is the gold you will pledge. There is no need for an external/third party guarantor for the same. The loan will be sanctioned against the gold pledged.

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.

Who is eligible to avail a Gold Loan?

Any Indian citizen of legal age can take a gold loan. All you need to provide are the gold ornaments and the required documents.

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