Muthoot Finance Personal Loan

Note: Interest rates as on 18th June 2024

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*Applicable for selected customers

Muthoot Finance Personal Loan Interest Rates

The Muthoot Finance Personal Loan interest rates range between 14% and 22% p.a. The interest rates charged by the lender depend on the credit score of its personal loan applicants. While the NBFC offers lower interest rates for applicants with higher credit scores, it has not specified the personal loan interest rate matrix based on its loan applicants’ credit scores. The interest rates for its various personal loan schemes are as follows:

Eligibility Criteria for Availing Personal Loans from Muthoot Finance

The eligibility criteria for availing personal loans from Muthoot Finance are mentioned below:

• Salaried employees from public sector units and reputed organizations
• Self-employed individuals with a regular verifiable income

The NBFC also considers factors like age, net salary, total years of service, years of service left, owning a house, etc. depending upon the individual’s risk profile while evaluating the personal loan eligibility of its loan applicants.

Documents Required for Muthoot Finance Personal Loan

The documentation required for availing personal loans from Muthoot Finance are as follows:

• Latest salary slip/salary certificate
• Bank statement with salary credits
• KYC documents
• Demand Promissory Note/Agreement, ACH mandate or any undertaking from borrowers to deduct loan instalments from salary
• IT returns for the last 3 years

Note: The NBFC may ask for additional documents based on the profile of the personal loan applicant.

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FAQ’s on Muthoot Finance Personal Loan

How to get personal loan from Muthoot Finance?

Ans. Prospective borrowers can make online application for Muthoot Finance personal loans by visiting the lender’s website, clicking on the Personal Loan option under the services tab, clicking on the Apply now ‘tab’ under the Personal Loan EMI Calculator section and selecting the ‘apply loan online’ option. Individuals can also can also visit any of the Muthoot Finance’s branches to make the personal loan application.

How to track Muthoot Finance personal loan?

Ans. You can track the status of your Muthoot Finance Personal Loan application online by visiting the lender’s website, going to Services → Personal Loan, clicking on the Apply now ‘tab’ under the Personal Loan EMI Calculator section, entering your details in the ‘check application status’ and clicking on the ‘verify button. Additionally, they can visit the nearest Muthoot Finance branch or call on the toll free numbers to know the status of their Muthoot Finance Personal Loan application.

What is the minimum salary for Muthoot Finance Personal Loan?

Ans. Muthoot Finance has not disclosed the minimum income requirements for its salaried loan applicants. However, the lender may consider factors like their loan applicants’ net salary, age, total years of service, whether the applicant owns a housing property, etc. depending upon their risk profile while assessing their personal loan eligibility.

Is it easy to get a personal loan from Muthoot Finance?

Ans. The process of getting personal loans from Muthoot Finance is simpler for applicants who fulfil the eligibility criteria set by the lender, based on their credit profile. The lender claims to offer minimal and online documentation, which makes the process less cumbersome.

Does Muthoot Finance provide personal loan?

Ans. Muthoot Finance offers personal loans to both salaried and self-employed individuals. Borrowers can use the loan proceeds to fulfil their expenses related to travel, home purchase/construction, education, financial/medical exigencies, debt consolidation, etc.