Gold Loan Frequently Asked Questions

When you miss a gold loan payment, the lender levies a penalty. This can go up to 9.99% of the outstanding amount, depending on the delay and lender’s policy. Muthoot FinCorp offers multiple ways of repaying the gold loan based on the scheme you choose. You can choose part-payments, bullet payments or EMIs. Some other payments and charges relating to gold loans at Muthoot FinCorp are as follows:

• Interest Rates are charged according to the gold finance schemes, starting at 9.95% p.a.
• Processing Fees begins at just Rs 25 inclusive of GST based on the chosen scheme.
• Low or No Loan Foreclosure Charges upon prepaying the loan after three months of disbursal
• Higher Loan Amount of up to 75% or the maximum permissible value of the gold pledged

Muthoot FinCorp ensures a transparent process. There are no hidden terms, conditions for gold loans. Call us at 1800 102 1616 to understand the process, eligibility, documentation, loan scheme requirements or visit your nearest Muthoot FinCorp branch with your gold to get it evaluated. Once the loan is offered to you based on the LTV of your pledge gold, read the term document carefully. Our representatives will guide you through all the terms and conditions relating to the loan tenure and payments. Reach out to them in case of any confusions.

Only loan processing fee is charged to a gold loan apart from the interest, which begins at Rs 25 as per the scheme chosen. The gold loan repayment procedure incurs nominal charges. Gold loan interest rates start at 9.95% p.a. If you miss a payment, the lender will levy a penalty. The penalty can go up to 9.99% of the outstanding amount, based on the time delay. It is best to speak to the lender about all charges before applying for the loan. Some of the benefits of applying for a gold loan at Muthoot FinCorp are:

• Reasonable Interest Rates are charged according to the gold finance schemes, starting at 9.95% p.a.
• Nominal Processing Fees begins at just Rs 25 inclusive of GST based on the chosen scheme.
• Minimal Documentation requires Only photo ID proof and address proof
• Low or No Loan Foreclosure Charges upon prepaying the loan after three months of disbursal
• Higher Loan Amount of up to 75% or the maximum permissible value of the gold pledged

Call us at 1800 102 1616 to understand the process, eligibility, documentation, loan scheme requirements or visit your nearest Muthoot FinCorp branch with your gold to get it evaluated.

No, there is no need for CIBIL score for you to take a gold loan. Applying for a gold loan does not generate a hard enquiry, hence your credit score remains unchanged. Even a delay in repayment of the gold loan will not affect your credit score in any way. The documents required to apply for a gold loan are:

• KYC documents: PAN Card, Driving License, Passport/ Voter’s ID Card/ Aadhar Card or valid ID proof
• Address Proof: Electricity or water bills, Voter’s ID, Aadhar Card, Rent Agreement, Bank Statement
  Muthoot FinCorp does not have minimum income or credit score requirements to approve a gold loan. Hence, no credit or income proofs are required as an eligibility condition. Muthoot FinCorp’s gold loans are designed to serve every customer, even those who have poor credit scores. The credit score does not affect the loan amount or interest rate of the gold loan. On the other hand, delay in repayments or missing repayments do not affect the credit score in any way. To get a gold loan, apply for it by sending an enquiry through the available form on our website or call us at 1800 102 1616. Our representative will guide you through the eligibility and gold loan schemes in detail.

The loan amount is decided as per the value of the gold and the LTV ratio within the chosen scheme. There is no minimum gold required for a gold loan. Gold Loan schemes range from up to Rs 25,000 to ones that start at 8 lakhs. You can receive the maximum permissible value of your jewellery as a loan, based on the scheme chosen. Use the gold loan calculator available on our website to understand the perfect scheme for you. Here are the gold loan schemes and their features:

• EasyUdaan
  Loans up to Rs. 25,000 with interest rate 20% p.a
• Easy Blue
  Loans up to Rs.99,999 with interest rates starting from 18% p.a
• Easy Max
  Loans ranging from Rs.1Lakh to 3Lakh with an interest rate starting from 15% p.a
• Easy Pro
  Loans ranging from Rs.3Lakh to 5Lakh with an interest rate starting from 18% p.a
• Easy Scale Up-CL
  Loans starts from Rs. 8Lakhs with lowest interest rate of 9.95% p.a

Choose a gold loan scheme as per your gold’s valuation and requirement. If you decide to take a lesser amount as a loan than the maximum LTV allowed, you have the option of taking a top-up loan in the future of the remaining loan amount, as and when required. Speak to our gold loan representative to understand the calculation of LTV as per our gold loan schemes and get guidance on how to choose the best one.

The required documents for Muthoot Gold Loan are only your identity and residence proof. You can submit your Aadhar Card, Passport, Voter ID card, Driver’s License as documents. Applying for a gold loan with Muthoot FinCorp is extremely easy and hassle-free. You only need to carry your gold and identity documents to get your loan approved. There is no need for income or credit proofs to get a gold loan. Here is the process to get a gold loan at Muthoot FinCorp:

• Visit to a Muthoot FinCorp branch with your gold and KYC documents
• Hand over your gold for cleaning and evaluation. (All of which is done through scientific machines with no room for human error)
• Our representative will let you know the maximum amount you can take as a loan based on the evaluation and the chosen scheme.
• Read the terms of the loan, understand the repayments, sign the documents and take the loan amount home in cash or bank transfer.

Match your requirement to any one of our gold loan schemes to initiate your process of applying for a gold loan. You can even use our gold loan calculator for a better understanding. Call us at 1800 102 1616 for more information on eligibility, documentation, loan scheme requirements and more.

You can walk into a Muthoot FinCorp branch, ask about gold loan schemes and take the funds in one visit. Simply carry your gold and KYC documents, apply for a loan, get your loan appraised in a few minutes and get the loan handed over to you or disbursed into your account instantly. The valuation process at Muthoot FinCorp is done scientifically to offer you the maximum permissible amount as a loan. We use highly scientific XRF machines, X-ray fluorescence technology (XRF), the international standard adopted by the gold refining industry. This method is precise and gives us an exact idea of the pure metal content in your item/s. The weight of the gold is calculated as per the current market rate of gold of the same purity. Our representatives will then let you know of the maximum LTV that can be availed on the pledged gold. You can choose a particular scheme that allows you to avail the maximum amount or choose a smaller amount as per your requirement.

Muthoot FinCorp also allows you to avail a top-up loan, if you haven’t availed the maximum LTV of the gold as your first loan. This entire evaluation process is undertaken in only a few minutes. The process is transparent and is done right before you to eliminate any disputes. Call us at 1800 102 1616 to understand the process or visit your nearest Muthoot FinCorp branch with your gold to get it evaluated.

Gold loan can be availed by any residential citizen of India between the age of 21-65. You only need your basic KYC documents to avail this loan. Whether you are a professional, a student, or a homemaker, you can utilise your gold to avail a loan instantly. No income proofs or credit checks are required to avail a gold loan with Muthoot FinCorp. Anyone can simply walk into a Muthoot FinCorp branch and avail a gold loan in one visit. The eligibility conditions of our gold loans are:

• Age: Between 21 – 65 years
• Loan Amount: Maximum Rs 50 Lakhs
• Purity of Gold: Between 18 to 24 carats
  Avail up to 75% LTV of your gold by meeting the above easy eligibility criteria.

The documents required to get a gold loan at Muthoot FinCorp are:

• KYC documents: PAN Card, Driving License, Passport/ Voter’s ID Card/ Aadhar Card or valid ID proof
• Address Proof: Electricity or water bills, Voter’s ID, Aadhar Card, Rent Agreement, Bank Statement

Submit any of these documents for KYC & Address proof for availing loan on gold. Check the gold loan schemes on our website to choose the best one as per your requirement. Each gold loan scheme comes with certain terms, maximum loan amounts and interest rates to cater to all borrowers. Match your requirement to any one of our gold loan schemes to initiate your process of applying for a gold loan. You can even use our gold loan calculator for a better understanding. Call us at 1800 102 1616 for more information on eligibility, documentation, loan scheme requirements and more.

The gold loan process at Muthoot FinCorp only takes one visit. Walk into your nearest Muthoot FinCorp branch, choose a scheme, apply for a gold loan, get it approved instantly and take home the required funds the same day. You can research about the gold loan schemes, calculate the interest rate and read about the process to get all the information you need. Our gold loan calculator helps you decide which loan is suitable as per your needs.

The entire gold loan process is extremely easy at Muthoot FinCorp. You can begin the process by calling at 1800 102 1616. Our representative will speak to you to understand your concerns and guide you to the loan schemes as per your requirement. You can also check our website to understand our different gold schemes to choose the best one. Once chosen, simply walk into your nearest branch to get started. Here is the process:

• Visit to a Muthoot FinCorp branch with your gold and KYC documents
• Hand over your gold for cleaning and evaluation. (All of which is done through scientific machines with no room for human error)
• Our representative will let you know the maximum amount you can take as a loan based on the evaluation and the chosen scheme.
• Read the terms of the loan, understand the repayments, sign the documents and take the loan amount home in cash or bank transfer.

If you are looking for a ‘muthoot gold loan branch near me’, check our branch locator to find one. Simply log on to the Muthoot FinCorp website, visit the branch locator, enter the city and locality to find all the details of your nearest Muthoot Blue branch. Muthoot FinCorp is available to all customers with pan-India presence. With close to 3500 branches across India, Muthoot Fincorp Limited’s endeavour is to serve over 100,000 customers a day. All information regarding the branches is available on our branch locator page. You can find the complete address, phone number and working hours of each branch on our website. They are also linked to a map to help you find your nearest branch with ease. If you cannot find your nearest branch on our website, simply call us at 1800 102 1616 for all the information you need or submit your information in the enquiry form on our website to let our gold loan representatives get back to you. Once you have located your nearest branch, here are the steps to follow:

• Visit to a Muthoot FinCorp branch with your gold and KYC documents
• Hand over your gold for cleaning and evaluation. (All of which is done through scientific machines with no room for human error)
• Our representative will let you know the maximum amount you can take as a loan based on the evaluation and the chosen scheme.
• Read the terms of the loan, understand the repayments, sign the documents and take the loan amount home in cash or bank transfer.

Introduction

It’s a great idea to transfer your existing Gold Loans from banks and other NBFCs to Muthoot FinCorp. A gold loan balance transfer is a straightforward procedure for transferring an outstanding gold loan from one lender to another. It is possible to move a gold loan from one lender to another if dissatisfied with the customer service or if the other offer has a lower interest rate.

Why opt for a transfer?

Interest rates, loan-to-value ratio (LTV), and other factors are responsible for choosing a gold loan company in India. In many cases, a gold loan company may not supply the best deal for one’s gold, causing one to choose another lender. 

What are the benefits of transferring your Gold Loans to Muthoot?

1. Quick and hassle free loan disbursement procedure. 
2. You can choose* your own interest rate and schemes depending upon your funds requirement, tenure and quality of gold. 
3. The decreased annual rate of interest.
4. Reduced EMIs.
5. Superior loan features.
6. Security of the gold.
7. Exceptional customer care service
8. Digital payment options such as gold loan mobile app, website and digital wallets
9. Various rewards
10. More than 3600 branches across India.

Eligibility criteria for the transfer

1. You can apply for this plan if you are aged between 18 and 65.
2. You must have made 6–12 Equated Monthly Instalments (EMIs) on your gold loan or 1–5 percent of the outstanding principal on your gold loan.
3. The gold pledged should be in the 18K-22K range.

 Events of financial difficulty

1. Money is available at once for business expansion, education, or other purposes.
2. The borrower has already obtained a gold loan and has been making EMI payments on it.
3. They want a loan that requires little paperwork and can be completed quickly.
4. The borrower needs a gold loan with a lower interest rate than the one you currently have.

Conclusion

A gold loan balance transfer has several benefits which the above article has highlighted. Do not think twice if you are struck with your current lender. Transfer your Gold Loan to Muthoot FinCorp now.

Introduction

Most of India’s working population works in the unorganised sector. They comprise drivers, carpenters, and plumbers, and belong to other such occupations. There is an irregular and variable income structure in most of these sectors.

Most of their income comes in cash and is not credited to bank accounts. There is little or no income proof. When it comes to personal loans or most other loans, there are a lot of stringent documentation processes that one must follow, and this is where a loan against gold comes into the picture.

The Importance of a Gold Loan

One can mortgage the gold ornaments that one owns with a minimum documentation process. The loan amount given to the applicant is never equal to the market value of the gold jewellery. We have regulatory bodies that say that the maximum loan amount should be 75% of the market value of the gold that is to be mortgaged. This scenario creates a buffer against the fluctuation of the gold price and ensures that the borrower will repay the loan.

How it works.

A loan against gold is a secured loan in which borrowers obtain funds by pledging their gold as collateral with Muthoot FinCorp. The market value of gold is calculated on the day of the gold loan application based on the per gram market rate. Only gold ornaments or jewellery, such as gold coins, bangles, bracelets, necklaces, earrings, pendants, and other metals, gems, and stones, are used to calculate the value.

Try getting an estimate from your regular goldsmith and then try a trusted partner like Muthoot Fincorp. You will note a world of difference.

Conclusion

Walk into a Muthoot branch near you, submit your gold along with your KYC documents, and get your loan in one visit. For years, we have been providing instant gold loans to our valued customers, making us one of the most preferred gold loan companies in India.