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Are borrowers able to transfer gold loans from their banks to Muthoot FinCorp?

Are borrowers able to transfer gold loans from their banks to Muthoot FinCorp?

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.

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