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 6.9% p.a.
- Processing Fees begins at just Rs 20 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.