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What documents do I need to produce?

Original proof of identification. Any of the following are acceptable:

  • Passport
  • Govt of India election ID card with address proof
  • PAN card and address proof
  • Driver's licence
  • Any Govt departmental ID card
  • We are bound by and follow KYC norms as per the regulator's guidelines

Interest Rate structure*

Scheme Default Interest Slab Period/s Kerala Other States
Express Gold loan
-Kerala & Outside Kerala- upto Rs 200000
(Max. Tenor 9 months)
Upto 1 month 22% 22%
>1 upto 3 months 24% 24%
>3 upto 6 months 27% 27%
>6 months 30% 30%
Express Gold loan -
Outside Kerala Abv Rs. 200000/
( Max. Tenor 9 months)
Upto 3 months - 27%
> 3 upto 6 months - 27%
>6 months - 30%
Multi Interest Product (MIP)
M14 - 70% of LTV Maximum amount-
Upto Rs 50000
Upto 1 month 14% 14%
>1 upto 3 months 17% 17%
>3 upto 6 months 21% 21%
>6 upto 12 months 24% 24%
> 12 months 27% 27%
Multi Interest Product (MIP ) M18-
80% OF LTV Maximum amount-
Upto Rs 300000/-
Upto 3 months 18% 18%
> 3 upto 6 months 22% 22%
>6 upto 12 months 24% 24%
> 12 months 27% 27%
Multi Interest Product (MIP) M 22 - 90% OF LTV
Maximum amount-As per approval
Upto 5 months 22% 22%
> 5 months upto 12 months 24% 24%
> 12 months 27% 27%
Additional interest @ 12% p.a. on defaulted interest will be charged if exceeding 12 months under MIP scheme.
Max. Tenor for all MIP products is 12 months.
Muthoot Special Gold loan (MSGL)-
Minimum- Rs 2,00,000
(Max. Tenor is 6 months)
Upto 3 months 15% 15%
> 3 upto 6 months 17% 17%
>6 months 20% 20%
Processing charges Rs 1000 + Serv Tax      
Special 16-
Minimum-Rs 1,00,000
Maximum- Rs 1,99,999
(Max. Tenor 6 months)
Upto 3 months 16% 16%
  > 3 upto 5 months 20% 20%
  > 5 upto 6 months 22% 22%
In the event of default ,Additional interest at the rate of 3% per month will apply on the defaulted EMI for the defaulted no. of days Pre Closure charges applicable .
Vyapar Mitra -
Minimum -Rs 10000
Maximum- Rs 5,00,000
Upto 1 month 18% 18%
>1 upto 2 months 22% 22%
>2 upto 3 months 24% 24%
>3 upto 6 months 27% 27%
> 6 months 30% 30%
Processing fee 0.05% of loan amount subject to a maximum of Rs 100/-
(charged only for the first pledge)
Traders Flexi Gold loan (TFL) 0-30 days 22% 22%
31-90 days 24% 24%
91-180days 27% 27%
Minimum Amount Rs.50000
(Max. Tenor 6 months)
Abv180 days 30% 30%
1. Interest is charged on Monthly compounding basis for Express Gold loan & Special 16. For others it will be on ab initio basis from the beginning.
2. In all cases interest slab will shift back to original rate at which the loan was availed if interest is paid up to date along with additional charges if any from the date of clearance of default
3. Service Taxes as applicable will be collected extra along with processing fee.
MSME loans
SME Loan- (Hypothecation of Stock )
Minimum : Rs 5,000
Maximum : Rs 50,000
24%p.a Repayment through daily installment (EDI) collected in 104 business days.
Customer will be charged a default rate of 3%per month on the defaulted EDI amount for delayed number of days, if the EDI is not paid every day.
Processing charges : Rs.300+Serv Tax.
Collection cum Service Charge: 1% of loan amount
or Rs.150 whichever is higher.
Suvidha Loan- ( Short term business loan)
Minimum : Rs 5,000
Maximum: Rs 15,000
24%p.a Repayment through daily installment (EDI) collected in 104 business days.
Customer will be charged a default rate of 3%per month on the defaulted EDI amount for delayed number of days, if the EDI is not paid every day.
Processing charges :Rs.150/- Serv. Tax
Collection cum Service Charge: 1% of loan amount or Rs.150 whichever is lower.

Processing charges :Rs.150/- Serv. Tax
Collection cum Service Charge: 1% of loan amount or Rs.150 whichever is lower.

* All interest rates mentioned are p.a only

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What is the Muthoot Fincorp Express Gold Loan scheme?

It is a loan given against the security of Gold with a bullet repayment option

How is the loan amount calculated?

The loan amount is calculated based on the weight of gold. We disburse upto 60% of the value of gold pledged under the normal scheme.

Is there any scheme wherein I can get 100% of value of gold as loan?


Will the loan amount be given to me in cash immediately?

Yes. The loan amount will be paid in cash across the counter.

What is the percentage of interest charged and are there any service charges that I have to pay?

The current rate is 24% per annum on diminishing balance. 22% p.a on a daily diminishing balance available in select states.Service charges are: applicable at following rates in all states (Not applicable in Kerala)

Service charges are:-  
UptoRs 5000/- Rs 6/-
Rs 5001/ to Rs 10000/- Rs 11/-
Rs 10001/- to Rs 20000/- Rs 22/-
Rs 20001/- to Rs 50000/- Rs 45/-
Rs 50000/- to Rs 200000/- Rs 84/-
Above Rs 200000/- Rs 112/-

Are there any additional charges for repayment in cash for gold loan?

Yes, for cash remittances above Rs 25000/- towards gold loan repayment, service charge at rate of 0.25% plus applicable service tax @ 12.36% will be levied.

Is it a flat rate of interest that I have to pay?

No, it is not flat rate but daily diminishing rate .The interest is charged on the outstanding balance of the loan.

Do I get an account number?

Yes. We will be giving a loyalty number which you can produce each time you avail a loan; thereby you are exempted from paying the service charges every time.

What is the amount received if I pledge 1 gram of gold?

The minimum weight accepted for pledging is 2 grams and the rate applicable as per the LTV norms for the day will be disbursed. The minimum loan amount is Rs 500/-

Can I pledge ornaments studded with stones?

Yes you can. The weight of the stone will be reduced while arriving at the amount of loan.

Is there any ceiling on the maximum amount that I can avail at a time?

There is no ceiling on the maximum amount that can be availed.

Can I pledge more than once in a day?

Yes you can pledge any number of times in a day.

What is the loan amount if I pledge 24 carat gold bar/coin?

You are not eligible to avail loan by pledging 24 carat gold bar as per latest RBI regulations.

How is the repayment of loan done? Is there an EMI calculated?

There is no fixed EMI and therefore you can remit any amount at any time to reduce your interest burden.

If I wish to release gold pledged by me in the morning today itself will I be charged interest?

Yes. The minimum interest payable is for 7 days irrespective of how soon it is released by you.

What are the documents to be submitted by me for availing the loan?

Customer has to bring a valid identity proof and address proof at the first time.

Can the amount be remitted daily?

Yes. Repayments can be made in any mode i.edaily, weekly or monthly as per customer convenience, however it should be ensured than interest needs to be remitted within 3 months

If I am unable to pay interest on time, what are the penal charges?

If interest is not remitted for 3 months, the interest rate applicable will be 27%. If interest is not remitted for 6 months, the interest rate applicable will be 30%. If no interest is received even after 6 months penal interest at the rate of 6% on the interest due will be charged from the 7th month. The penal interest rate will progress by 1% in the coming months, if no interest is paid.

Will I be informed if my loan becomes overdue?

Yes .You will be informed of the same by notice sent by post to the address given.

Is part release of Gold pledged possible?

Yes. Part release of gold pledged is possible to the extent of amount paid with upto date interest.

What procedure if I misplace the receipt of the gold pledged?

For amount less than Rs 5000/- an indemnity bond by customer on plain paper is to be submitted at the time of release of gold. For amount higher than Rs 5000/-an indemnity bond on an Rs 50 stamp paper has to be submitted by customer.

If I am unable to service the interest what is the time limit before which the gold will be auctioned?

Notices to the customers are sent after 3, 6 and 11 months. Gold is auctioned after 13 months after exhausting all means of recovery.

Can a third party remit the outstanding amount for closure of my loan?

Yes. The amount can be remitted by a person other than the borrower. However, in the event of closure of loan, the ornaments will be handed over only if the borrower comes in person to collect the same or else an authorization letter has to be produced

Express Gold Loan Vidya Plus Gold Loan Muthoot Gold Loan

Muthoot Fincorp
Muthoot Fincorp
Muthoot Fincorp


All segments are targeted


  • Attractive interest rate of 18%
  • Maximum LTV
  • Flexible repayment options
    1. Bullet payment of interest and principal
    2. Part payment of interest and principal
  • Payment can be done at any of the MFL branches or through online mode
  • Simple documentation and Quick processing
  • Once registered with 24x7 EGL, customer can get loan from Express Gold loan at anytime from anywhere if there is residual balance in his loan account.


  • Maximum Loan amount: Rs. 99,999/-
  • Tenure: 9 months
  • LTV: Maximum as applicable from time to time.
  • Part payment and pre-closures allowed.


  • Rate of interest: 18% p.a on daily reducing balance.
  • Interest will be charged for minimum 7 days.
  • Interest will be charged on monthly compounding basis.
  • Customers to be informed for Monthly Servicing of Interest as it will be beneficial to the customer.
  • Interest and payment towards principal can be made through
    1. Any of the 3500+ MFL branches across India.
    2. Online Payment – Epay (Paytm/Net banking/Debit card)
  • Release can be made only from the branch where the ornament has been pledged.
  • Interest calculated on ab initio basis.
  • Interest rate - Rs. 1.47 for Rs. 100 per month diminishing per annum.


  • Processing fee: Rs.10/- for each pledge (irrespective of new or repeat) + applicable service tax.

Default scenario

  • Interest is to be served regularly i.e., every month to avoid interest slab change to higher rates.
  • A grace period of 2 days is permitted for interest payment only for the first default slab ( 0-30 days) ; higher interest slabs will be applicable ab initio if the borrower does not make the interest payment within the 2 day grace period.
Interest Rate Slab change
18% upto 30 days
21% 31 days -60 days
24% Above 60 days


  • Application form
  • KYC documents of the borrower
  • Purity and Ownership Certificate
  • Pledge form- Pre-printed Pledge form (as in the case of Express GL) to be used.
  • All other formalities and procedures to be followed which is same as that of our Express Gold Loan.


Gold loan notices in the revised Vidya Plus will be rescheduled as follows:
  • 3 months: Ordinary notices
  • 5.5 months: Ordinary notice
  • 7.5 months: Registered notice
  • Auction notice through registered post.
  • It is also to be noted that the monthly interest calculation in Vidya Plus will be done with 360 days in a year and the same will be printed in the Pledge form generated.

Each of these products cater to different target segment OR different requirements within the same segment.

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