Muthoot Finance Gold Loan

What is Gold Loan?

Muthoot Finance is India’s renowned financial services brand. Brand Trust Report of 2018, 2017 and 2016 also indicated the same about Muthoot’s trustworthy services.  When it comes to Gold Loans then Muthoot is the first name that strikes people’s mind. The financial brand also offers business and person loans. According to IMS Research & Analytics Industry Reports (2015), Muthoot is one of the biggest Gold Financing companies in India. Gold Loan Muthoot Finance lets your relish the quick loan disbursal, pre-payment option with no penalty, no botheration of numerous documents, secure custody for gold jewelry, and satisfactory customer services.

About Muthoot Finance

Muthoot Finance Ltd. is an Indian financial corporation. It is known as the largest gold financing company in the world. In addition to financing gold transactions, the company offers foreign exchange services, money transfers, wealth management services, travel and also tourism services, as well as sells gold coins at Muthoot Finance Branches. Muthoot Finance was founded by M George Muthoot in 1939.

Features

• Know your Gold Loan eligibility in 1 minute, available online and across all branches.
• Highly competitive interest rates for Gold Loans.
• Special offers, interest rates and nominal charges for account holders.
• Special Gold Loan offers* for womens.
• ROI for tenure less than 1 year is also available at 1%.
• Generally gold loan is available at the interest rate of 10.0% to 14.5%.
• In rural areas Agricultural loan against gold is also available for agriculturist at very nominal rate of Interest of 7%-8%, proof of agricultural document needs to be provided.
• Many go for the fulfillment of their short-term goal through gold loans, such as their child’s education, marriage or other family problems. Many think that instead of keeping it idle at home or in a locker, the gold loan is the best option.

Benefits

• Simple documentation
• Competitive pricing
• Gold Loan disbursal in just 30 minutes*
• Transparent procedure
• Gold Loans available for various needs.

Documentation For Gold Loan

Simple and easy documentation for Gold Loans (though documentation varies from individual to individual). This loan is not valid for Gold Biscuits and Mangalsutra.

• A valid passport- The candidate’s passport would grasp all the required details such as name, age, and residence etc. Passport should be valid.

• A valid driving license- Driving license also holds essential details which is a prior requirement while availing the loan. Driving shouldn’t be expired.

• Voter Card- As we know election or voter card is issued by the Election Commission of India so this proof is also valid while applying for a loan.

• Adhar Card- UIDAI issues the Addhar Card and it holds all personal details. This document is also acceptable for Gold Loan.

Eligibility Criteria For Gold Loan

• Age: 21 to 65 years.
• Profession: Anybody with a Steady source of income including Bank’s Employees, Pensioners.
• Borrower will be given an option to pay only interest. This is applicable during the entire term. And at the end of the tenure, you can pay the complete borrowed amount in a single shot.
• Customer must have minimum gold of 20 grams.
• Should have documents that are required and gold (not less than 22 karats).

Know about the terms and conditions:

• • Foreclosure Charges- charges that are to be paid when the loan is closed before the tenure is completed.
  • Foreclosure charges can be up to 1%.The minimum loan tenure is 6 Months. So,foreclosure charges after 6 months are 0.
  • Charges for late payment of Loan Amount.
  • 2% p.a. as penal interest over and above the applicable rate of interest.