- Want to get Loan Against your Gold? Know why Muthoot Finance Gold Loan will be perfect for you!
- Know about the various schemes, applicable interest rates and maximum loan eligibility
Seeking a gold loan to meet your urgent needs? Well, Muthoot Finance is where you should apply for the same. The top non-banking finance company (NBFC) offers impressive loan amounts based on the value of the gold ornaments you submit to it. What’s also impressive is that the lender provides different gold loan schemes customized to meet different requirements of the customers. The lender has also eased interest rates on the gold loan to ensure you repay it comfortably.
The lower gold loan interest rate at Muthoot Finance is because of its secured nature. If you are wondering about the secured nature, then let us tell you that your gold ornaments work as a collateral or security against the loan amount you will get. Opting for a Muthoot Finance Gold Loan is so easy that you can get the loan amount anywhere, anytime with the help of over 3600 branches across the country. So, keep reading to learn more about Muthoot Finance Gold Loan.
Table of Contents
- 1 What are the Different Kinds of Muthoot Gold Loan Schemes?
- 2 How to Apply for Muthoot Gold Loan?
- 3 How is the Market Value of Your Gold Jewelry and Ornaments Calculated?
- 4 How to use the Gold Loan Calculator?
- 5 Documents Needed
What are the Different Kinds of Muthoot Gold Loan Schemes?
The needs of an individual can be different from each other depending on which stage he/she is in. Muthoot Finance understands this aspect very well, and that’s why there are so many schemes which you can choose from. You should choose the one which is most suitable for you according to your income, requirement, and repayment capability.
Muthoot Finance offers mainly five types of gold loan schemes. These are the Blue Guide, Blue Bright, Blue Power, Blue Big, and Blue Smart Gold Loans. In the below table, you can have an overview of all of these schemes.
|Gold Loan Schemes||Loan Amount||Interest Rate||Tenure||Processing Fee|
|Blue Guide||Upto INR 99,999||Starting From 15% per annum||9 to 12 Months||INR 12 to INR 20|
|Blue Bright||INR 1 lakh to less than INR 3 lakh||Starting From 19% per annum||9 to 12 Months||Nominal|
|Blue Power||INR 3 lakh to INR 7,99,999||Starting From 17% per annum||9 to 12 Months||0.25% of the loan amount|
Min of INR 1,200
|Blue Big||From INR 8,00,000||Starting From 15% per annum||Upto Maximum of 9 Months||0.25% of the Loan Amount |
Maximum of INR 3,600
|Blue Smart||As low as INR 5,000||Starting From 15% per annum||3 to 36 Months||INR 50 inclusive of GST|
Now you must have got a basic idea about all these schemes. Let’s know about them in detail so that you could choose the suitable one for you without any stress.
Muthoot Finance Blue Guide Gold Loan Scheme
This Muthoot Gold Loan scheme is perfect for those individuals who are looking to fund their small day to day requirements. You can get a maximum loan of upto INR 1 lakh. You can opt for this viable financial product and overcome any financial emergency that you are facing. The interest rates start from 15% per annum and the final rate will be fixed based on your overall profile.
You can choose a repayment period from 9 to 12 months according to your repayment capability and fund requirements. You can also make the payments on a daily, weekly or monthly basis and your interest rate will be fixed even if there is a delay in your monthly repayments for some reason. Other than this, if you want to pay the total principal and interest amount in one go, you can opt for the Bullet Repayment Method too. The processing fee is merely ranging from INR 12 to INR 20. It’s hard to believe, but it is the truth!
Muthoot Finance Blue Bright Gold Loan
This Gold loan scheme by Muthoot Finance is designed especially for those individuals who are independent or are earning their livelihood. At such times, they could require funds for their downpayment of the car, funding their travel or marriage, or for setting up a new business. All these needs can be easily fulfilled by this loan facility. You can get a loan amount ranging from INR 1 lakh to less than INR 3 lakhs for a period of 9 to 12 months.
You will have to submit the basic KYC documents to apply for this loan facility and the interest rates start from 19% per annum. The final rate of interest will be decided by the lender after assessing your overall profile. Also, you will get the maximum loan amount based on your gold value. Usually, Muthoot Finance gives upto 75% of the total value of your gold as the loan amount. For example, if your overall gold value is INR 2 lakh, you could get a maximum loan amount of INR 1.5 lakh.
Muthoot Finance Blue Power Gold Loan
After the financial independent stage, everyone faces some bigger fund requirements in their life for purposes such as home improvement, travel plans, children’s education, marriage, buying a new car, etc. For such big purposes, Muthoot Finance provides Blue Power Gold Loan where you can get a loan amount ranging from INR 3 lakh to anything less than INR 8 lakh. The eventual loan amount, of course, will depend on your gold value.
The interest rates for this scheme will start from 17% per annum and will depend on a few factors. The repayment period will be a maximum of 9 to 12 months. The processing fee will remain as 0.25% of the loan amount which can be a maximum of INR 1,200. The best thing about this is if you want to prepay your loan amount, there will be no extra charges for it.
Muthoot Finance Blue Big Gold Loan Scheme
As you can see the name of this scheme has BIG in it, it stays true to its name by giving your big value, big advantages, and big awards by opting for this loan. This loan is made for those whose fund requirement is above INR 8 lakh with a repayment period of 9 months. The interest rates start from 15% per annum. If you want to part release and part payment towards principal and interest, you can do this through this loan.
The processing fee for this loan is the same as the Blue Power gold loan scheme standing at 0.25% of the loan amount. However, the maximum cap is higher at INR 3,600. One thing you also need to remember is that interest will be only applicable to the reducing balance.
Muthoot Finance Blue Big Smart Gold Loan Scheme
With this loan facility from Muthoot Finance, you can opt for as low loan amount as INR 5,000 at interest rates starting from 15% per annum. Through this loan facility, you can estimate your monthly installments with not only your interest rate but with your loan amount and tenure.
You can choose your repayment mode for a tenure of 3 to 36 months. However, you need to remember that 36 months’ tenure applies to those individuals who are opting for a loan amount above INR 5 lakh. The processing fee of INR 50 is inclusive of GST, plus there’s a free registration of the NACH.
Muthoot Finance 24*7 Express Gold Loan Facility
One of India’s first services by Muthoot Finance, individuals who have not taken up their maximum permissible loan amount by now, can opt for the loan amount without visiting the branch at any hour of the day all year. This is like a top-up loan on your existing loan amount.
Let’s understand through this an example. As we have told you earlier that you can opt for a maximum 75% of the overall gold value as the loan amount. Suppose your maximum permissible loan amount is INR 3 lakh, and you have taken only a loan amount of INR 2,40,000. So with the 24*7 Express Gold Loan facility, you can opt for the remaining INR 60,000 at any hour of the day by just sending an SMS to 7994999999.
So, you can see that for this service, you neither need any Smartphone nor Internet Connection to get the loan amount. You only need a basic phone to send the SMS and the amount will be transferred into your account instantly. This is surely an amazing way to opt for the top-up loan amount for customers who have already taken any of the Muthoot Gold Loan facilities and require an additional amount.
How to Apply for Muthoot Gold Loan?
Now you have got enough information about all the Gold Loan schemes by Muthoot Finance, so you must want to know about the process through which you can apply for it. Well, the application process is quite easy and it can be done via both online and offline methods. We are providing you details about both of the methods below which you can check.
If you want to apply for this loan in an offline method, then you just have to go to one of the nearest branches of Muthoot Fincorp which are more than 4,200 across the country and continuously growing. The representatives over there will tell you about the gold loan schemes in detail and help you at each step of the process. So you don’t need to worry even a bit. To know more about this, you can also contact the customer care number which is 1800-102-1616.
If you don’t have the time to visit the branch and want to apply through the online way then you can do it too. For this, you just have to visit the official website of the Muthoot Finance and there you will see the ‘Apply Now’ button in the Gold Loan section of the website. As soon as you click on that option, you will need to submit a few details like your name, Mobile Number, email id, residing city. After you submit the application, the representatives of Muthoot Finance will contact you regarding your loan application.
Apart from this, you can also opt for another process – through the Muthoot Blue Application available both on Android and iPhone. You just have to download this application on your phone and you can apply from this too. Apart from applying, you can do the following things as well.
- You can check the Gold Loan Rate in the residing Area
- Know about your Active Loan Details
- Interest and Principal Portion of your Gold Loan
- Know about your Gold Loan Eligibility Amount
- You can know the location of the nearest Muthoot Finance Branch
- Loan Repayment via scanning the QR Code
- You can also schedule an appointment in the nearest branch to know more products
- Details of various Muthoot Finance products
- Information about Blood Donors in your Area
How is the Market Value of Your Gold Jewelry and Ornaments Calculated?
As we told you, you will get the loan amount by putting your gold ornaments and jewelry as the collateral. And your loan amount will depend on the overall value of your gold. So you must be thinking about how Muthoot Finance will calculate the overall value of your gold?
Well, to estimate the overall value of your gold, Muthoot Finance used the average price of the Gold for the last 30 days. For this, you can visit the nearest branch of the Muthoot Finance and know about the value of your gold. The loan amount depends on the purity and value of your gold. Higher the purity of your gold will, the higher will be the loan amount. To know more about this, you can use the Gold Loan Calculator.
How to use the Gold Loan Calculator?
With the help of the Muthoot Gold Loan Calculator, you can know the loan amount you can get based on your gold value, your eligibility. And apart from this, you can also know the interest rates at which you will get the loan and the number of required EMIs for the repayment. With this tool, you can know the best value for the gold you are putting as collateral. To use this calculator, you just need to follow these simple steps.
- Go to the official webpage of the Gold Loan EMI Calculator.
- Submit the required loan amount.
- Select your current residing city.
As soon as you fill all these details into the calculator, it will give you a table showing various schemes with different interest rates and tenure. You can choose the one which fits your repayment capacity. The calculator is quite quick and accurate, so this process will be hassle-free.
As we told multiple times before that the documentation process is quite simple and minimal. There are a few basic documents that you will need to submit while applying for this gold loan. Remember to have all these documents in check so that your application may not get rejected due to this.
You can have a look at the list of documents below.
- Identity Proof – Aadhar Card/ PAN Card/ Voter ID Card
- Address Proof – Ration Card/ Driving Licence/ Aadhar Card
How to Contact Muthoot Finance Customer Care?
In case you have a query regarding any of the Gold Loan Schemes provided by Muthoot Finance, you can get in touch with their customer care representatives. Just dial 1800-102-1616 and the representatives will hear your problems with patience and give you the plausible solution. Alternatively, you can also email to [email protected]