Muthoot Finance Personal Loan

Highlights

  • Being Recognized as One of the Best Financers to Avail a Gold Loan , Muthoot Finance is Now Offering a Personal Loan to Meet the Varied Needs of All

  • The Lender Offers a Personal Loan Starting from ₹50,000

If you are finding difficult to raise funds for your varied personal needs, Muthoot Finance Personal Loan is the right choice. Being one of the oldest and reputed financers in India, it would not be wrong to say that Muthoot Finance is a name you can trust. This renowned NBFC is best known for catering the multiple needs such as travel, debt consolidation, medical emergency and home renovation by providing the best of personal loan instantly. So, without wasting any time further, let’s just try to understand more about the same in the page below.

Personal Loan

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    Muthoot Finance Personal Loan Interest Rates

    ParticularsDetails
    Interest Rate13.75% - 25%
    Loan AmountStarting from ₹50,000
    Tenure12 - 60 Months
    Processing Fee 2% - 3.50%

    Muthoot Personal Loan Interest Rates September 2021

    Category Net Salary Processing FeeRate
    CAT A & B NTH>750002.50%14.50%
    60000 -749992.50%16.25%
    40000 - 599992.50%16.50%
    30000 - 399992.50%19.00%
    20000- 299992.50%21.00%
    Central Govt.NTH>750002.25%14.50%
    60000 -749992.25%16.00%
    40000 - 599992.25%17.00%
    30000 - 399992.25%20.00%
    20000- 299992.25%21.00%
    15000 - 199992.25%22.00%
    State Govt.NTH>750002.25%15.00%
    60000 -749992.25%17.00%
    40000 - 599992.25%18.00%
    30000 - 399992.25%21.00%
    20000- 299992.25%23.00%
    15000 - 199992.25%24.00%
    CAT CNTH>750003.50%16.50%
    60000 -749993.50%17.50%
    40000 - 599993.50%19.00%
    30000 - 399993.50%22.00%
    20000- 299993.50%24.00%
    CAT D (Listed)NTH>750003.50%16.50%
    60000 -749993.50%18.00%
    40000 - 599993.50%20.00%
    30000 - 399993.50%22.00%
    20000- 299993.50%24.00%
    CAT D (Unlisted)NTH>750003.50%19.00%
    60000 -749993.50%20.00%
    40000 - 599993.50%22.00%
    30000 - 399993.50%23.00%
    20000- 299993.50%25.00%
    SegmentCIBILProcessing FeeRate
    Govt.Employees CIBIL-1,0 & NTC3.50%25%
    Premium ProductSalaryMandateProcessing FeeRate
    DoctorsNet Salary 75K PlusCIBIL Score >=7252.00%14%
    Own House Mandatory
    Irrespective of the CategoryNet Salary 75k - 1 LakhCIBIL Score >=7502.00%14%
    Net Salary >1.00 LakhOwn House Mandatory2.00%13.75%

    Muthoot Finance Personal Loan Eligibility

    When it comes to the personal loan eligibility, there is no denying the fact that different lenders have different norms. But for your better understanding, we have mentioned below the general criteria for both salaried and self-employed individuals.

    Eligibility for Salaried Individual

    • Minimum age of the applicant: 23 years
    • Maximum age of the applicant: 60 years
    • Minimum work experience: 1 Years
    • Minimum Net Monthly Income: ₹ 15,000

    Eligibility for Self Employed Individual

    • Minimum age of the applicant: 23 Years
    • Maximum age of the applicant: 65 Years
    • Minimum work experience: 3 Years
    • Minimum Net Annual Income: ₹ 1 lakh

    FOIR Calculations

    Net SalaryFOIR
    <=30K (Rented House)40%
    <=30K (Owned House)50%
    >=30K - 50K60%
    >=50K 65%

    Balance Transfer Norms

    • In case of Personal Loan Transfer – Personal Loan with minimum repayment of 12 months.
    • In case of Credit Card Transfer – Vintage of Credit Card to be at least 12 months old.
    • Latest Month credit card statement to be documented.

    Muthoot Finance Personal Loan EMI Calculator

    If you are getting confused as what’s gonna be the exact amount of your monthly instalment. Nothing to worry because a personal loan EMI Calculator is here to help. This smart and magical online tool allows you to know the exact calculations of your EMIs and Interest Outgo in the least time frame. The moment you feed:

    • Loan Amount
    • Tenure
    • Interest Rate

    The device then starts to function and fetches the results for you in just a few seconds. Yes, it is that quick! It is easy to use the same and because of its 24×7 accessibility, it is widely used by many loan seekers.

    Let’s just understand the concept of the same with the help of an example below.

    Suppose, Ankit Verma, a 30-year-old, Corporate Manager by profession is looking for a personal loan of say ₹2 Lakh so as to renovate his home. After receiving his loan application, Muthoot Finance got agreed to offer the loan at an interest rate of 10.75% per annum for a tenure of 4 years. So, let’s just figure out what’s gonna be the EMI and Interest Outgo in this case.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00010.75%1₹ 17,653₹ 11,836₹ 2,11,836
    ₹ 2,00,00010.75%2₹ 9298₹ 23,161₹ 2,23,161
    ₹ 2,00,00010.75%3₹ 6524₹ 34,867₹ 2,34,867
    ₹ 2,00,00010.75%4₹ 5145₹ 46,953₹ 2,46,953

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 42,281₹ 19,457₹ 1,57,718
    2₹ 47,057₹ 14,681₹ 1,10,661
    3₹ 52,372₹ 9366₹ 58,288
    4₹ 58,334₹ 3450₹ 0

    Documents Required for Muthoot Finance Personal Loan

    Documentation is one of the major reasons for a loan rejection as, without a complete set of documents, most of the lenders either delay or reject an application. So, it is important that you have all the documents ready before applying for a personal loan.

    • Loan Application Form
    • Passport Size Photographs
    • Identity Proof: PAN Card/ Voter ID Card/Aadhaar Card/Driving License
    • Address Proof
    • Employment Proof
    • Signature Proof
    • Income Proof: Last 3/6 Months Bank Statements, Audited Financials for the Last 2 Years

    Muthoot Finance Personal Loan Customer Care Number

    In case you have any query, concern, complaint or feedback, you can get in touch with the customer care executives of Muthoot Finance. All you need to do is just dial 18001211210/+91-8000451451/+91-11 3051 3051 either from your landline or mobile in order to be in touch with the highly experienced team of experts to get the best solutions.

    Features & Benefits of Muthoot Finance Personal Loan

    • Faster Processing
    • Minimum Documentation
    • Flexible Repayment Options
    • Doorstep Service
    • Attractive Interest Rates

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