Know Everything About Muthoot Gold Loan Scheme

The Muthoot Group started as a small trading business company in a village (Kozhencherry) of Kerala. It has a family legacy of more than 800 years. Now recognized as an NBFC, it provides people in India financial services and gold loans. Muthoot finance gold loan scheme? The Muthoot gold loan is one the most popular schemes by the NBFC and serves borrowers with quick funds between Rs. 1,500 and Rs. 1 crore in no time. Loans can be approved within a day. The tenure is also flexible between 7 days and 36 months. Compared to many other lending institutions and banks, the company has gained repute and made its mark in finance industry.

Know Everything About Muthoot Finance Gold Loan Scheme

More on the Muthoot Group in India:

The Muthoot Group has 18 diversified divisions- wealth management, healthcare, Forex, financial services, money transfer, vehicle and asset finance, securities, leisure and hospitality, housing and infrastructure, IT, media, power generation, plantation and estates, travel services, precious metals, housing finance and overseas operations, education. The company is headquartered in Kochi and has its corporate office in New Delhi. The group has presence in all union territories and states of India and even present in UK, USA, Sri Lanka, Central America, and UAE. 

It was under the leadership of the Chairman- M.G George Muthoot, Managing Director- George Alexander Muthoot, Jt. Managing Director- George Thomas Muthoot and George Jacob Muthoot, did the group come into existence and broadened its reach across the country in retail operations and financial services.

Details about Muthoot Gold Loan Scheme:

The gold loan scheme is for everyone who is over 18 years of age and has valid type of gold- jewellery and bank-purchased gold coins. One can borrow for the purpose of agriculture as well, but need to submit proof of the farming activity. Women can also borrow money under this scheme, for personal or business purpose. Both women and farmers can get a discount of 1 to 2 percent in the interest rate. Standard loan against gold scheme is available for others, who can use the funds for any purpose other than illegal acts and speculative purposes.

Mostly, individuals use the funds for travel, wedding, education, business, home repair, big-ticket purchase and other urgent needs. A gold loan by Muthoot is inexpensive compared to many unsecured and secured loans. The interest rates are as low as 12%. The processing fee is 0.25 percent to 1 percent of the total loan amount, making the loan budget-friendly. People can receive the funds the same-day their loan applicant gets approved. For application, one can choose either offline or online method.

Muthoot Finance Gold Loan Application Process:

Muthoot finance gold loan documents? In offline method, the applicant must visit with all documents and recent passport-sized photographs, to the nearest branch office. He should also carry the gold asset for valuation. The valuation process is done by an expert. As per the guideline of RBI, Muthoot and other banks/NBFCs can provide only up to 75 percent of the gold’s current market value. The gold content in the asset will be the only consideration to determine a loan amount. Once the valuation is done and a loan amount finalized, the borrower can get the funds the same-day into his bank account.

In online method, the documents can be uploaded on the website of Muthoot itself and the loan application can be filled there itself. After this, the applicant must visit the branch office only for the valuation process. Once that is complete, the funds get transferred to the person’s bank account. The loan against gold scheme is usually chosen for financial emergencies and requirements, which need small to huge amount of cash. As the loan is multi-purpose, people moreover opt for it and fulfil their myriad monetary needs.

Repayment Options for Muthoot Loan against Gold:

Many choose Muthoot gold loan for the ease of access. The NBFC has online app that can be downloaded on the mobile, which helps the borrowers to keep a track of their loan balance. The repayment can be done on the app itself within a click. There are no prepayment charges if the loan is closed after 3 months period. However, if a person defaults at repayment, a penalty fee will be applied. It is wise to make timely repayments to keep one’s credit score strong.

The borrower gets option to choose between bullet repayment and EMI scheme. The former entails payment of only interest amount till the tenure. The main money can be paid at the end of the tenure. In EMI scheme, the borrower has to pay the interest and principal component every month till the end of tenure. Thus, Muthoot loan against gold is borrower-focussed and provides all facilities needed to make the loan application, process, and repayment, simple.

Thus, anyone who wishes to apply for gold loan Muthoot Finance can get it an instant without hassles. Just apply online or offline and receive the funds within a few hours to pay for immediate expenses.