Muthoot Finance Gold Loan Rate Interest
Gold loan is one of the preeminent ways of creating wealth in the economy. With over 6 million loan accounts in its loan portfolio, Muthoot Finance is recognized as a pioneer in Gold Financing.
They are spread over 4100 branches over 21 states and 4 union territories. Customers ranging from farmer to salaried employees seeking financial aid can get gold loan varying from a principal amount of 1500 to 1 corer.
They provide both personal and business loans secured by gold jewellery or gold loan, primarily to individuals who possess gold jewellery but could not access formal credit within a limited period or whom credit may not available at all. It is to meet the unanticipated or short-term liquidity requirement. It is the largest gold loan financing company, for instant loan against gold.
It takes no more than few minutes for your gold to generate cash. Muthoot Finance Gold Loan disburses the loan very quickly, with a minimal document, and many other facilities.
There are various schemes for the customers, such as,
- Express 3 minute gold loan-Daily interest scheme. The annual interest rate is24persent on the reducing balance.
- Express 3 minute gold loan-up to 2 lakhs. This scheme is on 22persent per annum, on the reducing balance. But this scheme is available only in Kerala, Tamil
Nadu, Karnataka, and Andrapradesh.
- Smart+Gold Loan, this is an EMI scheme, with annual interest rate of 24percenton reducing balance.
- Another scheme is Traders Flexi Gold Loan; its annual interest rate is 24persent on its reducing balance.
- Fair Value Loan is for 3 to 6 months and above, and its annual interest rate is 17persent, 20percent, 24percent.
- Gold Loan Instalment Scheme is for 18 months, 21 months, 24 months with an interest rate of 16.75percent, 17percent, 17.25percent.
For loan outstanding for more than 12 months, a penalty @2pescent will be charged. In all cases extra interest@3percent per annum for every 3 months will be charged, if the event interest is not serviced regularly, monthly or quarterly as agreed. Also if the event interest remains un-serviced beyond 6months, additional interest will be charged on the amount of interest outstanding at 1percent for every completed month of default.
Since banks have increased their lending rates so many gold finance loan companies have increased their interest rates, also Muthoot Finance Gold Loan increases its interest rates from 19.7percent to 21.6percent, but still the gold loan interest rate in other companies is greater than the Muthoot Finance Gold Loan Interest Rates. They do not charge any penalty for pre payments of the balance amount. This company gives very competitive interest rates on gold loan.
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