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Gold Loan EMI
Gold as an Asset
Since times immemorial, gold has been considered the best avenue for investment in India. In fact, buying gold is not only a safe investment, but is also considered to be quite auspicious, with festivals like Dhanteras and Akshay Tritiya being dedicated to this precious metal. Gold offers protection against inflation, is portable and easy to store, and offers easy liquidity in times of need as well. Today, it is also possible for people to buy gold on EMI, which has made it more convenient for people to invest in gold. Making a gold purchase on EMI allows you to make a significant investment with small, easy to manage payments.
Important Charges
Here are some of the most common charges that are applied on gold loan EMI plans:
Service Charge:
Applicable on fresh loans availed per account. The charge depends on the type of gold loan EMI plan that you choose and may be different for the South India branches of Muthoot Finance and for the rest of the branches in India.
Token Charge:
Applicable on fresh loans in southern India branches.
SMS Charges:
Levied per transaction. The charges are different for our branches in South India and for the rest of India.
Notice Charges:
Applicable on all gold loan EMI defaults. The charges would depend upon the number of notices that are served for EMI payment. The first three are ordinary notices and the fourth and final one is sent through registered post.
Auction Notice Charge:
Charge for sending the borrower an auction notice for their pledged gold in case the due EMIhas not been paid even after the fourth notice.
Token Lost Charges:
Applicable on all loans. This is in addition to the applicable stamp paper charge. Stamp Duty (levied state-wise): Stamp duty may vary with each state and is based on actuals.
GCL:
Applicable at the South India branches of Muthoot Finance, this is charged every 6 months, if the limit has not been used for 6 months; if the borrower conducts part-release transactions; or if a transaction has been conducted through a branch.
Factors that Affect the EMI of a Gold Loan
Using the Gold Loan EMI Calculator on the Muthoot Finance website, you can get a basic idea about what you will have to pay as EMIfor that particular loan. Visit the nearest Muthoot Finance branch and get your gold evaluated to know the exact amount of money you will be able to avail as a gold loan, based on which the gold loan EMI will be calculated. The EMI that you will be required to pay for your gold loan will depend on the following factors:
- Type of loan by Muthoot Finance that you choose.
- The loan-to-value, depending on the in-house gold evaluation.
- The amount you choose to avail as a gold loan.
- The repayment tenure you choose.
- The applicable rate of interest.
Why Muthoot Finance?
With the largest gold portfolio in the country, Muthoot Finance is the most trusted gold loan provider in India. With quick loan disbursals, attractive rates of interests, various gold loan EMI schemes, and a focus on customer satisfaction, Muthoot Finance offers access to a range of financial solutions designed to meet the varying needs of our customers. Muthoot Finance offers a wide range of gold loan amounts, loan tenures, minimal documentation, and much more.
Gold Loan Schemes
MUTHOOT
ONE PERCENT LOAN
- Small loans at low interest rates.
- Loan Amount: ₹1,500 to ₹50,000
MUTHOOT
ULTIMATE LOAN (MUL)
- Maximum loan value and discounts on timely interest payments.
- Loan Amount: Starting at ₹1,500
MUTHOOT
MUDRA LOAN
- Special loan scheme for women that’s available at South India branches.
- Loan Amount: ₹1,500 to ₹1 lakhs
MUTHOOT
ADVANTAGE LOAN
- Competitive per gram and interest rates.
- Loan Amount: ₹50,000 to ₹5 Crores
MUTHOOT HIGH VALUE
PLUS LOAN (MHP)
- Loans curated for the business community.
- Loan Amount: ₹1,90,000 to ₹5 crores
MUTHOOT
HIGH VALUE LOAN (MHL)
- Loans which are ideal for longer periods.
- Loan starting from ₹50,000 and no maximum limit
BEST VALUE SCHEME (BVS)
- Offered at South India branches only
- Loan Amount: ₹50,000 to ₹5 Crores
HIGH VALUE RETENTION (HVR)
- Offered at South India branches only
- Loan Amount: ₹10 Lakh to ₹5 crores
MUTHOOT
ONE PERCENT LOAN
- Small loans at low interest rates.
- Loan Amount: ₹1,500 to ₹50,000
MUTHOOT
ULTIMATE LOAN (MUL)
- Maximum loan value and discounts on timely interest payments.
- Loan Amount: Starting at ₹1,500
MUTHOOT
MUDRA LOAN
- Special loan scheme for women that’s available at South India branches.
- Loan Amount: ₹1,500 to ₹1 lakhs
MUTHOOT
ADVANTAGE LOAN
- Competitive per gram and interest rates.
- Loan Amount: ₹50,000 to ₹5 Crores
MUTHOOT HIGH VALUE
PLUS LOAN (MHP)
- Loans curated for the business community.
- Loan Amount: ₹1,90,000 to ₹5 crores
MUTHOOT
HIGH VALUE LOAN (MHL)
- Loans which are ideal for longer periods.
- Loan starting from ₹50,000 and no maximum limit
BEST VALUE SCHEME (BVS)
- Offered at South India branches only
- Loan Amount: ₹50,000 to ₹5 Crores
HIGH VALUE RETENTION (HVR)
- Offered at South India branches only
- Loan Amount: ₹10 Lakh to ₹5 crores
-
GOLD LOAN SCHEMES
Avail the best interest rates and quick loan disbursals with Muthoot Finance.
Get More Details
Service Charges relating to Gold Loan
| SL No. | Type of Charges | Corporate | Rate of charges applicable | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Service charges -Fresh loan- Rate applicable on loan amount (IPL) |
Southern Branches |
IPL (1%) ( For 12 months period only) | ||||||||||
| 2 | Service charges -Fresh loan- Rate applicable per account (ZIL/ZIP) |
ALL |
ZIL/ZIP-Rs.50/loan | ||||||||||
| 3 | Service charges -Fresh loan - Rate applicable per account (MBD/MBE) |
Rest of India |
MBD/MBE-Rs.2,500/loan | ||||||||||
| 4 | Security charges- Fresh loan |
Rest of India |
0.15% of loan amount- Minimum Rs.60/- and Maximum Rs.600/- | ||||||||||
| 5 | Token charges- (For schemes except given in Sl no.1, 2, 10 & 11) |
Southern Branches |
Loan up to Rs.10000/- -->Rs.10/- and Above Rs.10000/- -->Rs.20/- | ||||||||||
| 6 | SMS charges |
ALL |
Rs.5/per quarter at the time of closure or renewal | ||||||||||
| 7 | Notice Charges (Applicable for loans under all schemes) |
Southern Branches Rest of India |
3 ordinary notice Rs.30/each and 4th notice-Registered-Rs.100/- 3 ordinary notice Rs.30/each and 4th notice-Registered-Rs.100/- Auction Notice charges Rs.120/- |
||||||||||
| 8 | Token lost charges (Applicable for loans under all schemes) |
ALL |
Rs.25/-(in addition to cost of stamp paper applicable) | ||||||||||
| 9 | Stamp duty levied by State Governments |
States🡪Karnataka , Andhra and Rajasthan |
Actuals where ever applicable | ||||||||||
| 10 | GCS |
Southern Branches |
1.Rs.999/- per 6 months (in case the limit is not used over a period of 6 months) 2.If the transaction is through branches then Rs.99/- per transaction |
||||||||||
| 11 | GCL |
Rest of India |
1.Rs.999/- per 6 months (in case the limit is not used over a period of 6 months) 2.Part release charges of Rs.499/- per transaction 3.If the transaction is through branches then Rs.99/- per transaction |
||||||||||
| 12 | Loan @ Home charges |
ALL |
Upto Rs.500/- for loan @ home services | ||||||||||
| 13 | Loan @ Home charges |
ALL |
|
||||||||||
| 14 | Door to Door collection charges (Follow up for interest / loan recovery) |
Southern Branches |
Rs.150/- plus GST per customer for recovery made through customer follow up visit |
What is a Gold Loan?
With the option to make a single repayment or through EMI, a gold loan is a secured loan that you can avail against your gold as security. At Muthoot Finance, you can avail gold loans with ease to fulfil any immediate financial need.
Unlike other secured loans, the applicant’s credit history has no impact on gold loan eligibility, and there are no restrictions on the end-use of the money borrowed through a gold loan. After all the gold loan EMIs have been paid off, the pledged gold is returned to the borrower.
EMI Plans for Gold Loan Repayment
The applicant can pledge any form of gold, like ornaments, jewellery, gold bars, gold coins, etc. to avail a gold loan. Generally, the borrower can avail a gold loan for a tenure ranging from 7 days to 12 months, at the end of which they are required to make a lump sum payment (borrowed amount + interest charged) to get their gold back.
However, at Muthoot Finance, to make it even more convenient for customers to avail a gold loan, we have introduced special gold loan EMI plans. Under these plans, borrowers can repay the loan amount along with the interest in the form of equated monthly instalments to make repayment easier to manage. Borrowers can also choose a loan tenure of up to 3 years when they opt for a gold loan EMI plan by Muthoot Finance.
Before Choosing a Gold Loan EMI Plan
EMIs are the most common form of repayment for various types of loans. Applicants can borrow a lump sum amount of money and repay it in small, regular instalments, making it easy for people to meet their immediate financial requirements. Muthoot Finance offers a range of gold loans with flexible repayment options. A good credit history, proof of stable income, etc. are not pre-requisites for availing a gold loan, as your gold loan eligibility depends solely on the gold you wish to pledge.
Using the gold loan calculator on the Muthoot Finance website, enter the weight of the gold you wish to pledge and the purity of the gold, and based on the current rate of gold, the calculator will give you an approximate amount that you are eligible to avail as a gold loan against that gold.
Once you have a better idea about your gold loan eligibility, you can explore the various gold loan EMI plans to buy-in into the one that suits you best.
Muthoot Finance also offers a gold loan EMI calculator where you can enter the loan amount and tenure for a tentative EMI amount that you will be liable to pay for the loan.
Gold Loan EMI Plans by Muthoot Finance
With the largest gold loan portfolio in India, Muthoot Finance offers a wide range of gold loans, starting from loan amounts as low as Rs. 1500 and tenures as short as 7 days. When you pledge your gold purchase for an EMI-based loan from Muthoot Finance, you get several benefits, apart from the easy repayment.
Muthoot Finance offers various gold loan options with varying interest rates, flexible repayment options, freedom to choose a loan tenure based on your needs, quick disbursals, range of loan amounts, and much more. With Muthoot Finance, you can rest assured that you will get the best rate for your gold as well as the most competitive interest rates in the market. Muthoot Finance also offers several discounts and rebates on timely EMI payments*.
* Only applicable on certain gold loan plans.
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NORTH, EAST & WEST INDIA TOLL-FREE NO.:
1800 313 1212
SOUTH INDIA CALL CENTER NO.:
99469 01212
WRITE TO US:
mails@muthootgroup.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM
Refer a Friend*
Refer a friend & get a Chance to
Win Exciting Muthoot Finance Merchandise
Ask an Expert
NORTH, EAST & WEST INDIA TOLL-FREE NO.:
1800 313 1212
SOUTH INDIA CALL CENTER NO.:
99469 01212
WRITE TO US:
mails@muthootgroup.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM
WHAT OUR CUSTOMERS HAVE TO SAY
Maharashtra Speaks
Words from Gujarat
If you are looking for a gold loan, I would 100% suggest that you visit Muthoot Finance. They have a lot of schemes that you can choose from, based on your requirements and the process to avail the loan is very simple.
Sunil B
Kamla Devi
Words From Bengal
I was searching for a gold loan near me and that is when a lot of people suggested me to go for Muthoot Finance. It is counted amongst the most popular gold loan providers in India so it was a logical choice as well. I got the exact amount that I needed and I am glad I chose them. A thing that I liked the most about is that they provide pre and part payment options.
Megha Patil
I chose to avail a gold loan from Muthoot Finance as it is one of the most trusted gold loan providers and I had only heard good things about their services. The great thing about availing a gold loan from here is that you are offered different benefits such as quick loan disbursal, minimum documentation, etc. Taking a gold loan from the company is really easy. They have quite a simple process for availing a gold loan.
Sneha Singh
FAQs
A gold loan is an excellent option to meet short-term financial needs. If you're thinking about acquiring a gold loan, you should first verify your eligibility with Muthoot Finance's Gold Loan Calculator, then look at the interest rates available under various gold loan schemes and use the gold loan EMI calculator to ensure affordability.
The gold loan EMI calculator is a tool for calculating your monthly EMI on the loan you are accumulating. The calculator calculates the principle and interest payments you'll have to make throughout the course of the loan. It is very easy to calculate the EMI for your gold loan by entering basic information which will help to calculate the amount of EMI.
You may use the gold loan EMI calculator on the Muthoot Finance website to assess the value of your gold per gram based on current gold rates. In order to calculate the gold loan, you need to upload basic information such as the weight of the gold, the type of gold, and the amount you require, which estimates your gold loan eligibility.
Muthoot Finance provides the gold loan calculator online on their website that is very easy to access. In order for eligibility to be calculated to need to provide the following information:
1. Name
2. Contact number
3. Weight of gold
4. Type of gold
5. The amount you require
6. State
7. Email ID
A gold loan is a secured loan that helps cater to a variety of financial needs and expenses. There are a few things that impact your gold loan EMI payments when you get a gold loan from Muthoot Finance. These include things like your loan amount, credit score, external benchmarking, monthly income, and so forth. Before determining the rate of interest, a lender will take these things into account.
Lender serves notices for non-payment of EMIs.
You can pay back your whole loan before the end of your loan term without incurring any foreclosure costs or prepayment penalties.
EMIs can be made online or through Muthoot Finance's branches
Gold Loan EMIs can be prepaid, with no prepayment charges.
You can calculate the value of your gold per gram using the gold loan EMI calculator on the Muthoot Finance website. You can input some basic data in order to calculate the gold loan, like the amount you need, the type of gold, and the weight of the gold. This information also helps to determine your eligibility for the loan.
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