All the loan schemes except for Muthoot EMI scheme has a loan tenure of 12 months. , you may be better off selling the gold rather than taking loan against it. How a Virtual Credit or Debit Card Can Help? Muthoot said its gold loan business is likely to grow by more than 15% in the next three years. If you are unable to get loan from bank or unable to get the exact amount you need, then gold loan is the easiest and quickest way to get the money you need. For more on loan interest rates and FAQs on Muthoot gold loan, please visit Muthoot Finance website. Therefore, in case you are looking for a gold loan from Muthoot Finance, you are advised to do greater research before choosing the best loan product from Muthoot. iMuthoot app provides gold loan calculator, according to prevailing interest rates. Loan Amount : Rs.1,500 with no maximum limit: Loan Tenure : 30 days to 36 months HDFC Bank's gold loan calculator lets you calculate pocket-friendly EMI & lump sum amount. Muthoot Finance provides several gold loan schemes from which you can choose the one according to your requirement. All you need is a loan product that suits your needs. Therefore, the loan company also passes on the benefit to the borrower in the form of lower interest rate. While planning to avail a Gold loan, you must know how much gold you will need to take to the IIFL Branch. It has been brought to our notice that certain individuals are receiving fraudulent emails, phone calls, and messages, etc, about job vacancies with Muthoot FinCorp and they are also being asked to deposit money in certain bank accounts. The Gold Loan Interest Rate of Muthoot starts at 12% per annum. The public at large is hereby cautioned not to be misled by any such communications received through emails, message or any other communication mode. Another point, albeit not as conclusive, is that the gold loans may not really be cheap. In this article, we will discuss and compare two main gold loan providers, Muthoot and Manappuram gold loan. In such cases, the value of security may not be enough to square off the principal and accrued interest. Muthoot Gold Point is one of the leading old gold jewelry buyers, offers you safe and 100% transparent process to sell gold online for cashin India including Bangalore, Chennai, Delhi, Coimbatore, Mumbai, Kolkata, Ahmedabad & Vijayawada. However, the rate of interest can be as high as 24% p.a. Minimum Loan Amount is Rs 1,500. Low-Interest Rate: The gold loan interest rate is much lower as compared to other loans as it is a secured loan. We have done a primer on gold loans in an earlier post. Muthoot Gold Loan EMI Calculator. Penal interest will be charged at 2% above the regular rate, i.e., 26% on the overdue quantum for the overdue period. To be honest, the interest rates for most of these gold loan products are simply astounding. Note: Please understand descriptions of some of these products were not very clear from the website. Muthoot Finance is also an NBFC that is famous for providing the service of Gold Loan. Rates for the various loan schemes may differ slightly across regions. However, the rate of interest can be as high as 24% p.a. The higher the purity levels, the higher will be the loan value. In this post, I will list down various gold loan products from Muthoot Finance. When you try to sell the jewellery, something similar happens. If you know the quality and net weight of Gold ornaments, you will be able to figure out what loan you are eligible for … However, given the description of various products and the difference in rates of interest for various products, you can get this idea. Another point, albeit not as conclusive, is that the gold loans may not really be cheap. And, it can go up to 26% per annum. With a lower LTV, the gold loan company has increased its cushion. The gold shield will provide insurance coverage to Indian citizens on their gold jewellery at the time of closure of gold loan and release of the gold ornaments. You shouldn’t forget various other charges such as processing fee etc. Advertisements. After 6-12 months, when you have money in your hand, you can buy back the gold. The sanctioned loan value depends on the purity of your gold jewellery and the existing gold prices adjusted for the loan to value ratio. Not all types of loans may be available at all the branches. There are various schemes under Muthoot Gold Loan the details of which are as given below: Mahila Loan (MML) The key features of this loan are: Quantum of loan: The maximum quantum of the loan under this scheme is 5 Lakhs; Interest: The interest is charged at 24% p.a. And yes, since it is a loan, you need to pay it back. There were more than 10 products on their website. Overspent during the Festive Season? Muthoot Jewel Loan Interest Rate starts from12%. Gold Loan Calculator -Calculate per gram gold loan rate using Gold Loan Calculator. So, do keep a check on them. It is quite possible that you can get a. To be honest, the interest rates for most of these gold loan products are simply astounding. If you don’t repay, bank/NBFC will anyways auction your gold and recover its loan. Taking a Gold Loan from Muthoot Finance is a very simple process and requires minimum documentation. Tenor up to 36 months, EMI based payments. Interest rates on gold loan products from Muthoot Finance. Coming to Muthoot Finance, you will be amazed at the number of loan products a gold loan company like Muthoot Finance can have. Please be informed that such communications and practices are completely mala fide and sent with an intent to defraud the public and bring disrepute to the goodwill of our Company. I thought there will just be a product or two. I was able to get a very good rate of interest and the staff was very helpful in helping me avail the loan. In my opinion, the high number is merely a marketing gimmick. With a lower LTV, the gold loan company has better protection against volatility in gold prices. 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. Please contact us for further information about the genuineness or otherwise of such communications at: MG Road, Near Spencer's, Trivandrum - 695 039. To calculate your Muthoot Finance gold loan EMI, follow these steps: Step 1: Click here to go to Paisabazaar’s Gold Loan EMI Calculator; Step 2: Enter the loan amount, interest rate and loan … Get cash for gold instantly Exchange Gold for Cash Free Purity Testing of Gold. Advantages of Muthoot Finance Gold Loan: Quick Processing: The approval and disbursal method of the Muthoot Finance Gold Loan is speedy and easy. You do not need a guarantor for the loan. Online Gold Loan Payments About Us Moving in step with the digital era where people find the 'Online' medium more convenient to make transactions and payments, Muthoot Finance India, India's largest gold loan company has launched its new online interest payment service ‘Muthoot WebPay’. The app allows its users to locate nearest Muthoot Finance from the location of the user. If you agree to pay interest on a regular basis, you can reduce the cost of your loan. The tenor for EMI scheme can go up 36 months. Muthoot Fincorp Limited is one of the leading non-banking finance companies (NBFCs) in India, offers an extensive array of financial products & services, like gold loan, two-wheeler & used car finance, SME loans, affordable housing loans and others. Be sure of your cashflows before going for any kind of loan. Therefore, the loan company also passes on the benefit to the borrower in the form of lower interest rate. to 27% p.a. Enter the following information in the below EMI calculator: Principal loan amount you wish to avail (rupees) Loan term (months or years) Rate of interest (percentage) The higher your gold value will be, the higher will be the loan amount. Muthoot Fincorp Ltd., the flagship company of Muthoot Pappachan Group, is one of the largest NBFCs in India, registered with the Reserve Bank of India. Use gold loan EMI calculator to calculate the loan amount against your gold ornaments. Muthoot offers special competitive rates to its existing account holders. In such cases too, you might consider taking a loan instead of selling it off. It is quite possible that you can get a cheaper personal loan. We have discussed a gold loan product from Axis Bank too. NBFC Muthoot Finance said the demand for gold loan is … Similarly, in you have a Gold jewellery, you can find out against it, how much loan to expect. Muthoot Finance, India's largest gold loan company, helps you to get loan in turn of your gold jewellery, gold ornaments, etc. iMuthoot app offers Online Gold Loan (OGL) feature to deposit or withdraw additional amount on your eligible loans. Lower the Loan to Value ratio for your gold loan, lower the interest rate you pay. In my opinion, the high number is merely a marketing gimmick. Year Principal Repayment Interest Payment EMI Outstanding Loan Loan Paid to Date; 2018: 98.47: 1,037.67: 1,136.14: 99,517.69: 0.48% Muthoot Finance has the largest gold loan portfolio in India among NBFCs. We have done a. After 6-12 months, when you have money in your hand, you can buy back the gold. For more on loan interest rates and FAQs on Muthoot gold loan, please visit Muthoot Finance website. Muthoot Finance Gold Loan Eligibility. Gold Loan Calculator. ICICI Bank offers gold loan up to a tenor of 12 months. Gold Loan EMI Calculator. RBI caps the LTV of gold loans at 75% of the value of the gold offered as collateral. Interest to be paid only on the utilized amount. The ultimate value that is charged will depend on the loan value, the tenure of repayment and the percentage of gold in your jewellery. Gold loans by Muthoot Finance allow you to access funds in lieu of your gold jewellery, ornaments, etc. To be honest, I was shocked. You can also download our EMI Calculator android app from the Google Play Store. However, it is possible that the jewellery item is quite expensive. In this post, I will list down various gold loan products from Muthoot Finance. This online tool helps them know the cost of the loan … With a lower LTV ratio, the gold loan company has reduced its risk. Partial Prepayment of loan amount is permitted. The gold loan calculator helps you to calculate the EMI amount that you are required to pay every month in the form of monthly instalments. Coming to Muthoot Finance, you will be amazed at the number of loan products a gold loan company like Muthoot Finance can have. With Muthoot Fincorp, you can make a head start by availing loans against your gold the easiest and smart way. Copyright © 2011-2019 emicalculator.net. He writes for leading business publications regularly, runs a personal finance blog and a financial planning firm at www.PersonalFinancePlan.in. I thought there will just be a product or two. Copyright © 2020 MuthootFincorp. applicable on the gold loans. Therefore, before contemplating loans at such high rate of interest, you must consider selling off the gold too. How much loan can your gold fetch you? 0471 4911560 [email protected] For many of its offerings, Muthoot Finance offered rebate on interest payments if you made regular interest payments. Deepesh Raghaw is a SEBI registered Investment Adviser and a management graduate from IIM-Lucknow. You always have an option to sell your gold rather than taking a gold loan. Since the loan is secured, I expected that the rate of interest would be low. CIN: U65929KL1997PLC011518 | GST Number: 32AACCM1453E2Z1 | Contact ID: Terms and Conditions of Appointment of Independent Directors, Enquire Now for Gold & Silver Bars on EMI Precious Metals, #RestartIndia – Free Mentoring Platform for MSMEs, Download NCD Public Issue Interest Certificate. Download link has been sent to you mobile number. Muthoot Fincorp has over 3600 branches across India with an average walk in of over 1,00,000 customers per day. With a lower LTV, the gold loan company has increased its cushion. However, as a potential borrower, this is the least of your concern. Note: Muthoot has not explicit provided the LTVs for various types of loans. All Rights Reserved. Axis Bank offers gold loans for a tenor up to 36 months. 1,000 each (“Secured NCDs”). With a lower LTV ratio, the gold loan company has reduced its risk. Therefore, in case you are looking for a gold loan from Muthoot Finance, you are advised to do greater research before choosing the best loan product from Muthoot. An EMI is calculated depending upon your loan amount and the tenure of the loan, upon which the interest rates are charged. Muthoot Finance has provided for three regions viz, Kerala, Outside Kerala and Delhi. Try the simplest way to calculate your Gold Loan eligibility at #MuthootFinance. https://www.loanbaba.com/gold-loans/muthoot-finance-gold-loan.html It is also possible that some of the schemes are region-specific. Respective products may have other minimum limits. OR. For the past 133 years, the company has been providing trusted services to over 2.5 lakh people daily. Since the loans are short term, you must be sure that you can repay the loan in this short term. Muthoot Centre, Punnen Road, Trivandrum - 695 039. Since the loan is secured, I expected that the rate of interest would be low. For instance, Muthoot Premier Loan is available only in the Delhi region. The personal loan interest rate starts at 14.50% p.a. Note: Please understand descriptions of some of these products were not very clear from the website. All the loan schemes except for Muthoot EMI scheme has a loan tenure of 12 months. 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. Calculate gold loan per gram, against your gold ornaments to know your loan amount and apply online for gold loan… Even Peer-to-Peer lending platform may be an option. Our Muthoot Online facility will definitely ease our customers who often find it difficult, during their busy life schedules, to call at our branch and make periodic interest / principal re-payments, withdraw available loan amount (Topup) and renew eligible loans . You shouldn’t forget various other charges such as processing fee etc. Manappuram Finance and Muthoot Finance offer gold for maximum tenor of 12 months. Gold Loan — Unlocking Cash for Emergency Needs, 6 Factors to Consider While Taking Car Loans, Loan Calculator — Calculate EMI, Affordability, Tenure & Interest Rate, Home Loan EMI Calculator with Prepayments, Taxes & Insurance, Investing in Debt Funds vs. Prepaying a Loan. The gold loan amount that you can get from Muthoot Finance depends on the overall value of the gold ornaments. Therefore, before contemplating loans at such high rate of interest, you must consider selling off the gold too. The key areas that a Gold loan calculator considers are: Higher the loan amount, higher the EMI amount. All rights reserved. Additionally, a few pieces of information on Muthoot Finance website was a bit conflicting. In such cases, the value of security may not be enough to square off the principal and accrued interest. We are also the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). applicable on the gold loans. Frankly. Most important of all, Muthoot Finance is a brand you can trust. To be honest, I was shocked. Through our various easy and secured gold loan schemes, we empower society to unlock the true potential of their emotional currency – Household Gold Jewellery. You might need loan for a small amount. Muthoot Gold Loan Mumbai: Get Details on Smart Gold Loan of Muthoot Finance in Mumbai.Read About Documents, Interest Rates, FAQs, and other processing charges online. Our Company does not ever demand any fee/money against recruitment nor for the application/interview process. All you need is a loan product that suits your needs. The calculator is an easy, user-friendly online tool used to calculate your monthly /quarterly/half-yearly interest/EMI payable for repaying a gold loan. What Should You Do? He can be reached at deepesh.raghaw[AT]gmail.com. Gold should me minimum 0.5 grams. Use our Gold Loan EMI Calculator to check the amount of EMI you will need to pay on your Muthoot Finance gold loan. On average, the Gold Loan Interest Rate is around 12.00% per annum. Muthoot Centre - Registered Office. Customers can make use of the Muthoot Finance personal loan EMI calculator to ascertain the monthly payout to service the loan even before they actually apply for a loan. Frankly, unless you have an emotional attachment with your gold/gold jewellery, you may be better off selling the gold rather than taking loan against it. An aspect to note is that you get loan only for the value of gold. About Muthoot Finance. However, if you had sold the jewellery and try to buy similar piece of jewellery, you will have to pay making charges again. Therefore, when you take a loan and pay it back, you get back the jewellery. It appears that the Muthoot Finance knows that gold loan is the last resort and are charging the interest rate accordingly. For more on loan interest rates and FAQs on Muthoot gold loan, please visit. Not all types of loans may be available at all the branches. With a lower LTV, the gold loan company has better protection against volatility in gold prices. There is no prepayment penalty. Muthoot Gold Loan Interest Rate Calculator. Making charges for the jewellery are ignored. With the growing popularity of gold loans every year, it is important to know not only what gold loan is but also how it works, gold loan interest rates, and other related details. There were more than 10 products on their website. However, as a potential borrower, this is the least of your concern. For many of its offerings, Muthoot Finance offered rebate on interest payments if you made regular interest payments. The tenor for EMI scheme can go up 36 months. Additionally, a few pieces of information on Muthoot Finance website was a bit conflicting. RBI caps the LTV of gold loans at 75% of the value of the gold offered as collateral. Gold loan NBFC Muthoot Finance Ltd has announced its 24th series of Public Issue of Secured Redeemable Non-Convertible Debentures of face value of Rs. Consider a scenario where the borrower defaults and the gold prices correct sharply. Why No-Cost EMI Can’t Be for Longer Tenure? Muthoot Centre, Punnen Road, Trivandrum - 695 039. Muthoot Fincorp Gold Loan interest calculator helps you know how much loan your jewellery can fetch. Online Gold Loan. The Loan gets typically passed in an hour. Name of Scheme : Muthoot Finance Gold Loan : Rate of Interest : 12% p.a. Consider a scenario where the borrower defaults and the gold prices correct sharply. 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Of some of these gold loan to take to the IIFL Branch, it a! The loans are short term, you must be sure that you can get from Muthoot website... The easiest and smart way at ] gmail.com EMI calculator to calculate the loan amount that you can buy the... Among NBFCs interest for various types of loans may not be enough to square off the gold amount... Loan business is likely to grow by more than 15 % in the next three years,! On your eligible loans LTV ratio, the higher will be amazed at the number of loan products Muthoot! The number of loan products from Muthoot Finance can have of loans may be available at all branches! Based payments services to over 2.5 lakh people daily repaying a gold loan interest rates FAQs... Helpful in helping me avail the loan company like Muthoot Finance the past 133 years, the gold schemes.

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