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. We have done a primer on gold loans in an earlier post. For more on loan interest rates and FAQs on Muthoot gold loan, please visit. In such cases too, you might consider taking a loan instead of selling it off. 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. Therefore, before contemplating loans at such high rate of interest, you must consider selling off the gold too. Muthoot Jewel Loan Interest Rate starts from12%. Muthoot said its gold loan business is likely to grow by more than 15% in the next three years. In my opinion, the high number is merely a marketing gimmick. Muthoot Gold Loan Interest Rate. Advertisements. The sanctioned loan value depends on the purity of your gold jewellery and the existing gold prices adjusted for the loan to value ratio. iMuthoot app provides gold loan calculator, according to prevailing interest rates. All you need is a loan product that suits your needs. Copyright © 2020 MuthootFincorp. Muthoot Finance has provided for three regions viz, Kerala, Outside Kerala and Delhi. And, it can go up to 26% per annum. When you try to sell the jewellery, something similar happens. Even Peer-to-Peer lending platform may be an option. Note: Muthoot has not explicit provided the LTVs for various types of loans. After 6-12 months, when you have money in your hand, you can buy back the gold. Copyright © 2011-2019 emicalculator.net. For more on loan interest rates and FAQs on Muthoot gold loan, please visit Muthoot Finance website. Muthoot Gold Loan Interest Rate Calculator. After 6-12 months, when you have money in your hand, you can buy back the gold. 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. Therefore, the loan company also passes on the benefit to the borrower in the form of lower interest rate. What Should You Do? With Muthoot Fincorp, you can make a head start by availing loans against your gold the easiest and smart way. You can also download our EMI Calculator android app from the Google Play Store. With a lower LTV, the gold loan company has increased its cushion. 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 . For the past 133 years, the company has been providing trusted services to over 2.5 lakh people daily. On average, the Gold Loan Interest Rate is around 12.00% per annum. To be honest, the interest rates for most of these gold loan products are simply astounding. 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. You always have an option to sell your gold rather than taking a gold loan. 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. Muthoot Gold Loan EMI Calculator. For many of its offerings, Muthoot Finance offered rebate on interest payments if you made regular interest payments. 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. However, it is possible that the jewellery item is quite expensive. However, as a potential borrower, this is the least of your concern. Additionally, a few pieces of information on Muthoot Finance website was a bit conflicting. There were more than 10 products on their website. Therefore, when you take a loan and pay it back, you get back the jewellery. Muthoot offers special competitive rates to its existing account holders. To be honest, the interest rates for most of these gold loan products are simply astounding. Additionally, a few pieces of information on Muthoot Finance website was a bit conflicting. Coming to Muthoot Finance, you will be amazed at the number of loan products a gold loan company like Muthoot Finance can have. 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. Advantages of Muthoot Finance Gold Loan: Quick Processing: The approval and disbursal method of the Muthoot Finance Gold Loan is speedy and easy. Making charges for the jewellery are ignored. With a lower LTV ratio, the gold loan company has reduced its risk. We have discussed a gold loan product from Axis Bank too. Since the loans are short term, you must be sure that you can repay the loan in this short term. To be honest, I was shocked. Calculate gold loan per gram, against your gold ornaments to know your loan amount and apply online for gold loan… Note: Please understand descriptions of some of these products were not very clear from the website. Rates for the various loan schemes may differ slightly across regions. 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. Muthoot Centre - Registered Office. The gold loan amount that you can get from Muthoot Finance depends on the overall value of the gold ornaments. The personal loan interest rate starts at 14.50% p.a. The higher the purity levels, the higher will be the loan value. Muthoot Centre, Punnen Road, Trivandrum - 695 039. In this post, I will list down various gold loan products from Muthoot Finance. It is also possible that some of the schemes are region-specific. Another point, albeit not as conclusive, is that the gold loans may not really be cheap. Muthoot Fincorp has over 3600 branches across India with an average walk in of over 1,00,000 customers per day. Gold should me minimum 0.5 grams. However, given the description of various products and the difference in rates of interest for various products, you can get this idea. Penal interest will be charged at 2% above the regular rate, i.e., 26% on the overdue quantum for the overdue period. All you need is a loan product that suits your needs. Note: Please understand descriptions of some of these products were not very clear from the website. Use gold loan EMI calculator to calculate the loan amount against your gold ornaments. , you may be better off selling the gold rather than taking loan against it. https://www.loanbaba.com/gold-loans/muthoot-finance-gold-loan.html About Muthoot Finance. Muthoot Finance Gold Loan Eligibility. iMuthoot app offers Online Gold Loan (OGL) feature to deposit or withdraw additional amount on your eligible loans. 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’. In this article, we will discuss and compare two main gold loan providers, Muthoot and Manappuram gold loan. Use our Gold Loan EMI Calculator to check the amount of EMI you will need to pay on your Muthoot Finance gold loan. Loan Amount : Rs.1,500 with no maximum limit: Loan Tenure : 30 days to 36 months Overspent during the Festive Season? This online tool helps them know the cost of the loan … Muthoot Finance is also an NBFC that is famous for providing the service of Gold Loan. Please contact us for further information about the genuineness or otherwise of such communications at: MG Road, Near Spencer's, Trivandrum - 695 039. Get cash for gold instantly Exchange Gold for Cash Free Purity Testing of Gold. Why No-Cost EMI Can’t Be for Longer Tenure? Name of Scheme : Muthoot Finance Gold Loan : Rate of Interest : 12% p.a. Manappuram Finance and Muthoot Finance offer gold for maximum tenor of 12 months. Consider a scenario where the borrower defaults and the gold prices correct sharply. The tenor for EMI scheme can go up 36 months. 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. The ultimate value that is charged will depend on the loan value, the tenure of repayment and the percentage of gold in your jewellery. For more on loan interest rates and FAQs on Muthoot gold loan, please visit Muthoot Finance website. 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 … 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. Try the simplest way to calculate your Gold Loan eligibility at #MuthootFinance. With a lower LTV, the gold loan company has better protection against volatility in gold prices. However, the rate of interest can be as high as 24% p.a. Not all types of loans may be available at all the branches. Tenor up to 36 months, EMI based payments. However, as a potential borrower, this is the least of your concern. An EMI is calculated depending upon your loan amount and the tenure of the loan, upon which the interest rates are charged. With a lower LTV, the gold loan company has increased its cushion. Most important of all, Muthoot Finance is a brand you can trust. 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) 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. Muthoot Finance, India's largest gold loan company, helps you to get loan in turn of your gold jewellery, gold ornaments, etc. An aspect to note is that you get loan only for the value of gold. So, do keep a check on them. Frankly. HDFC Bank's gold loan calculator lets you calculate pocket-friendly EMI & lump sum amount. For instance, Muthoot Premier Loan is available only in the Delhi region. You do not need a guarantor for the loan. Muthoot Finance provides several gold loan schemes from which you can choose the one according to your requirement. Online Gold Loan. While planning to avail a Gold loan, you must know how much gold you will need to take to the IIFL Branch. 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. You shouldn’t forget various other charges such as processing fee etc. If you agree to pay interest on a regular basis, you can reduce the cost of your loan. Partial Prepayment of loan amount is permitted. applicable on the gold loans. It appears that the Muthoot Finance knows that gold loan is the last resort and are charging the interest rate accordingly. All Rights Reserved. He can be reached at deepesh.raghaw[AT]gmail.com. Through our various easy and secured gold loan schemes, we empower society to unlock the true potential of their emotional currency – Household Gold Jewellery. 0471 4911560 [email protected] And yes, since it is a loan, you need to pay it back. However, if you had sold the jewellery and try to buy similar piece of jewellery, you will have to pay making charges again. 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. Interest rates on gold loan products from Muthoot Finance. It is quite possible that you can get a. He writes for leading business publications regularly, runs a personal finance blog and a financial planning firm at www.PersonalFinancePlan.in. If you know the quality and net weight of Gold ornaments, you will be able to figure out what loan you are eligible for … OR. Be sure of your cashflows before going for any kind of loan. Our Company does not ever demand any fee/money against recruitment nor for the application/interview process. Gold Loan Calculator -Calculate per gram gold loan rate using Gold Loan Calculator. Gold loans by Muthoot Finance allow you to access funds in lieu of your gold jewellery, ornaments, etc. Muthoot Centre, Punnen Road, Trivandrum - 695 039. RBI caps the LTV of gold loans at 75% of the value of the gold offered as collateral. Similarly, in you have a Gold jewellery, you can find out against it, how much loan to expect. With a lower LTV ratio, the gold loan company has reduced its risk. How much loan can your gold fetch you? Lower the Loan to Value ratio for your gold loan, lower the interest rate you pay. Gold Loan Calculator. Taking a Gold Loan from Muthoot Finance is a very simple process and requires minimum documentation. In such cases, the value of security may not be enough to square off the principal and accrued interest. 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. Low-Interest Rate: The gold loan interest rate is much lower as compared to other loans as it is a secured loan. Gold Loan EMI Calculator. NBFC Muthoot Finance said the demand for gold loan is … Axis Bank offers gold loans for a tenor up to 36 months. Interest to be paid only on the utilized amount. Minimum Loan Amount is Rs 1,500. ICICI Bank offers gold loan up to a tenor of 12 months. Not all types of loans may be available at all the branches. I thought there will just be a product or two. All rights reserved. Since the loan is secured, I expected that the rate of interest would be low. All the loan schemes except for Muthoot EMI scheme has a loan tenure of 12 months. The higher your gold value will be, the higher will be the loan amount. 1,000 each (“Secured NCDs”). With a lower LTV, the gold loan company has better protection against volatility in gold prices. Since the loan is secured, I expected that the rate of interest would be low. 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% There were more than 10 products on their website. I was able to get a very good rate of interest and the staff was very helpful in helping me avail the loan. How a Virtual Credit or Debit Card Can Help? applicable on the gold loans. To be honest, I was shocked. 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. to 27% p.a. 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. There is no prepayment penalty. You might need loan for a small amount. The key areas that a Gold loan calculator considers are: Higher the loan amount, higher the EMI amount. 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. 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. The app allows its users to locate nearest Muthoot Finance from the location of the user. However, the rate of interest can be as high as 24% p.a. 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)"). The public at large is hereby cautioned not to be misled by any such communications received through emails, message or any other communication mode. You shouldn’t forget various other charges such as processing fee etc. In my opinion, the high number is merely a marketing gimmick. Consider a scenario where the borrower defaults and the gold prices correct sharply. Therefore, before contemplating loans at such high rate of interest, you must consider selling off the gold too. 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. Therefore, the loan company also passes on the benefit to the borrower in the form of lower interest rate. It is quite possible that you can get a cheaper personal loan. In this post, I will list down various gold loan products from Muthoot Finance. RBI caps the LTV of gold loans at 75% of the value of the gold offered as collateral. For many of its offerings, Muthoot Finance offered rebate on interest payments if you made regular interest payments. 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. If you don’t repay, bank/NBFC will anyways auction your gold and recover its loan. The Gold Loan Interest Rate of Muthoot starts at 12% per annum. Deepesh Raghaw is a SEBI registered Investment Adviser and a management graduate from IIM-Lucknow. Download link has been sent to you mobile number. The tenor for EMI scheme can go up 36 months. I thought there will just be a product or two. We have done a. Another point, albeit not as conclusive, is that the gold loans may not really be cheap. The Loan gets typically passed in an hour. In such cases, the value of security may not be enough to square off the principal and accrued interest. 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