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MUTHOOT Personal Loan

Apply MUTHOOT Personal Loan

Processing Fee

2.5%

Max Tenure

NA

Best Rate

14.5%

View Details

Features

  • Loans starting from Rs. 50,000
  • Faster processing
  • Simple and minimum documentation
  • Flexible Repayment Options
  • Doorstep Service
  • Affordable Rates & Charges

Pricing

  • Processing Fee:2.5% + Service Tax

Documents Required

  • ID Proof: PAN Card, passport, driving license, Aadhar card, voter ID
  • Address proof: PAN Card, Aadhar Card, Passport, Driving License, Voter ID, Electricity Bill, Rent Agreement
  • Income Proof : Latest three months bank statement showing salary credit, Latest three salary slips
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About Muthoot Personal Loan

Muthoot Finance is a renowned NBFC that was launched in 2001. Though gold loans were their primary loan segment, they gradually forayed into other lending products like personal loans, microfinance, insurance, housing finance, mutual funds and many more.

A personal loan can help you meet emergency cash expenses. Personal loans are usually unsecured loans in that they don’t require any collateral or guarantees. Due to its unsecured nature, personal loans are usually offered at higher rates of interest.

Muthoot Personal Loans are offered to eligible applicants at attractive interest rates and convenient repayment terms. Applicants can utilize this loan amount for a variety of needs like marriage, home renovation, higher studies, vacation plans or emergency medical expenses. Muthoot Finance offers both unsecured and secured personal loans based on your eligibility.

Highlights of Muthoot Personal Loan

  • Get flexible and competitive interest rates that are the best in the market
  • Hassle-free documentation that ensures complete transparency
  • Doorstep document collection also available for additional convenience
  • High loan amount of up to Rs.15 lakhs to meet all your needs
  • Get convenient repayment tenures of 12 – 60 months to reduce monthly cash outflow constraints
  • No hidden costs and competitive processing fees to give you enhanced loan application process
  • Various repayment options to choose from

Why should you choose Muthoot Personal Loans?

Get the loan amount as per your needs – Muthoot Personal Loans offer you loans starting from Rs. 50,000 up to Rs. 15 lakhs so you can plan for your needs comfortably.

Fast processing and quick disbursal – Muthoot personal loans are processed and disbursed within 48 hours. It puts the much needed funding in your hands at the earliest.

Hassle-free documentation with total transparency – Muthoot personal loan is processed with the simplest documentation process. Customers are updated regularly during the entire process to give them total transparency regarding the loan processing.

Get repayment options to suit your needs – Muthoot personal loans come with flexible repayment options to help you repay the loan comfortably, without burdening your monthly cash flow. It gives you tenure options starting from 12 months up to 60 months so that you get the best EMI.

Opt for doorstep service to avoid risks during this pandemic – Muthoot offers doorstep collection of application form and supporting documents so that you don’t have to venture out during these risky times.

Competitive interest rates and charges – Muthoot personal loans come with attractive interest rates and charges. Personal loans are offered an interest rate between 13.5 % to 24% p.a. The processing fees and other charges are also one of the best in the market. Refer to the below table for other charges related to personal loans.

Muthoot Personal Loan Interest Rates & Other Charges

Loan Amount

Rs. 50,000 up to Rs. 15 Lakh

Interest Rate

13.5% - 24.00%

Loan Tenure

12 months to 60 months

Processing Fee

2 – 4 %

Prepayment Charges

0 to 9 months – Lock-in period

10 to 12 months – 6% of Loan outstanding amount + taxes

>12month – 5% of Loan outstanding amount + taxes

Internal Foreclosure Charges

2.5% of the loan outstanding amount + applicable taxes

Reschedulement charges

1% of the Loan outstanding amount plus applicable taxes

Late Payment Charges

2% of the outstanding loan amount of the month

Cheque Bounce Charges

Rs.1000 plus applicable taxes

Cheque Swapping Charges

Rs.750 plus applicable taxes

How to apply for Muthoot Personal Loan?

One can apply for a Muthoot Personal Loan at their nearest branch or on their website.

  • Visit the Muthoot website and go to ‘Personal Loan’ under the ‘Services’ tab. 
  • On this page, click on ‘Apply Now’. 
  • You will be required to fill in your name, email address, mobile number and the city to initiate the application process.
  • Once you have submitted these details, an authorized representative of the bank will contact you to discuss further terms of the loan and your eligibility.
  • Once you are satisfied with the terms, you can proceed with the application process.
  • You will have to submit the required documents to process your application. 
  • Muthoot has ‘Doorstep Service’ to facilitate document collection. 
  • Upon submitting all the required documents, the loan will be processed and approved within 48 hours.
  • You will get the amount in your account within hours of approval.

Documents required to apply for Muthoot Personal Loan

The following documents are required to process your personal loan:

Identity proof

  • Copy of passport
  • voter ID card
  • driving license
  • Aadhaar

Address proof 

Latest bank statement of past 3 months or Bank Passbook of previous 6 months

Two latest salary slip/current dated salary certificate with the latest Form 16

What are the eligibility criteria to apply for Muthoot Personal Loan?

Muthoot Personal Loan is offered to eligible applicants based on their age, income, employment status, exiting liabilities and credit score.

  • You have to be between 26 – 58 years of age
  • Minimum monthly income of Rs. 20,000
  • You have to be a salaried employee of any public sector enterprise, reliable private sector company or a self-employed individual with good financial standing.
  • If your credit score or financial standing is not favourable for the loan, you can avail a secured loan by providing collateral like LIC Policy, Government Bonds, NSCs, etc.

FAQs

1. Should Muthoot Personal Loan amount be used for specific purposes only?

There are no limitations on what the Personal Loan funds can be used for. You can utilize it for a variety of reasons. You can use it to fund for vacations, wedding costs, medical expenses or care, purchasing of new technological devices, use of home improvement and several other purposes.

2. How long does it take for the personal loan application to be processed?

Muthoot Personal Loan assures that your loan application will be processed and disbursed within 24-48 hours of submitting all the required documents.

3. Can I make part payments towards my personal loan account?

Currently, Muthoot does not allow part payments towards your loan account. However, you can opt for pre-closure of your personal loan after 9 EMIs have been paid. Visit the official website of Muthoot for the process and other charges associated with pre-closure of your personal loan.

4. What is the payment method for the monthly EMIs?

The monthly EMIs will be processed under direct debit from your bank account. You have to give a NACH mandate for the same at the time of loan disbursal.

5. What are the alternate methods to pay my EMI if my NACH mandate is rejected or dishonoured by my bank for some reason?

If the mandate is rejected or dishonoured by your bank, you have to get it rectified with the bank for EMI continuation. In the meanwhile, you can pay your EMI through any of the below channels

  • Pay it at any of the Muthoot Finance branches
  • Pay it online on the Muthoot official website
  • Pay through NEFT using virtual account number
  • Request for a collection executive to come and collect the payment

Muthoot Personal Loan - Customer Reviews

4 / 5 (553 Reviews)
7 Jan 2020

Very good

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