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