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Muthoot Finance Gold Loan details and review

Benefit from low interest rates, flexible loan tenure and more from India's largest gold financing company

To cater to the needs of its large and diverse customer base, Muthoot Finance — India’s largest gold loan NBFC — offers 12 different gold loan schemes, each featuring varying loan amount, tenure and terms.

Learn more about the different gold loans offered by Muthoot Finance, how they work and if there are any fees to look out for before availing.

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12% p.a. - 12% p.a.

Interest Rate

₹1,500 to ₹2 lakh

Loan Amount

7 days to 12 months

Loan Tenure

Details

Product NameMuthoot One Percent Loan
Loan Amount₹1,500 to ₹2 lakh
Pay it throughOnline Payment, Payment from app, Payment at branch
Bullet Repayment SchemeYes
More Info

How does a gold loan from Muthoot Finance work?

If you need a quick loan to overcome a temporary cash crunch, Muthoot Finance can help you monetise your idle assets with ease.

With an in-house gold evaluation service, all you need to do is bring your gold ornaments (also acceptable in other forms, such as bars, coins, jewellery etc) to the nearest Muthoot Finance branch along with minimal documentation to avail of a gold loan. There’ll be 12 gold loan schemes to choose from, each featuring different loan tenure and terms.

Please ensure that the gold you wish to use as collateral has a purity between 18 carats and 22 carats.

Key features

  • Extensive branch network. Muthoot Finance has over 5,000 branches located across 29 states in India.
  • Minimum documentation. Only basic KYC documents for address proof and income proof are required.
  • Flexible loan tenure. The minimum tenor starts from 7 days, up to a maximum of 12 months (normal schemes) and 36 months (EMI based scheme). Do note that the minimum/maximum tenure is dependant on the selected loan scheme.
  • Quick loan disbursal. Muthoot Finance claims that the time required for a gold loan approval and cash disbursal is minimal.
  • Online payment facility. Enjoy flexible and convenient repayments without having to visit a branch.
  • Range of gold loan schemes. Choose from 12 gold loan schemes, each tailored to suit different borrowing needs.
  • Part release facility. You may redeem part of your gold ornaments that is equivalent to the value you’ve paid back while servicing the rest of the loan.
  • Free coverage for collateral. Your pledged gold ornaments will be fully insured from the time of closure of the gold loan and release of the gold ornaments.

How do repayments work for a Muthoot Finance gold loan?

To make repayments for your gold loans, be it the EMI or just the interest, you may do so at any Muthoot Finance branch or via its online customer portal. However, do note that for the collection of your gold ornaments (after making the final repayment), you’ll need to head down to the initial branch where it was pledged.

Muthoot Finance gold loan schemes

Muthoot Finances offers an impressive range of gold loan schemes, each with a different set of loan amounts, tenure, interest rates and other features.

Fees and limits

Bear in mind that you’d need to pay the following fees when you avail a gold loan with Muthoot Finance:

  • Interest rate. Range from 12% to 24% p.a. The exact interest rate of your loan will depend on the loan scheme of your choice and other factors.
  • Processing fee. There’ll be a processing fee between 0.25% to 1% of the loan amount.

Compare a range of Gold Loans in India

Name Product Interest Rate Processing Fee Loan Amount Loan Tenure
IIFL Gold loan
9.24% p.a. - 24% p.a.
₹ 0 onwards depending on scheme availed
₹3,000 to ₹10 lakh
3 to 11 months
Meet urgent liquidity needs in as fast as 30 minutes. Benefit from a range of flexible loan tenure, repayment options, and competitive interest rates.
Muthoot One Percent Loan
12% p.a. - 12% p.a.
0.25% to 1% of loan amount
₹1,500 to ₹2 lakh
7 days to 12 months
Enjoy the lowest interest rate with this 12-month gold loan scheme when you pay the interest in full every month.
SBI Personal Gold Loan
7.5% p.a. - 7.5% p.a.
0.50% of the loan amount + applicable GST
₹20,000 to ₹50 lakh
3 to 36 months
Pledge your gold ornaments and borrow up to ₹ 50 Lakhs for a maximum of 36 months. Only minimum paperwork required.
ICICI Bank Gold Loan
ICICI Bank Gold Loan
12% p.a. - 16% p.a.
0.25% to 1% as per the loan amount
₹10,000 to ₹10 lakh
6 to 12 months
Fulfill personal or business expense requirements instantly by pledging gold jewelry with at least 18-carat purity.
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The verdict

When it comes to the selection of gold loan schemes, Muthoot Finance is certainly a cut above the rest. While most lenders typically offer one to three different schemes, you’d have 12 gold loan options to compare and choose from at Muthoot Finance.

The company also has over 5,000 branches located in India, so availing a gold loan could be as convenient as walking across the street with your collateral, fill in a few forms and you’d be able to unlock more liquidity. Other benefits include low interest rates, minimal documentation and fast approvals.

But as with all financial products, make sure to compare all options to find one that best suits your needs before you apply.

How to apply for a Muthoot Finance gold loan

To avail a gold loan from Muthoot Finance, simply visit any of its branches with your gold collateral (with purity over 18 karats) and required documentation. A bank representative will assist you in filling out a KYC form and walk you through the rest of the loan application procedure.

Alternatively, you can also request a loan manager to visit your residence and help you with your gold loan application.

Eligibility criteria

  • Indian citizen

Required documents

Make sure to bring along the following documents when applying for the Muthoot Finance Gold Loan:

  • Proof of identity (such as PAN card, driving license, passport, Voter’s ID, Aadhaar card etc)
  • Proof of address (utility/telco bill, bank statement, rent agreement etc)

Frequently asked questions

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