Muthoot Finance Personal Loan
NBFCs are a great source of funding for an immediate requirement of personal loans. Muthoot Finance is one of the best partnered to offer personal loans at minimal interest rates and better tenure options. Muthoot finance personal loans are an easy way out without collateral or security. The interest rates for Muthoot Finance personal loan starts from 14% p.a and offers a tenure of up to 5 years.
Personal Loan
Quick Approval in 24 Hours
💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Muthoot Finance Personal Loan Details
Muthoot Finance offers personal loans at interest rates starting from 14% p.a. They’re subject to change and vary depending on the borrower’s profile and history for the loan amount. However, the repayment period for a personal loan from Muthoot Finance is up to 5 years.
| Interest rate | 14%- 22% p.a. |
| Loan amount | Rs 50,000 onwards |
| Tenure | Up to 5 years |
| Purpose | Emergency, Wedding, Medical, Personal Use & Others |
| Disbursal | Within 48 hours |
| Instalment Dates | 5th or 10th of every month |
Muthoot Finance Personal Loan Interest Rates
Quick to avail and quick to disburse from Muthoot finance. They offer personal loans interest rates that can be beneficial to anyone looking for immediate funds. Muthoot Finance offers an instant cash loan with competitive rates.
Check the table below for more details.
| Muthoot Persnal Loan Interest Rate | 14%- 22% p.a. |
Muthoot Finance Personal Loan Fees & Charges
Muthoot Finance charges a processing fee for loan applications, a prepayment fee for early repayments, a late payment fee for delayed payments, and an overdue fee for loans past the due date.
Depending on your outstanding balance, you’re charged an amount against with the Muthoot finance interest rate. Some fees and charges are mentioned here,
| Processing fee | 2% – 4% of approved loan amount + Tax |
| Loan repayment tenure | Up to 5 years |
| Loan Cancellation Fee | Rs 5000 + tax |
| Cheque Bounce | Rs 1000( per bounce) + tax |
| Cheque swapping charges | Rs 750 + tax |
| Stamp Duty | As per state laws |
Prepayment Charges
Prepayment fees are charges you pay off all or part of your loans early. Check out the prepayment charges by Muthoot Finance –
| Tenure | Charges |
|---|---|
| 0 to 9 months | Lock-in period |
| 10 to 12 months | 6% of Loan outstanding amount + taxes |
| Over 12 months | 5% of Loan outstanding amount + taxes |
Other Charges –
| Type | Foreclosure |
|---|---|
| Internal foreclosure | 2.5% (Loan outstanding amount) + Tax |
| Reschedulement charges | 1% of Loan outstanding amount + taxes |
Muthoot Finance Personal Loan Eligibility Criteria
Enable Muthoot finance quick pay by meeting its simple eligibility criteria, some of which are shared below-
| Employment Type | Regular income |
| Age | 21 – 60 years |
| CIBIL score | 650 and higher |
| Minimum monthly income | Rs. 15000 |
| Residential Status | Resident of India |
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Documents Required for Muthoot Finance Personal Loan
The documents required for a Muthoot Finance personal loan may vary with the applicant’s employment status. However, the following documents are but a basic requirement for all applicants:
- Identity proof: Voter’ ID, PAN card, Passport, etc.
- Address proof: Aadhaar card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.
- Proof of income: Latest salary slips of the last three months or income tax return certificate or latest Form 16.
- Photograph: A recent passport size photograph.
For Salaried Employee-
- Salary slips: The last 3 months’ salary slips.
- Form 16: The latest Form 16.
- Bank statement: The last 6 months’ bank statements
For Self Employed –
- IT returns: The last 3 years’ IT returns.
- Business registration certificate: The latest business registration certificate.
- Bank statement: The last 6 months’ bank statements.
Personal Loan
Quick Approval in 24 Hours
💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Muthoot Finance Loan EMI Calculation
Calculate your personal loan EMI hassle-free using the EMI calculator below. Input your Loan Amount, Interest rate and the Loan Tenure to check your monthly installment.
[muthoot-finance-emi-calculator]
The EMI or Equated Monthly Instalment is now easy to calculate and plan your repayments accordingly.
Here’s how you calculate the following with the right formula:
EMI = P x R x (1 + R)^N / [(1 + R)^N – 1]
Where:
- P = Loan amount
- R = Interest rate
- N = Repayment period
This formula will help you calculate your EMI faster and lets you understand how many instalments you will have to pay based on varying factors.
Features & Benefits of Muthoot Finance Personal Loan
Muthoot’s finance personal loan embodies features and benefits. Some of the unique features are;
Compare Muthoot Finance Personal Loan Vs Other Lenders
Compare Muthoot finance Personal Loan with other lenders to find the best terms, rates, and eligibility criteria. All for your borrowing needs & so that you make an informed financial decision-
| Banks/NBFCs | Interest Rates(p.a) | Processing Fees |
|---|---|---|
| Muthoot Finance | 14%- 22% p.a. | 2% – 4% + Tax |
| SBI | 11.00% to 14% | Up to 1.50% |
| HDFC Bank | 10.05% to 21% | 0.50% ( Rs 1,999 – Rs 25,000) |
| ICICI Bank | 10.75% onwards | 2.50% |
| Axis Bank | 10.49% onwards | 1% |
| Tata Capital | 10.99% onwards | 1% |
| Induslnd Bank | 10.49% onwards | Up to 3% of sanctioned amount |
| PaySense | 16.80% onwards | Up to 2.5% + GST or Rs 500 |
| Bajaj Finserv | 11.00% onwards | Up to 3.93% |
| Money View | 15.96% onwards | 2% + GST |
| Cashe | 27.00% onwards | Up to 3% |
Personal Loan
Quick Approval in 24 Hours
💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
How to Apply For Muthoot Finance Loans with Buddy Loan?
Follow these steps to apply for a Muthoot Finance personal loan on Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to take the next step? Apply for a Personal loan now!
Personal Loan
Quick Approval in 24 Hours
💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Muthoot Finance Loan Repayment
Loan repayments are a follow-up process after taking a loan. Over time, the borrower repays the funds. Repaying your loans on time increases your chances for a quicker loan process in the future.
There are a few ways to repay a Muthoot Finance loan. You can:
- Pay in full: This is the most common way to repay a loan. You can enclose the full loan amount at a single repayment, or you can pay it off in installments.
- Make monthly EMI payments: This is another common way to repay a loan. You will make a fixed monthly payment for a specified period, until you repay the loan in full amount.
- Prepay your loan: This means repaying the loan before the due date. You can do this if you have the money available, and it can save you money on interest.
- Make a partial payment: This means making a payment that is less than the full monthly EMI. This can be helpful if you are having trouble making your monthly payments.
Ready to take the next step? Apply for a Personal loan now!
Personal Loan
Quick Approval in 24 Hours
💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Frequently Asked Questions
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