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.

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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:

For Salaried Employee-

For Self Employed -

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.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

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;

Quick disbursal

Funds are disbursed within
24 hours of approval.

Easy eligibility criteria

Relaxed eligibility criteria
making it easier to qualify
for a loan.

Flexible repayment

Choose from a variety of
repayment options and get
a tenure of up to 5 years

No prepayment penalty

No prepayment penalty.
Repay loan early without
any additional charges.

Safe and Transparent

The loan process is secured
with no hidden charges.

Great Interest Rates

Enjoy interest rates that
are up to market standards
of 14-22% p.a.

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%

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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!

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!

Frequently Asked Questions on Muthoot Loan

You can apply for a gold loan from Muthoot Finance in two ways:

  1. Online
  2. In person

To apply for a Muthoot finance personal loan, you must be 18 - 65 years of age, be a citizen of India. Muthoot Finance also has some additional eligibility criteria for its gold loan products. Find it on the website for up-close clarity.

The general documents required to apply for a gold loan from Muthoot Finance are Proof of identity, Proof of address, Proof of income, Gold jewellery.

The interest rate for a gold loan from Muthoot Finance is typically around 12%p.a.However, the interest rate can be as high as 27% p.a. for borrowers with poor credit scores or who take out short-term loans.

The repayment period for gold loans can vary from 6 months to 3 years. The repayment period is usually determined by various factors.

Yes, you can extend the tenure of your gold loan. However, there are some conditions that need to be met in order to be eligible for an extension.

Yes, you can get a gold loan from Muthoot Finance even if you have a low credit score. However, you may be required to provide additional collateral or pay a higher interest rate.

If you are unable to repay the gold loan on time the lenders may take some action that may hinder your credit score, creditworthiness and so on. They also levy late payment charges(2% of outstanding loan amount).

Yes, you can make partial payments towards your gold loan with Muthoot Finance.

Yes, there are some additional charges and fees associated with gold loans from Muthoot Finance. These charges and fees can vary depending on the type of loan, the amount of the loan, and the terms of the loan.

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