Muthoot Finance Personal Loan

Introduction

Today, we will discuss the details of Muthoot finance personal loans, features, eligibility, requirements for a loan application, and how to apply for a personal loan from Muthoot Finance. Also, you will get some guidance and advice to get loan approval quickly.

Muthoot Finance is a renowned NBFC that was launched in 2001. The primary loan segment was their gold loans but, 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 with emergency cash expenses. In general, Personal loans are unsecured loans and don’t require any collateral or guarantees. But, due to the unsecured nature, these loans are usually offered at higher rates of interest.

Muthoot Personal Loans are offered to eligible applicants at competitive interest rates and affordable repayment options. Applicants can avail of and utilize this loan amount for a variety of needs like marriage, home renovation, higher studies, vacation plans, or any emergency medical expenses. Also, Muthoot Finance offers both unsecured and secured personal loans based on the applicant’s eligibility.

Key Features of Muthoot finance personal loan

1. Fast disbursal – The personal loans offered by Muthoot Fincorp Ltd are known for their short processing times and quick disbursal of funds.

2. Minimum documentation – Very minimal documents are required to apply for a personal loan compared to others.

3. Doorstep service – The representative will visit your place of ease to get the process of loan application completed, including document collection.

4. Affordable rates – Muthoot personal loans come with competitive interest rates and charges, keeping every kind of customer in mind the rates are also affordable.

5. Flexibility – Muthoot Finance offers flexible repayment options. This allows choosing a suitable combination of EMI amount and loan tenure for a personal loan.

Muthoot Finance personal loan Top-Up

Muthoot offers pre-approved top-up loans to selected and existing personal loan customers. The approval is subject to repayment track record and various applicable eligibility criteria. You can only apply for a Muthoot top-up loan only after completing payment of at least 12 EMIs. In general, the interest rate offered in these loans is the same as the rate applicable on standard personal loans from Muthoot Finance.

Muthoot Fincorp Ltd Personal loan details

1. The interest rate of personal loans at Muthoot ranges from 14%-24%.
2. Lowest EMI/Lakh is Rs. 2327 as per calculation on the lowest interest rate and maximum tenure.
3. Loan amount ranges Rs. 50,000 to Rs. 15 lakhs depending on the eligibility of the applicant.
4. The tenure ranges from 12 months to 60 months.
5. Muthoot charges a processing fee of 2.5%-3.5%.

Eligibility

Muthoot Finance offers both unsecured and secured personal loans. While collateral is not needed to avail an unsecured personal loan, but an asset needs to be pledged to avail a secured personal loan.

Eligibility For Unsecured Personal Loans

1. The personal loan is available for salaried govt, private sector, self-employed, and MNC professionals.
2. Age should need to be within 26-58 years.
3. Monthly income should be a minimum of Rs. 20,000 per month.
4. Applicants need to maintain a minimum credit score of 625 before applying for a personal loan.
5. Other factors which may take into account as eligibility is existing liabilities, length of employment, continuity of business, employer’s reputation, etc.

Eligibility For Secured Personal Loans

Individuals who are not eligible for an unsecured personal loan and are willing to provide 100% collateral security in the form of LIC policies, RBI bonds, NSCs, etc. can apply for a secured personal loan at Muthoot Finance.

But, keep in mind that the final decision depends on the NBFC’s loan approval parameters.

Requirements for applying for a personal loan at Muthoot

1. Identity proof – Aadhar card, Voter ID, Passport, PAN, Driving License (any).

2. Residential address proof – Registered rent agreement, Utility bills of last 3 months (any).

3. Income proof – pay slip of last 3 months, bank statements of last 3 months showing salary credit, and EMI debit(if any).

4. Passport size photographs of the applicant.

5. Business proof – Certificate of Practice/Partnership Deed/GST Registration and Filing Documents/MOA & AOA/Shop Act License.

How to apply

To get a personal loan Online from Muthoot you need to follow the steps as mentioned below,

1. Visit the official website of Muthoot Fincorp Ltd.
2. Then fill in personal, professional, and financial details as required in the application form.
3. After submitting the application form, Muthoot will check your eligibility and provide you the information regarding the eligible loan amount you can avail of.
4. Confirm and provide some essential documents online.
5. Lastly, the documents will be processed, and on successful approval, the loan amount will be disbursed to your Muthoot account.

(For Offline applicants)

1. Visit the nearest Muthoot branch and submit the application form with the loan amount you require and all the necessary information like personal, professional details.
2. After submitting, the representative will explain the eligible loan amount, terms, processing fees, prepayment and foreclosure charges, etc.
3. Provide all the necessary documents required, and you will be given an application reference number. You can check your application status by using the same number.
4. After a successful verification and signing of the agreement, the loan amount will be disbursed to your account immediately.

Fees and charges

1. Processing fee – Up to 3.5% of the loan amount + applicable taxes.
2. Stamp duty – As per applicable state laws.
3. Loan cancelation charges – Rs.5,000 + applicable taxes.
4. Prepayment charges – Up to 6% of the outstanding loan amount + applicable taxes.
5. Internal foreclosure charges – 2.5% of the outstanding loan amount + applicable taxes.
6. Re-Scheduling charges – 1% of the outstanding loan amount + applicable taxes.
7. Late payment charges – 2% of the outstanding loan amount of the month.
8. Cheque bounce charges – Rs.1,000 + applicable taxes.
9. Cheque swapping charges – Rs. 750 + applicable taxes.

Factors need to consider before applying for loan

1. Credit score – A good credit score/history is one of the most important factors to avail of a personal loan. As it creates trust in your repayment ability, always keep your credit score in check and maintain.

2. Eligibility criteria – Make sure you meet the eligibility criteria before applying for Muthoot Finance personal loan.

3. Multiple applications – Do not submit multiple loan applications at the same time. It will portray yourself as credit-hungry and lower the chances of loan approval.

4. EMI to NMI ratio – Maintain a low EMI to Net Monthly Income(NMi) ratio, ideally less than 40% to improve your chances of personal loan approval.

5. Terms & Conditions – Carefully read the terms and conditions before choosing an offer from any specific lender.

Muthoot Finance Customer Care Service

1. You can call Muthoot Finance customer care on 080-68436919 (Monday to Friday, between 10 AM – 6 PM).

2. You can do email Muthoot Finance at [email protected] to seek answers to your queries.

3. You can also visit your nearest Muthoot Finance branch.

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