Muthoot Finance provides gold loan to the customers for their urgent fund requirements. The user can borrow the loan amount against their gold ornaments from Muthoot Finance. And the NBFC charges an interest rate on the loan amount that starts from 12.00% per annum. Read the given article to know about the gold loan interest rates offered by the Muthoot finance and their advantage on your loan.
Does the Gold loan interest rates change with tenure?
Yes, the interest rate on your Gold loan would be increased if you delayed its payment. As the penalty interest of 2% is charged after 1 year. Under the Muthoot Finance gold loan schemes, the interest rate varies from scheme and the maximum rate of interest is 26.00%. To get rid of the high gold loan interest rates you need to pay the loan amount as early as possible otherwise the interest rate increases with time.
You can borrow the loan against gold items such as necklace, rings, earrings, bank gold minted coins, etc. The benefit of the Muthoot Finance Gold loan is that it makes the finance easier and affordable. To borrow a loan, as low as INR 1,500 up to INR 5 lakh, you can take the help of the Muthoot Finance loan against gold schemes.
Apply online with iMuthoot app!
To get the loan sanctioned and approved, you don’t need to go anywhere just apply for the loan online using the mobile app of Muthoot Finance. Using the iMuthoot app, you can fill up the online loan application form by knowing the eligible amount you can borrow from it. To find the loan amount, you can use the Muthoot Finance Gold loan calculator, in which you just need to enter the gold weight in grams and type of gold product.
You can easily get the gold valuation and other processes in your presence without going anywhere, as the representative comes at your doorsteps. For customer convenience and help, Muthoot Finance gives this online service for you.
How to pay the gold loan?
For the payment and low gold loan interest rates on your borrowed amount, it is better that you try to pay the loan early and get your gold items back. To pay the loan, you can use the equated monthly installment or balloon payment method. Because when the payment crosses the tenure of 12 months, a penalty interest of 2% is charged to your borrowed amount. You can pay the loan on time early with ECS, PDCs, NACH banking methods.
You can use any of your bank accounts for the payment and prepay the loan whenever you want to without getting worried about the prepayment charges. So, get a gold loan from Muthoot Finance at an attractive rate of interest with a loan tenure of 1 year and meet your financial needs. Early payment of the loan not only helps you get rid from the high gold loan interest rates but also improves your credit score.
Now, end your financial feuds with the crisis by borrowing a gold loan, and in the security of Muthoot Finance, the gold item is safe and secure.