Muthoot Finance Ltd Personal Loan
Muthoot Finance Personal Loan is a great option for those who need money quickly. It offers competitive interest rates, flexible repayment terms, and processing fees at just 3.5%, making it an attractive choice for borrowers. The loan can be used for various purposes, including home renovations, medical expenses, travel, and more. The application process is quick and easy, and the loan amount can be disbursed within 48 hours. With the Muthoot Finance Ltd Personal Loan, you can get the funds you need when you need them.
| Muthoot Finance Personal Loan Details | |
| Interest Rate | Starting from 14.50% p.a. onwards |
| Loan Amount | ₹50,000 to ₹10 Lakhs |
| Loan tenure | Between 12 to 60 months |
| Minimum Monthly Income | ₹15,000-25,000 (for those residing in non-metro cities) ₹20,000-30,000 (for those residing in metro cities) |
| Eligibility | Salaried employees from reputed organizations in public sector Self-employed individuals with a regular good income
|
| CIBIL Score | 700+ |
| Processing Fee | 2%-4% of the loan amount |
| Foreclosure Charges | 2%-6% of the remaining loan amount |
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Muthoot Finance Ltd Personal Loan Overview
Muthoot Finance Ltd offers instant loans for personal needs. In general, applying for personal loans from Mutthot will offer an easy process of accomplishing your long-term financial goal. This financial company provides both unsecured and secured personal loans to self-employed and non-salaried professionals. The personal Loan ranges from Rs. 50 thousand with minimal documentation & speedy disbursal procedure. With their personal loan scheme, the company aims for no end-use restrictions. Applicants can apply for the Loan to meet different expenses, such as wedding expenses, vacations, buying durable products, debt consolidation, and medical emergencies, to mention a few.
Features and Benefits of Muthoot Finance Ltd personal loan
With Muthoot’s personal loans, you can enjoy a number of features of benefits. The company lets you enjoy events with instant cash. Here are the features & benefits of the Muthoot personal loan. Before learning the Muthoot personal loan requirements, let’s learn the benefits and features of the personal.
| Competitive Rate of Interest | You may avail of the personal loan at an interest rate ranging from 14% – 22% p.a. |
| Loan Amount | Based on your requirements, you can apply for the Muthoot Finance Personal Loan that ranges between Rs. 50,000 and Rs. 10 Lakhs. |
| Simple Documentation Process | Yes, the financial institution offers only a few documents required to get the Loan. |
| No Collateral Needed | You do not require any guarantor to avail of this kind of personal loans. |
| Flexible Repayment Tenure | The tenure exceeds from 12 to 60 months. So, you may select it according to your suitability, thereby reducing the EMI payment burdens significantly. |
| Quick Disbursal | After your verification process of the loan application, you can get the funds in around five working days. |
Eligibility Criteria and Factors Affecting Muthoot Finance Ltd personal loan Eligibility
Muthoot Finance provides both secured and unsecured personal loans. When any collateral type or security does not get required getting submitted to avail the unsecured personal loan, the asset requires getting pledged to get the secured personal loan. Given below are the Following are the Muthoot personal loan eligibility:
- Applicant’s age must be a minimum of 18 years
- The monthly income of individuals must be around Rs. 20,000
- There must a minimum Credit Score or new credit cardholders can also apply
- The minimum work stability must be around 1 year
For entities who are eligible
| Salaried employees of Private and Public Sector Organizations | The self-employed individuals |
| Salaried employees of reputed institutions |
Muthoot Finance Ltd Fees and charges
The interest happens to be the amount that a loan applicant gets charged as the fee for borrowing the money. An interest gets calculated annually and it’s the set percentage of the loan amount of the principal. The amount of Loan & applicable interest get repaid by a borrower over the pre-decided period of time as equated monthly instalments or EMIs. As a matter of fact, the personal loan interest rates generally are higher when compared to any other loan types, as the personal Loan doesn’t need collateral against the money disbursed to a borrower.
Personal loans offered by the Muthoot Finance comprise fixed rate of interest, meaning the interest charged is the same throughout the tenure of Loan. It does not get affected by economic changes in the current market. You can apply for Muthoot personal loan if you are a salaried or non-salaried individual. With Muthoot Finance, you get multiple benefits such as loan disbursals, minimum documentation requirements, and quick processing. You may seamlessly apply for the Personal Loan by visiting the nearest branch of Muthoot Finance or applying online.
Documents Required for Muthoot Finance Ltd personal loan
Pointed below are the documents required for Muthoot personal loan:
- PAN Card (Compulsory)
- Fully filled out form of the application form
- Passport Size Photos
- ID Proof such as Passport/ Aadhaar / Voter ID / Driving License
- Address Proof: A copy of Property purchase Agreement/ Aadhaar Card/ Utility Bill/ Registered Lease Agreement (not more than three months old)/ Passport/ Driving License
- Your income proof: Salary Certificate/ Bank Account Statement / Salary Slip/ Form 16
- Employment Proof: Letter on the company letterhead that confirms the employment period of the applicant
Muthoot Personal Loan Interest Rates
Muthoot personal loan interest rate ranges between 14% and 22% p.a. The actual rate of interest applicable must vary on the basis of the credit score, repayment history, monthly income, amount borrowed, and outstanding debt. Tabulated below is the personal loan interest rate offered by the bank:
| Personal Loan Interest Rate | 13.75% p.a. onwards |
| Processing Fee* | 2% – 4% of the loan amount sanctioned |
| Loan Tenure | 12 months – 60 months |
Factors affecting Muthoot Finance Ltd personal loan interest rates
The interest rate can influence the overall affordability of the individual. With a higher interest rate, there’s more EMI amount. There are different factors that sway the lender & individual banks for altering the personal loan interest rate considering multiple individuals. Here are factors to consider:
- Income: When the individual has a higher income, the eligibility for the larger loan amount increases. They can get lower interest rates. So, the income is a significant criterion on which their interest rate gets calculated.
- Income Source: A fixed income signifies that the applicant can pay the EMIs monthly. All in all, it improves the eligibility for the Personal Loan. For salaried professionals, their total experience also matters. For self-employed professionals, the P&L statements and IT Returns should be considered.
- The CIBIL Score: The credit score denotes the creditworthiness and reflects the history of individuals considering their previous debts or loans. A higher credit score means increased personal loan eligibility and a greater chance of lower interest rates.
- Existing Debts: When the individual is paying EMIs for various loans, the part of the income gets dedicated. That can impact the repayment capability based on the income & fixed debt payments (monthly).
- Employment Nature: Applicants who are employed by public or government sectors have greater eligibility for the Personal Loan. After all, they are considered to be in stable jobs that ensure repayment capability, making them low-risk applicants.
- Age: Besides basic requirement of applicants being legally eligible for getting into the financial contracts, age affects eligibility.
How an EMI calculation works for Muthoot Finance Ltd personal loans?
Personal loans provide you with a simplified way of getting instant cash for your long-term goals. And if you consider getting a loan from Muthoot Finance Ltd, it’s best to avail the personal Loan by calculating the rate in the online EMI calculator offered by the bank. Get personal loans on terms with flexible EMI ranging from 12 to 60 months! Calculate the EMI by visiting the company website.
FAQs
Yes, during your loan tenure, you can convert the fixed rate loans to the floating rate.
If you have a decent CIBIL score and a fixed income, you can obtain a personal loan at an affordable interest rate. However, when you have unsteady income and bad CIBIL score, it may lower your chances.
Personal loans from Muthoot can be used for accomplishing your financial goals. But the personal Loan comprises an interest rate & a repayment tenure that's around 12 to 60 months.
Yes, you can reduce your personal Loan EMI by using various ways. But that depends on one individual to another.
The minimum salary for the personal Loan availed by Muthoot is Rs. Rs. 20,000.
The Muthoot personal loan offers Loan with 13.75% p.a. rate of interest rate each month.
Given below are the benefits of Muthoot personal loan.
- High Loan Amount
- Competitive Rate of Interest
- Simple Documentation Process
- Flexible Repayment Tenure
- You don't need Collateral
- Quick Disbursal
Here are the documents required for getting personal Loan from Muthoot.
- PAN Card
- The application form
- ID Proof –Aadhaar / Voter ID / Driving License/ Passport
- Passport Size Photo
- Address Proof: The copy of Property purchase Agreement/ Utility Bill/ Aadhaar Card/ Registered Lease Agreement / Driving License/ Passport
- An income proof (either the Salary Certificate, Bank Account Statement, or Salary Slip)
- Employment Proof
The Muthoot interest rate for personal Loan ranges at 13.75% p.a.