India is one of the largest buyers of gold in the world. Gold Loan is also called a loan besides gold; it is a secured loan where one can pledge its gold ornaments to a lender and get the amount of money they need. The loan that is given to you is generally a certain percentage of your gold’s value.
The loan can be paid in monthly installments; you can get your gold back after paying the loan. There are many banks with NBFCs, such as HDFC Bank, ICICI Bank, Manappuram Finance, Muthoot Finance, etc., that provide gold loans at nominal interest rates.
Muthoot Finance Provides
Muthoot Finance offers its customers a lot of benefits, some of them are as follows:
The Muthoot Finance Company promises its customers for ultimate security of their gold and regular monitoring of their facilities. So, customers can be relieved about their gold is in safe hands.
Good Loan Amount
Muthoot Finance offers its customers gold loan with a minimum amount of Rs.1500 with no maximum limit. So you can initiate any quantity of gold to get a high amount loan.
Muthoot Finance has CCTV Cameras for observing their branches everywhere. Moreover, your gold is stored in separate specialized rooms for proper security. Along this, the gold is also seized in tamper-proof packing for extra security.
Easy To Avail
Gold loans are very helpful when you need money in emergencies as they are easy to avail, need fewer documents, and get loan amounts hand to hand. Muthoot Finance provides gold loans easily to their customers; they never check customer’s backgrounds and don’t have other formalities.
Muthoot Finance provides you a loan with an interest rate of 11.99% onwards. Along with the processing fees of 0.25%-1% of the loan amount.
Muthoot finance also offers you a long tenancy loan from 7days to up to 36 months. Most of the companies provide loans for 3 months or 7 months only.
While getting the loan, if you want to pre-pay some amount of loan, then you need not pay any prepayment charges; you can pay the loan amount in installments.
While taking a gold loan, one should remember that gold quality should be above 18K. Muthoot Finance also accepts gold of 18k quality. And also, you can pledge gold coins if you don’t want to put gold ornaments.
Muthoot Finance provides loans to its customers with low processing fees. Processing fees are the fees deducted from the amount of a loan when someone takes a loan. It has processing fees of 0.25%-1% only of the total amount of the loan.
The Final Outcome!
From the above points, we can sum up that Muthoot Finance provides many benefits to their borrowers with low interest rates and low processing fees. And also with proper security of their gold ornaments.