muthoot gold loan calculator

All the loan schemes except for Muthoot EMI scheme has a loan tenure of 12 months. Gold Loan EMI Calculator. The gold shield will provide insurance coverage to Indian citizens on their gold jewellery at the time of closure of gold loan and release of the gold ornaments. Coming to Muthoot Finance, you will be amazed at the number of loan products a gold loan company like Muthoot Finance can have. Penal interest will be charged at 2% above the regular rate, i.e., 26% on the overdue quantum for the overdue period. However, it is possible that the jewellery item is quite expensive. So, do keep a check on them. With a lower LTV, the gold loan company has increased its cushion. Muthoot Gold Loan EMI Calculator. Not all types of loans may be available at all the branches. Year Principal Repayment Interest Payment EMI Outstanding Loan Loan Paid to Date; 2018: 98.47: 1,037.67: 1,136.14: 99,517.69: 0.48% With the help of the Muthoot Gold Loan Calculator, you can know the loan amount you can get based on your gold value, your eligibility. And, it can go up to 26% per annum. He writes for leading business publications regularly, runs a personal finance blog and a financial planning firm at www.PersonalFinancePlan.in. You always have an option to sell your gold rather than taking a gold loan. Muthoot Finance, India's largest gold loan company, helps you to get loan in turn of your gold jewellery, gold ornaments, etc. For more on loan interest rates and FAQs on Muthoot gold loan, please visit. Muthoot Finance is also an NBFC that is famous for providing the service of Gold Loan. All rights reserved. Overspent during the Festive Season? Therefore, before contemplating loans at such high rate of interest, you must consider selling off the gold too. Calculate gold loan per gram, against your gold ornaments to know your loan amount and apply online for gold loan… Coming to Muthoot Finance, you will be amazed at the number of loan products a gold loan company like Muthoot Finance can have. Muthoot Finance Gold Loan Eligibility. It has been brought to our notice that certain individuals are receiving fraudulent emails, phone calls, and messages, etc, about job vacancies with Muthoot FinCorp and they are also being asked to deposit money in certain bank accounts. He can be reached at deepesh.raghaw[AT]gmail.com. However, if you had sold the jewellery and try to buy similar piece of jewellery, you will have to pay making charges again. For the past 133 years, the company has been providing trusted services to over 2.5 lakh people daily. In this article, we will discuss and compare two main gold loan providers, Muthoot and Manappuram gold loan. The ultimate value that is charged will depend on the loan value, the tenure of repayment and the percentage of gold in your jewellery. Muthoot Fincorp Limited is one of the leading non-banking finance companies (NBFCs) in India, offers an extensive array of financial products & services, like gold loan, two-wheeler & used car finance, SME loans, affordable housing loans and others. Additionally, a few pieces of information on Muthoot Finance website was a bit conflicting. However, given the description of various products and the difference in rates of interest for various products, you can get this idea. iMuthoot app provides gold loan calculator, according to prevailing interest rates. Consider a scenario where the borrower defaults and the gold prices correct sharply. All you need is a loan product that suits your needs. Use gold loan EMI calculator to calculate the loan amount against your gold ornaments. The higher your gold value will be, the higher will be the loan amount. To calculate your Muthoot Finance gold loan EMI, follow these steps: Step 1: Click here to go to Paisabazaar’s Gold Loan EMI Calculator; Step 2: Enter the loan amount, interest rate and loan … NBFC Muthoot Finance said the demand for gold loan is … The personal loan interest rate starts at 14.50% p.a. Gold Loan Calculator -Calculate per gram gold loan rate using Gold Loan Calculator. How much loan can your gold fetch you? Gold Loan — Unlocking Cash for Emergency Needs, 6 Factors to Consider While Taking Car Loans, Loan Calculator — Calculate EMI, Affordability, Tenure & Interest Rate, Home Loan EMI Calculator with Prepayments, Taxes & Insurance, Investing in Debt Funds vs. Prepaying a Loan. We have done a. I was able to get a very good rate of interest and the staff was very helpful in helping me avail the loan. The higher the purity levels, the higher will be the loan value. Low-Interest Rate: The gold loan interest rate is much lower as compared to other loans as it is a secured loan. Muthoot Finance has provided for three regions viz, Kerala, Outside Kerala and Delhi. Muthoot Finance has the largest gold loan portfolio in India among NBFCs. Loan Amount : Rs.1,500 with no maximum limit: Loan Tenure : 30 days to 36 months Another point, albeit not as conclusive, is that the gold loans may not really be cheap. It is quite possible that you can get a cheaper personal loan. RBI caps the LTV of gold loans at 75% of the value of the gold offered as collateral. There is no prepayment penalty. All you need is a loan product that suits your needs. Please contact us for further information about the genuineness or otherwise of such communications at: MG Road, Near Spencer's, Trivandrum - 695 039. The tenor for EMI scheme can go up 36 months. Be sure of your cashflows before going for any kind of loan. Interest to be paid only on the utilized amount. Lower the Loan to Value ratio for your gold loan, lower the interest rate you pay. Advertisements. ICICI Bank offers gold loan up to a tenor of 12 months. Muthoot Jewel Loan Interest Rate starts from12%. Therefore, in case you are looking for a gold loan from Muthoot Finance, you are advised to do greater research before choosing the best loan product from Muthoot. An EMI is calculated depending upon your loan amount and the tenure of the loan, upon which the interest rates are charged. Our Muthoot Online facility will definitely ease our customers who often find it difficult, during their busy life schedules, to call at our branch and make periodic interest / principal re-payments, withdraw available loan amount (Topup) and renew eligible loans . This online tool helps them know the cost of the loan … On average, the Gold Loan Interest Rate is around 12.00% per annum. Note: Muthoot has not explicit provided the LTVs for various types of loans. How a Virtual Credit or Debit Card Can Help? After 6-12 months, when you have money in your hand, you can buy back the gold. Note: Please understand descriptions of some of these products were not very clear from the website. Try the simplest way to calculate your Gold Loan eligibility at #MuthootFinance. Online Gold Loan. Frankly, unless you have an emotional attachment with your gold/gold jewellery, you may be better off selling the gold rather than taking loan against it. Why No-Cost EMI Can’t Be for Longer Tenure? to 27% p.a. 0471 4911560 [email protected] Therefore, the loan company also passes on the benefit to the borrower in the form of lower interest rate. Muthoot Centre, Punnen Road, Trivandrum - 695 039. With a lower LTV, the gold loan company has better protection against volatility in gold prices. Muthoot Fincorp has over 3600 branches across India with an average walk in of over 1,00,000 customers per day. All the loan schemes except for Muthoot EMI scheme has a loan tenure of 12 months. Muthoot Centre - Registered Office. There were more than 10 products on their website. The gold loan amount that you can get from Muthoot Finance depends on the overall value of the gold ornaments. Muthoot Fincorp Gold Loan interest calculator helps you know how much loan your jewellery can fetch. Axis Bank offers gold loans for a tenor up to 36 months. To be honest, the interest rates for most of these gold loan products are simply astounding. It is quite possible that you can get a. Similarly, in you have a Gold jewellery, you can find out against it, how much loan to expect. There are various schemes under Muthoot Gold Loan the details of which are as given below: Mahila Loan (MML) The key features of this loan are: Quantum of loan: The maximum quantum of the loan under this scheme is 5 Lakhs; Interest: The interest is charged at 24% p.a. In my opinion, the high number is merely a marketing gimmick. CIN: U65929KL1997PLC011518 | GST Number: 32AACCM1453E2Z1 | Contact ID: Terms and Conditions of Appointment of Independent Directors, Enquire Now for Gold & Silver Bars on EMI Precious Metals, #RestartIndia – Free Mentoring Platform for MSMEs, Download NCD Public Issue Interest Certificate. There were more than 10 products on their website. With a lower LTV ratio, the gold loan company has reduced its risk. After 6-12 months, when you have money in your hand, you can buy back the gold. Gold loan NBFC Muthoot Finance Ltd has announced its 24th series of Public Issue of Secured Redeemable Non-Convertible Debentures of face value of Rs. With a lower LTV, the gold loan company has better protection against volatility in gold prices. For more on loan interest rates and FAQs on Muthoot gold loan, please visit Muthoot Finance website. However, the rate of interest can be as high as 24% p.a. With Muthoot Fincorp, you can make a head start by availing loans against your gold the easiest and smart way. Another point, albeit not as conclusive, is that the gold loans may not really be cheap. Interest rates on gold loan products from Muthoot Finance. The tenor for EMI scheme can go up 36 months. Minimum Loan Amount is Rs 1,500. We have discussed a gold loan product from Axis Bank too. Muthoot Gold Loan Interest Rate Calculator. For more on loan interest rates and FAQs on Muthoot gold loan, please visit Muthoot Finance website. Use our Gold Loan EMI Calculator to check the amount of EMI you will need to pay on your Muthoot Finance gold loan. Making charges for the jewellery are ignored. The key areas that a Gold loan calculator considers are: Higher the loan amount, higher the EMI amount. In such cases, the value of security may not be enough to square off the principal and accrued interest. If you are unable to get loan from bank or unable to get the exact amount you need, then gold loan is the easiest and quickest way to get the money you need. Muthoot Finance provides several gold loan schemes from which you can choose the one according to your requirement. Muthoot said its gold loan business is likely to grow by more than 15% in the next three years. Deepesh Raghaw is a SEBI registered Investment Adviser and a management graduate from IIM-Lucknow. And apart from this, you can also know the interest rates at which you will get the loan and the number of required EMIs for the repayment. Therefore, the loan company also passes on the benefit to the borrower in the form of lower interest rate. In such cases too, you might consider taking a loan instead of selling it off. Please be informed that such communications and practices are completely mala fide and sent with an intent to defraud the public and bring disrepute to the goodwill of our Company. Since the loans are short term, you must be sure that you can repay the loan in this short term. Muthoot Gold Point is one of the leading old gold jewelry buyers, offers you safe and 100% transparent process to sell gold online for cashin India including Bangalore, Chennai, Delhi, Coimbatore, Mumbai, Kolkata, Ahmedabad & Vijayawada. Muthoot Fincorp Ltd., the flagship company of Muthoot Pappachan Group, is one of the largest NBFCs in India, registered with the Reserve Bank of India. Enter the following information in the below EMI calculator: Principal loan amount you wish to avail (rupees) Loan term (months or years) Rate of interest (percentage) I thought there will just be a product or two. The sanctioned loan value depends on the purity of your gold jewellery and the existing gold prices adjusted for the loan to value ratio. It appears that the Muthoot Finance knows that gold loan is the last resort and are charging the interest rate accordingly. For many of its offerings, Muthoot Finance offered rebate on interest payments if you made regular interest payments. Name of Scheme : Muthoot Finance Gold Loan : Rate of Interest : 12% p.a. We are also the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). While planning to avail a Gold loan, you must know how much gold you will need to take to the IIFL Branch. We have done a primer on gold loans in an earlier post. Manappuram Finance and Muthoot Finance offer gold for maximum tenor of 12 months. Respective products may have other minimum limits. iMuthoot app offers Online Gold Loan (OGL) feature to deposit or withdraw additional amount on your eligible loans. To be honest, the interest rates for most of these gold loan products are simply astounding. Tenor up to 36 months, EMI based payments. An aspect to note is that you get loan only for the value of gold. You do not need a guarantor for the loan. The app allows its users to locate nearest Muthoot Finance from the location of the user. If you agree to pay interest on a regular basis, you can reduce the cost of your loan. About Muthoot Finance. If you know the quality and net weight of Gold ornaments, you will be able to figure out what loan you are eligible for … Since the loan is secured, I expected that the rate of interest would be low. With the growing popularity of gold loans every year, it is important to know not only what gold loan is but also how it works, gold loan interest rates, and other related details. Additionally, a few pieces of information on Muthoot Finance website was a bit conflicting. When you try to sell the jewellery, something similar happens. applicable on the gold loans. Rates for the various loan schemes may differ slightly across regions. https://www.loanbaba.com/gold-loans/muthoot-finance-gold-loan.html Partial Prepayment of loan amount is permitted. , you may be better off selling the gold rather than taking loan against it. Therefore, in case you are looking for a gold loan from Muthoot Finance, you are advised to do greater research before choosing the best loan product from Muthoot. In you have money in your hand, you can reduce the cost of your concern Finance offer for. Financial planning firm at www.PersonalFinancePlan.in, Muthoot Finance offer gold for maximum of... Last resort and are charging the interest rates for most of these products were very! Delhi region the higher will be amazed at the number of loan purity Testing of gold loan schemes from you. [ at ] gmail.com gold loan interest rate most of these gold loan products gold. Withdraw additional amount on your Muthoot Finance knows that gold loan company also on... 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