Muthoot Finance Personal Loan: Interest Rates, Eligibility, How to Apply

Muthoot Finance Personal Loan: Muthoot personal loans come with attractive interest rates ranging from 13.5% to 24%. It provides you the necessary financial support in your time of need. You can get a personal loan from Muthoot Finance from Rs.50,000 to Rs.15 lakh. You can repay the loan in EMI of 12 to 60 months. One can avail hassle free, minimal documentation personal loans from Muthoot Finance.

Key Features of Muthoot Personal Loan

  • Get a loan at the best competitive interest rate in the market.
  • Hassle free documentation which ensures complete transparency.
  • In addition, doorstep document collection is also available.
  • One can avail loan amounts up to Rs 15 lakh to meet all your needs.
  • One can choose from a flexible repayment tenure of 12 to 60 months.

Why should you choose Muthoot Personal Loan?

Get the loan amount as per your requirements – Muthoot Personal Loan gives you a loan of Rs 50,000 to 15 lakhs, so that you can plan for your needs with ease.

Fast Processing and Disbursement – ​​Muthoot Personal Loans are processed and disbursed within 48 hours.

Hassle Free Documentation with Complete Transparency – Muthoot Personal Loan is processed with the simplest documentation process. Customers are updated regularly throughout the process so that they get complete transparency regarding loan processing.

Get repayment options tailored to your needs – Muthoot personal loans come with flexible repayment options to help you repay the loan comfortably, without burdening your monthly cash flow. It gives you tenor options ranging from 12 months to 60 months so that you get the best EMI.

Opt for in-house service – Muthoot provides collection of application form and supporting documents so that you do not have to step out.

Competitive Interest Rates and Charges – Muthoot personal loans come with attractive interest rates and charges. The interest rate offered on personal loans ranges from 13.5% to 24% p.a. The processing fee and other charges are also one of the best in the market. Check the table below for other personal loan related charges.

Muthoot Personal Loan Interest Rates & Other Charges

loan amount 50,000 to 15 lakhs
Rate of interest 13.5% to 24.00%
repayment period 12 months to 60 months
processing fee 2 to 4%
prepayment fee 0 to 9 months – Lock in period 10 to 12 months – 6% of loan outstanding + Tax 12 months – 5% of loan outstanding + Tax
foreclosure fee 2.5% of outstanding loan amount + applicable taxes
rescheduling fee 1% of outstanding loan amount plus applicable taxes
late payment fee 2% of the outstanding loan amount for the month
check bounce charges 1000 rupees + tax

How to Apply for Muthoot Personal Loan?

You can apply for Muthoot Personal Loan at your nearest branch or website :-

  • Visit the Muthoot website and go to ‘Personal Loan’ under the ‘Services’ tab.
  • On this page, click on ‘Apply Now’.
  • You need to fill your name, email address, mobile number and city to start the application process.
  • Once you submit these details, an authorized representative of the bank will get in touch with you to check on the further terms of the loan and your eligibility.
  • Once you are satisfied with the conditions, you can proceed with the application process.
  • You will need to submit the required documents to process your application.
  • Muthoot has ‘Doorstep Service’ to facilitate document collection.
  • On submission of all the required documents, the loan will be processed and sanctioned within 48 hours.
  • You will get the amount in your account within few hours of approval.

Documents required to apply for Muthoot Personal Loan

The following documents are required to process your personal loan:-

identity proof

  • passport copy
  • Voter ID Card
  • driving license
  • Aadhar card

Address proof

  • passport copy
  • Voter ID Card
  • driving license
  • Aadhar card
  1. Latest bank statement of last 3 months or bank passbook of last 6 months
  2. Latest Form 16 along with two latest pay slips / current dated salary certificates

What are the eligibility criteria to apply for Muthoot Personal Loan?

Muthoot Personal Loan is granted to eligible applicants on the basis of their age, income, employment status, exit liabilities and credit score.

  • Your age should be between 26 to 58 years
  • Minimum monthly income should be Rs 20,000.
  • You should be a salaried employee of any public sector enterprise, reliable private sector company or a self-employed individual with good financial standing.
  • If your credit score or financial condition is not favorable for the loan, you can get a secured loan by providing guarantees like LIC policy, government bond, NSC etc.

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