GOLD LOAN ELIGIBILITY

 

Whether you need money urgently for a medical emergency, a wedding, or that long-awaited family vacation, a gold loan serves many purposes. They are a great way to service immediate financial requirements by ensuring that unused gold articles generate value for you. Gold loans have become quite popular in recent with their quick turnaround times (TATs) for disbursal as they do away with the tedious process of a conventional secured loan. With convenient gold loan eligibility calculation, quick disbursals, and low interest rates, availing a gold loan with Muthoot Money is a seamless affair.

Gold Loans are Safe and Quick

The average person invests his/her hard-earned money in different kinds of financial instruments such as fixed deposits, mutual funds, stocks, as well as real estate. However, most of these investments are for the medium and long term. Most Indian households have gold articles that are usually kept in a bank locker. For short-term or immediate liquidity, gold loans can be availed against unutilized gold jewellery items according to the gold loan eligibility of a person. The pledged gold ornaments are securely kept in lockers under surveillance and are handed back to the customer once the loan has been repaid in full.

Gold Loan Eligibility Calculator

Before availing a loan against your gold jewellery from Muthoot Money, you have to first decide on your financial requirement. The next step is to find out your gold loan eligibility. Muthoot Money’s Gold Loan Eligibility Calculator is a quick and convenient way to calculate your gold loan eligibility. You may either do it online on muthootmoney or visit your nearest branch. All you have to do is input details such as name, email ID, contact number, state, pin code, type of the gold articles, the amount needed, and the approximate weight of your gold. Our online gold loan eligibility calculator gives you an approximate value of your gold loan eligibility.  It should be noted that the final gold loan eligibility value will be arrived at only after a detailed in-house evaluation of the gold by Muthoot Money’s experienced team. Apart from the weight of the gold, the purity of the gold and the rate of gold on a particular day is also taken into consideration for calculating one’s eligibility.

Benefit of Using Gold Loan Eligibility Calculator

The main benefit of Muthoot Money’s online Gold Loan Eligibility Calculator is that even before you visit a branch, you have an idea about the amount of loan you are eligible for. Although your final eligibility for the gold loan would depend on many other factors, an estimated loan value could help you plan accordingly.

Gold Loan Eligibility Calculation (Per Gram)

Gold loan eligibility per gram refers to the percentage of gold value that will be considered for calculating the eligibility for a gold loan. The valuation of your gold will depend upon the weight of the gold articles, the rate of gold on that particular day as well as the purity of the gold. The lender will typically loan a percentage of this value of gold and this is called the gold loan eligibility per gram.

Your gold loan eligibility will depend upon the value per gram of your gold jewellery. Muthoot Money offers one of the best values for your gold which means your gold loan eligibility becomes significantly higher.

Tenures and Amount of Gold Loans from Muthoot Money

Muthoot Money offers its customers the choice of availing a gold loan as per their financial goals and requirements. The many loan schemes from Muthoot Money offer customers a plethora of choices, ranging from gold loans with the maximum tenure as well as minimum amount gold loans.  Based on the needs and the customer’s eligibility for a gold loan, the minimum tenure of a gold loan from Muthoot Money is of 7 days and the maximum gold loan tenure is of 12 months for normal schemes.

Apart from the minimum and maximum gold loan tenures, Muthoot Money also offers its customers the flexibility of maximum and minimum gold loan amounts. According to one’s gold loan eligibility, the minimum amount of gold loan that a customer can avail of is as low as Rs 1500. Thus, a customer is spoiled for choice when he/she decides to avail any of Muthoot Money’s several gold loan schemes. Visit your nearest Muthoot Money branch to know about all the loan schemes available in detail.

Calculation Of Gold Loan Eligibility

Muthoot Money’s gold loan calculator available online gives an estimated amount of loan eligibility but the final value is calculated at the branch by the team. There are convenient repayment flexibility options under tailor made schemes made available for varied customer needs.

Key Points to Consider Before Availing Gold Loans

The most important factor to consider before availing a gold loan is your financial requirement and opting for a loan that fits your criteria. Apart from your eligibility for the

gold loan, gold loan eligibility per gram for the gold articles and applicable interest rates of the loan, there are a few charges, terms, and conditions that you should be aware of. These charges may vary according to your state and the loan scheme you have applied for. For details on the terms and conditions, please visit https://muthootmoney.in/gold-loan or your nearest branch.

Muthoot Money, with its vast portfolio of gold loans, promises the best value for your gold, clear terms of gold loan eligibility, flexibility on the minimum and maximum gold loan tenures as well as the maximum and minimum gold loan amount. We value the emotional bond Indians have with their gold jewellery that is often passed down generations. The pledged gold ornaments are securely kept in strong rooms under CCTV surveillance. Once the gold loan is fully repaid, your gold is safely and quickly returned. A huge network of over 5000 branches means that you are never too far away from realizing your dreams.

Service Charges relating to Gold Loan

SL No. Type of Charges Corporate Rate of charges applicable
1 Service charges -Fresh loan- Rate applicable on loan amount(IPL)

Southern Branches

 IPL (1%) (For 12 months period only)
2 Service charges -Fresh loan- Rate applicable per account (ZIL/ZIP)

ALL

 ZIL/ZIP-Rs.50/loan
3 Service charges on fresh loan under MEI scheme

ALL

 0.60% of loan amount
4 Top-up services charges - Rate applicable on enhnaced amount

All

 2% of enhanced amount (For GL schemes having 1st slab ROI <15% with rebate facility)
5 Security charges- Fresh loan

Rest of India

 0.15% of loan amount- Minimum Rs.100/- and Maximum Rs.1,000/-
6 Token charges- (For schemes except given in Sl no.1, 2, 10 & 11

Southern Branches

 Loan up to Rs.1,00,000/- --> Rs.20/-
Above Rs.1,00,000/- --> Rs.100/- Where 1st slab interest rate is <13% after rebate, other cases Rs.50/-
7 SMS charges ALL Rs.5/per quarter at the time of closure or renewal
8 Notice Charges (Applicable for loans under all schemes) Southern Branches
Rest of India		 3 ordinary notice Rs.30/each and 4th notice-RegisteredRs.100/-
3 ordinary notice Rs.30/each and 4th notice-RegisteredRs.100/- Auction Notice charges Rs.120/-
9 Token lost charges (Applicable for loans under all schemes)

ALL

 Rs.25/-(in addition to cost of stamp paper applicable)
10 Safe Custody Charges

ALL

Rs.5/per gram per month, payable at the time of closure or renewal
11 Stamp duty levied by State Governments

States:- Karnataka , Andhra and Rajasthan

Actuals where ever applicable
12 GCS

Southern Branches

1.Rs.999/- per 6 months (in case the limit is not used over a period of 6 months)

2.If the transaction is through branches then Rs.99/- per transaction
13 GCL

Rest of India

1.Rs.999/- per 6 months (in case the limit is not used over a period of 6 months)

2.Part release charges of Rs.499/- per transaction

3.If the transaction is through branches then Rs.99/- per transaction
14 Loan @ Home charges

ALL

Upto Rs.500/- for loan @ home services
15 CAC (Credit Appraisal Charges) – If total exposure > Rs.3 L

Southern Branches
If loan amount Amount
>Rs.3 L to Rs.5 L Rs.25/-
>Rs.5 L to Rs.15 L Rs.40/-
>Rs.15 L to Rs.50 L Rs.50/-
>Rs.50 L Rs.75/-
16 Door to Door collection charges (Follow up for interest / loan recovery)

Southern Branches

 Rs.150/- plus GST per customer for recovery made through customer follow up visit

Gold Loan Eligibility FAQs


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