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Jewel Loan
Not only is gold considered auspicious by Indians but it also carries sentimental value. It is also considered a good investment option. However, in times of urgent financial need, we are hesitant of selling our gold jewellery to meet our needs. Thus, gold loans have become quite popular among customers. The reason customers are opting for gold jewellery loans is that not only does it generate funds for immediate financial needs but also the customer gets his/her ornaments back after the gold jewel loan has been repaid. And Muthoot Money makes the process of availing a gold loan seamless and hassle-free.
Loans Against Gold Jewellery From Muthoot Money
Most Indian homes have gold jewellery that is either self-bought or passed through generations. And this is often kept in lockers for safekeeping. A gold jewel loan is one in which after assessing the gold jewellery loan eligibility of the customer and an in-house evaluation of the gold, jewel loan per gram is calculated. And a lender typically lends a percentage of the gold jewellery value as a loan. Muthoot Money’s loan against jewellery is a great way to utilize your idle gold to meet short-term financial goals.
Unlike most other loans, a jewel loan can be used both for personal and business requirements. There’s no requirement of a credit history for availing of a jewellery loan. Also, there’s no restriction on the end-use of a loan against jewellery.
Gold Jewellery Loan Process
When compared to a jewel loan from a bank, customers prefer Muthoot Money’s jewel loan because of the ease of application and processing of the jewellery loan. Firstly, after a customer has decided to avail of a loan against his gold jewellery, he/she needs to find out their jewel loan eligibility. This can easily be done on Muthoot Money’s online Gold Loan Calculator by putting in some basic details. This online calculator only gives approximate jewellery loan eligibility. The final value of the jewel loan per gram is calculated by the team after a personal visit to the branch.
In addition to this, a customer can also calculate loan eligibility against jewellery on the online Gold Loan calculator. Even this is a directional value. The final loan eligibility for the gold jewel loan will be generated after assessing jewel loan per gram eligibility and including service charges etc.
Muthoot Money’s loans against gold jewellery processes are quite seamless. Minimal documentation, low gold jewel loan interest rates, quick disbursal of jewellery loans, safe- keeping of pledged ornaments and good customer service make it quite attractive.
Factors Affecting Gold Jewel Loans
The loan against gold jewellery that would be finally disbursed to you depends upon twomain factors:
Gold Jewellery Loan Eligibility: The main criterion that decides your loan against jewellery eligibility is the weight of the gold and the purity of the pledged gold. Muthoot Money’s online jewel loan calculator gives an approximate figure of jewel loan eligibility amount, basis a few basic details, type of gold and weight of the ornaments. For a specific calculation, a customer will have to visit a branch where the team shall assist him/her regarding this.
Value of gold per gram for jewel loan: A non-banking financial company (NBFC) lender or banks offering jewel loans will do an in-house gold valuation before arriving at the jewellery loan value. This value of gold per gram for a jewel loan will depend upon the purity of the gold (18, 20, 22, 24 carats) as well as the rate of gold on that particular day. Typically, a lender shall extend a percentage of this Value of gold per gram for a jewel\ loan. You can pledge any type of gold ornaments/gold jewellery for a jewel loan from Muthoot Money . This includes most gold jewellery items, both with and without stones.
Gold Jewel Loan Repayment
Once the customer has successfully repaid all his/her dues on the gold jewellery loan, he/she can take back the gold articles pledged for the jewel loan after completing a few formalities. The loan against jewellery payments can be made at any Muthoot Money branch, owing to its CBS system. However, it is important to know that the customer shall receive his/her pledged gold articles only from the initial branch where it was pledged and stored.
Repaying your gold jewellery loan from Muthoot Money is quite convenient. You may either do it at any of their branches, pay through debit cards, cheques, etc (credit cards and demand drafts are not accepted), or simply pay online through their mobile application- iMuthoot. Partial repayment options for some loans against gold jewellery schemes are also available.
Auction of Gold Jewellery
The gold jewellery against which the loan has been sanctioned is carefully detailed and entered into the computerized system. The gold jewellery loan items are put in tamper- proof packets in specialized safe rooms, under round-the-clock CCTV camera surveillance.
Once the loan against gold jewellery has been sanctioned and disbursed, a customer is expected to make full and timely repayment of dues or as per the payment schedule applicable to the loan applied for. Failure of paying the dues of the gold jewellery loan constitutes a default. If a customer pays the Interest past the due date, a nominal late fee might be applicable. However, if the dues for the Gold loan is not paid for an extended period, a notice is sent for payment. 3 such ordinary notices are sent for loan against jewellery and the 4th notice is sent via registered post.
The borrower will receive periodical reminders for payment of overdue interest and after the tenure of the loan, a Final Notice is sent. If no action is taken by the customer even after serving 4 notices, a final gold jewellery auction notice is sent. This means that Muthoot Money is now free to auction the gold jewellery pledged with them as the customer has defaulted on its interest payments to recover the loan. It should be noted that the charges for the 4 notices for Gold loan Interest payments and final notice for the gold jewellery auction are borne by the customer.
Why Choose Muthoot Money?
Muthoot Money is the pioneer when it comes to offering gold jewellery loans. We have several loan against jewellery schemes with attractive interest rates and repayment options to customers who wish to derive maximum value out from their gold jewellery.
For more information on all their products, schemes, and services, visit https://muthootmoney.in/gold-loan-demo
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/- |
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| 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/- |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
|
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| 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 |
Jewel Loan FAQs
Eligibility
A loan given against your gold jewellery is usually known as gold jewel loan. The most common type of loan against jewellery is gold loan. Here, the borrower takes the loan against his/her gold ornaments and jewellery, at a set interest rate. Once the loan is paid along with the interest in the given tenure, the gold articles (ornaments and jewellery) are then released and given back to the borrower. Muthoot MOney offers jewel loans at the lowest interest rates in India, along with excellent benefits that make your experience satisfactory.
At Muthoot Money, we believe in making customer experience smooth and satisfactory. We offer an online gold loan calculator, using which our customers can find out their jewellery loan eligibility and other basic details. Adding to this, the process is very seamless with minimal documentation, low interest, flexible repayment tenure, and so on. We also make the disbursal of jewellery loan quick and easy, taking our customer experience a notch higher.
With Muthoot Money’s loan against gold jewellery, you don’t have to worry much about the documentation process. We believe in making customer experience better with us. Hence, a hassle-free process is offered. To avail our loan against gold jewellery, you need minimal documentation like, some basic KYC documents, proof of gold jewellery ownership, and so on. For more details, get in touch with us now.
Getting jewel loan at low interest rates with Muthoot Money is easy. Our gold loan interest rates are set at low costs, which make it convenient for customers to avail a loan for their requirements. We also offer various schemes for gold loan that are curated keeping in mind the customers’ ease. They can choose the best suited one at their convenience. For more details on jewel loan at low interest rates, kindly get in touch with us.
The amount of loan against gold ornaments at Muthoot Money depends on the weight and purity of the gold jewellery, and the rate of gold in India on that particular day. We offer an online gold loan calculator, using which our customers can calculate the amount of loan that they can avail. Customers have to just update some basic details on the calculator and an estimated amount for loan against gold ornaments will be shown. However, for the exact calculation, please visit your nearest Muthoot Money branch and we will assist you with the rest.
Muthoot Money is one of the leading non-banking financial corporations in India for loan against gold jewellery. Availing Muthoot Money’s jewel loan will give you a plethora of benefits. Minimal documentation, low interest rates, quick disbursal of loan, flexible repayment tenure, 24x7 customer care support, and various gold loan schemes are some of the major benefits that are offered by us.
For availing Muthoot Money’s jewel loan, the main criterion is the weight of your gold ornament and its purity. We offer an online loan calculator that allow customers to calculate the weight, purity, and the EMI amount. Customers will have to put in basic details like type of gold, etc., basis which the eligibility will be shown. For the exact calculation and eligibility of Muthoot Money’s jewel loan, please get in touch with us.
For Muthoot Money’s loan against jewellery, there are two factors that affect the jewel loans, namely – eligibility and value of gold per gram for jewel loan. While the eligibility criterion is depended on the weight and purity of the customer’s gold jewellery; the value of gold per gram for loan against jewellery depends on the purity (22, 24, etc., karats) and the rate of gold on the particular day.
