Muthoot Smart Plus Gold Loan: Muthoot offers Gold loan with low EMI, Less Documents and Low Interest Rates for Smart plus Gold Loan.
Apply Gold Loan
Muthoot Smart Plus Gold Loan Benefits
Muthoot Smart Plus Gold Loan Documents
||Original proof of identification. Any of the following are acceptable:
SMART + GOLD LOAN
- “SMART” 3 MINUTE GOLD LOAN Scheme is an innovative 3 Minute Gold Loan Scheme with the added benefit of repaying the loan in Equated Monthly Instalments.
- Customers can choose any tenure of 6,12,24 and 36 months
- Can be offered to all customers but will be most beneficial to the salaried class.
- The interest rate effectively works out to 13.47% only for a 12 months Scheme.
- Loan up to 90% of the total value of gold is granted.
- No additional documentation or charges are taken for availing loan.
- Unlike banks, there are no security cheques to be given and no advance EMI collected.
- Repayment of instalments can be done from any branch
Interest Rates Charged By Muthoot Finance:
Gold Loan Schemes
|Scheme||Slab Period/s||Rate of Interest|
|Super Loan||12 months||24% p.a.|
|Easy Loan||6 / 12 months||23% /24 % p.a.|
|Xpress Loan||9 / 12 months||21% / 24% p.a.|
|Realvalue Loan||6 / 12 months||20% / 23% p.a.|
|Truevalue Loan||3 /6 /12 months||15% / 18% /21% p.a.|
|Gold Loan Overdraft||NA||20%|
|Gold Loan Installment Scheme||6 / 9 / 12 / 15 months||14% / 14.5% / 15% / 16.75 p.a.|
|Gold Loan Installment Scheme||18 / 21 / 24 months||17% / 17.25% / 17.5% p.a.|
|Fair value Loan||3/ 6/ above 6 months||17% p.a./ 20% p.a. / 24% p.a.|
Key features and Benefits of Smart Plus Gold Loan
- Loan can be pre-closed any time without any pre-closure charges and calculation of interest will be similar to normal Gold Loan Scheme.
- Grace period of 3 days is allowed for EMI remittance.
- For default in repayment, penal charges at the rate of 2% for the first month and 3% for the next 5 months are applicable.
- A continuous 6 months default in repayment will result in auction of pledged ornaments.
- The EMI amount received is apportioned in such a manner that the larger amount goes into repayment of the principal every month
- Principal amount is also getting repaid while servicing the interest, thereby reducing the balance outstanding.
- Part Release is allowed by doing Re-Pledge with new EMI Schedule.
- A rebate of 2% is given for prompt repayment, payable at the end of the tenure of the loan.