Muthoot Smart Plus Gold Loan | Interest Rates | Apply Online
Muthoot Smart Plus Gold Loan: Muthoot offers Gold loan with low EMI, Less Documents and Low Interest Rates for Smart plus Gold Loan.
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Muthoot Smart Plus Gold Loan Benefits |
Muthoot Smart Plus Gold Loan Documents |
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Original proof of identification. Any of the following are acceptable:
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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.
