Muthoot Smart Plus Gold Loan: Muthoot offers Gold loan with low EMI, Less Documents and Low Interest Rates for Smart plus 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.