Muthoot Finance Personal Loan – Interest Rate, Eligibility and Documentation in 2024
Muthoot Finance, a leading Indian NBFC, offers collateral-free personal loans up to Rs. 25 lakhs. Muthoot Finance personal loans have minimal documentation, attractive interest rates, flexible tenure, and nil foreclosure charges.
Read further for comprehensive details on eligibility criteria, documents required, the application process, interest rates, EMIs, customer care contacts, and other terms & conditions for availing Muthoot Finance personal loan.
Muthoot Finance Personal Loan Customer Care
For any information, queries, or assistance regarding personal loans, application status, documents required, interest rates, etc., you can contact Muthoot Finance customer care through:
- Toll-Free Number – 1800 102 1616
- Email – support@muthootfinance.com
- Timings – 24 x 7 customer care services
You can call the toll-free number anytime or email your queries for a quick response from the customer support team.
Eligibility Criteria for Muthoot Finance Personal Loan
To be eligible to apply for a Muthoot personal loan, the broad criteria are:
Salaried Individuals:
- Age between 23 to 55 years
- Minimum work experience of 1 year
- Net monthly income >Rs. 18,000
Self-employed professionals:
- Running their business for a minimum of three years
Documents Required
While applying for the loan, you would need to submit the following documents:
- Application form
- Identity proof – Aadhaar Card, PAN Card, Voter ID, Driving License
- Residence proof – Rent Agreement, Utility Bills, etc.
- The last three months’ Salary Slips
- Previous six months’ Bank Statements
- Business registration proof (for self-employed)
- Income tax returns
- Passport size photographs
Muthoot Finance Personal Loan Interest Rates
Muthoot Finance offers highly competitive interest rates starting from just 13% annually. There are no other charges besides the processing fee of up to 2% of the loan amount.
The rates primarily depend on your credit score, income level, employer profile, place of residence, and loan repayment period selected.
Loan Amount Offered
You can avail of a Muthoot Finance personal loan from Rs. 50,000 up to Rs. 25 lakhs based on eligibility, repayment capacity, and submission of specified documents. The minimum loan amount is Rs. 50,000.
Loan Tenure
Muthoot Finance allows flexible loan repayment tenures ranging from 12 months to 60 months to repay comfortably. The tenure options are:
- 1 year
- 2 years
- 3 years
- 4 years
- 5 years
The EMI amount reduces for a longer tenure. However, the total interest paid is higher. Use the Muthoot personal loan EMI calculator to pick suitable tenure.
End Use of Loan Amount
Muthoot Finance approves personal loans for a variety of individual needs, including:
- Marriage
- Education
- Medical treatment
- Home Renovation
- Vacation
- Purchase of consumer durables
How To Apply For Muthoot Finance Personal Loan
You can submit your loan application through either offline or online modes:
Offline Application Process
- Visit the nearest Muthoot Finance branch.
- Obtain and fill out the loan application form with the required documents.
- Muthoot Finance will evaluate eligibility.
- They will communicate the loan amount, rate, and tenure offered if approved.
- Complete further documentation process.
- Obtain final loan disbursal.
Online Application Process
- Visit www.muthootfinance.com and click on “Apply For Personal Loan.”
- Fill out the online application form providing personal, income, and loan details.
- Upload scanned copies of your KYC and income documents
- Pay the processing fee through Net banking/Card to complete the application
- Track status online using the application reference number
- On approval, visit a branch for documentation formalities
- Get the loan amount disbursed to a bank account
- The online process enables quicker loan application.
How To Calculate Muthoot Finance Personal Loan EMI
Before finalizing the loan amount, use Muthoot’s online EMI calculator to assess the potential EMI you can service monthly without default. Steps are:
- Enter the desired loan amount.
- Input your preferred loan repayment tenure.
- Apply the likely rate of interest.
- Click the “Calculate EMI” button.
The calculator shows a detailed break-up of the EMI amount, total interest payable, and overall repayment figures. By adjusting loan parameters, finalize apt EMI matching repayment capacity.
Loan Disbursal Process
- On personal loan approval by Muthoot Finance, further process is:
- Visit the nearest branch with documents for verification.
- Complete documentation – Loan agreement, NACH/ECS mandate
- Submit cheque for applicable processing fee.
- Muthoot Finance will disburse the loan amount to a bank account.
- Repay loans through EMIs via auto-debit on due dates.
Personal Loan Status Tracking
Post application submission, you can track real-time status by:
- Calling up your branch
- Mailing branch requesting an update
- Visiting the branch and checking with the Manager
- This clarifies the application stage, reasons for any delay, and expected approval date.
Muthoot Finance Personal Loan Account Statement
While servicing the loan, you can access the account statement from Muthoot Finance through the following:
- Customer Portal Login providing loan details
- Request a statement from your branch.
- Via Toll-Free Customer Care
- Through SMS banking facility
- This helps you track dues and ensure timely repayments.
Preclosure And Foreclosure Of Loan
Although ideal for servicing the loans for full tenure, Muthoot allows part prepayments or foreclosing entire loans anytime without charges. To foreclose, apply to your branch. Pay the pending amount and obtain No Dues certification on loan closure.
In summary, Muthoot Finance personal loans offer lots of flexibility and benefits. Follow the application process to avail of their loan.
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