Last updated on March 23rd, 2023 at 07:30 pm
Muthoot Finance is a well-known financial services company in India that offers a wide range of loan products, including personal loans. Personal loans are an excellent way to access funds for a variety of purposes, such as medical emergencies, home renovations, and debt consolidation. In this blog post, we’ll take a closer look at Muthoot Finance personal loans and how they can benefit you.
What is Muthoot Finance Personal Loan?
Muthoot Finance Personal Loan is an unsecured loan that can be used for any purpose. This loan is available to both salaried and self-employed individuals who meet the eligibility criteria. The loan amount can range from Rs. 50,000 to Rs. 10 lakh, and the tenure can vary from 12 to 48 months. The interest rate on the loan starts from 14% per annum, and the processing fee can go up to 2% of the loan amount.
| Muthoot Personal Loan Features | Details |
|---|---|
| Interest Rate | 14.50% – 24.00% per annum |
| Processing Fee | Up to 2% of the loan amount |
| Loan Amount | Rs. 50,000 to Rs. 10,00,000 |
| Loan Tenure | 12 to 36 months |
| Credit Score Requirement | Minimum CIBIL score of 650 |
| Prepayment Charges | 0-2% of the outstanding amount |
| Late Payment Charges | 3% per month on the overdue amount |
| Part-payment Facility | Available (minimum Rs. 10,000) |
| Collateral Requirement | Not Required |
| Repayment Frequency | Monthly |
Note: The information provided in this table is subject to change and may vary depending on the specific loan product offered by Muthoot Bank. It is recommended to check with the lender for the latest and accurate information.
Also Read: Bajaj Finance Personal loans
Eligibility Criteria
To be eligible for a Muthoot Personal Loan, you must meet the following criteria:
- You must be a resident of India
- You must be at least 21 years old
- You must have a stable income source
- Your credit score should be good
- You must have a valid ID proof, address proof, and income proof.
Documents Required
To apply for a Muthoot Personal Loan, you will need the following documents:
- ID proof (Aadhaar card, PAN card, driving license, or passport)
- Address proof (utility bill, rental agreement, or Aadhaar card)
- Income proof (salary slips, bank statements, or ITR documents)
- Passport size photograph.
Benefits of Muthoot Finance Personal Loan
- Quick Disbursal: Muthoot consumer Loan has a quick disbursal process, and the loan amount can be credited to your bank account within a few hours of approval.
- No Collateral: Muthoot Finance Personal Loan is an unsecured loan, which means you don’t need to provide any collateral or security to avail of the loan.
- Flexible Tenure: Muthoot Finance Personal Loan offers flexible repayment tenure ranging from 12 to 48 months, allowing you to choose a tenure that suits your repayment capacity.
- Competitive Interest Rates: The interest rates on Muthoot Consumer Loan start from 14% per annum, which is competitive compared to other personal loan providers in the market.
- Minimal Documentation: The documentation process for Muthoot Personal Loan is hassle-free, and you only need to submit a few basic documents.
Frequently Asked Questions
How long does it take to get a personal loan from Muthoot bank?
Muthoot bank claims to offer personal loan disbursement within 24 hours of loan approval, provided all required documents are submitted and verified successfully.
When can I opt for a Personal Loan from Muthoot Finance?
You can opt for a personal loan from Muthoot bank at any time, provided you meet the eligibility criteria, such as age, income, credit score, and other requirements specified by the company.
What is the maximum amount for a personal loan?
Muthoot Finance offers personal loans up to Rs. 10 lakhs, subject to the borrower’s eligibility and creditworthiness.
What is the minimum amount for a personal loan?
The minimum amount for a personal loan from Muthoot Finance is Rs. 50,000, subject to the borrower’s eligibility and creditworthiness.
What is the credit score required for Muthoot Finance?
Muthoot Finance considers a credit score of 650 or above as a good credit score for personal loan eligibility. However, meeting the credit score requirement alone does not guarantee loan approval.
What is the minimum loan amount in Muthoot Finance?
The minimum loan amount for a personal loan in Muthoot Finance is Rs. 50,000, subject to the borrower’s eligibility and creditworthiness.
Can I foreclose my personal loan?
Yes, Muthoot Finance allows borrowers to foreclose their personal loans, subject to the terms and conditions specified in the loan agreement. Borrowers may need to pay a foreclosure charge or penalty as applicable.
Conclusion
Muthoot Finance Personal Loan is an excellent option for individuals looking for quick access to funds without providing any collateral or security. The loan comes with a competitive interest rate, flexible tenure, and a hassle-free documentation process. Before applying for the loan, make sure you meet the eligibility criteria and have all the required documents in place. Remember to borrow only what you need and can comfortably repay within the chosen tenure to avoid falling into a debt trap.
