What is the Procedure for Muthoot Finance Gold Loan Repayment?

Gold Loan Pay

Gold has been a favourite metal for Indians for many years. There is more than one reason why people prefer investing in gold, such as ornamental uses, traditional and religious offerings, gifting, asset creation, and also as an investment to hedge against market volatility and inflation. Muthoot Finance is one of India’s most trusted financial services brands that has pioneered the gold loan segment for decades. Muthoot Finance has launched a Gold Loan at Home service that lets users avail gold loans from the comfort and privacy of their homes. Muthoot Finance Gold Loan at Home is an instant gold loan service where a borrower can give a call to Muthoot Finance to request a gold loan service at home. In a matter of 30 minutes, an employee of Muthoot Finance will reach your home for gold valuation and to complete the gold loan process.

Equated Monthly Installments

Repayment through Monthly Interest Payment or Equated Monthly Installment is one of the common ways to start a gold loan payment plan. Here, the borrowers can repay the principal and interest amount equally for a gold loan on an Monthly Interest Payment basis through Muthoot Finance’s online or offline repayment options.

Bullet Repayment

If the borrower’s repayment tenure is short, they can opt for bullet repayment through Muthoot Finance as well. Here, the borrowers can repay the entire loan amount in a single shot at the time of maturity.

Pay Off Interest First

In this repayment arrangement by Muthoot Finance, borrowers need to pay the specified interest rate, and the principal amount can be paid in full on the maturity of the loan.

Partial Repayment

Online or offline gold loan repayment by Muthoot Finance offers partial repayment options as well, where the borrowers can repay the loan when it is convenient for them. Here, the borrowers can make partial payments towards their active loan when they have substantial savings or have received bonuses or increments.

Pre-Closure

If borrowers wish to repay the entire loan amount in a single shot, they can opt for Muthoot Finance’s pre-closure repayment option. Here, Muthoot Finance accepts pre-closure of gold loan repayment by pre-closing the loan early before the maturity date.

Procedure for Gold Loan Repayment

Besides online repayment option, Muthoot Fiance gives multiple repayment options like Gold Loan at Home mobile application, WebPay facility and offline through POS/Swipe machines. Following are the different methods and their repayment procedure by Muthoot Finance.

Muthoot WebPay

Muthoot WebPay is an online repayment service wherein borrowers can repay their loan interest/Monthly Interest Payment online. With Muthoot WebPay, borrowers can make payments towards their gold loan online, either through a debit card or a net banking facility. Here are the steps to make gold loan payments through Muthoot WebPay.

Visit the official website of Muthoot Finance.
Click on the Online Gold Loan option.
Enter your username and password to log in.
Verify your active loan details and the gold loan amount to be paid in this step.
Select the mode of payment and make the payment online.

iMuthoot Mobile Application

Muthoot Finance has launched the iMuthoot mobile application, which is integrated with an Artificial Intelligence-based chatbot. Through this application, the borrowers are offered the convenience of interoperability of all their online transactions without visiting the Muthoot Finance branch. Steps to make Muthoot Finance gold loan repayment through the iMuthoot application is as follows:

Download the iMuthoot application available on Play Store or App Store.
Log in to the application using the WepPay username and password.
Click on the ‘Quick Pay’ option on the application.
Enter the gold loan number or customer ID in the next step.
Select the payment option, and you will get a confirmation email on your registered email ID.

Muthoot Finance Branch Office

Borrowers can enter the nearest Muthoot Finance branch with the pledged gold to apply for a gold loan. Here are the steps involved in gold loan repayment from the Muthoot Finance branch office.

Visit the nearest Muthoot Finance branch.
Go to the customer care executive and pay your loan amount via your preferred mode of payment.

In conclusion, repayment of your gold loan online or offline via Muthoot Finance does not have to be stressful but simple and hassle-free. With Muthoot Finance, you can avail a range of benefits such as doorstep gold loan service, at-home gold jewellery evaluation, competitive interest rate, and a comprehensive range of schemes, 100% safety assured and many others. Borrowers can check for their gold loan eligibility and other useful information in the loan policy section of the website. They can also use the Muthoot Finance gold loan calculator to check for the loan amount that will be disbursed to their bank accounts based on their gold ornament or the net weight of the gold ornaments. Choose the most suitable method of gold loan repayment by Muthoot Finance by availing online service or at your nearest Muthoot Finance branch.