Gold is a highly valued asset that can be easily bought and sold, making it a popular investment avenue among Indians. However, there may be situations where you require quick funds for emergencies or for special occasions like weddings, vacations, or higher education. In such cases, selling your gold may not be necessary. Instead, you can use your gold as collateral and obtain a gold loan to meet your immediate financial needs. Once the loan is repaid, along with the applicable interest, the lender returns the gold. As a secured loan, gold loans generally have low interest rates.
Muthoot Finance, the No.1 Most Trusted Financial Services Brand in India for 6 years since 2016 according to the Power of Trust Brand Trust Report, offers a wide range of gold loan schemes to meet diverse customer needs. Availing a gold loan from Muthoot Finance comes with several benefits, including minimal documentation, low-interest rates, and fast disbursals.
To obtain a loan against your gold jewelry from Muthoot Finance, you first need to determine your financial requirements. The next step is to determine your eligibility for a gold loan.
Muthoot Finance's Gold Loan Calculator, available online and on our iMuthoot app, is a fast and easy way to calculate your Gold loan interest rate. Simply enter details such as your name, email ID, contact number, state, pin code, type of gold articles, the amount required, and the approximate weight of your gold. Our online calculator will provide you with an approximate value of your gold loan eligibility. However, it's important to note that the final gold loan eligibility value is determined only after a thorough in-house evaluation of the gold by Muthoot Finance's experienced team. The purity and rate of gold on a particular day are also taken into account to calculate eligibility, in addition to the weight of the gold.
Once the gold loan eligibility and eligibility per gram have been calculated, an amortization schedule is prepared. This schedule provides the monthly payments that need to be serviced, which is a combination of the principal amount and the applicable rate of interest. Muthoot Finance's online Gold Loan calculator provides an estimated amount of gold loan, but the final value is calculated by our team at the branch.