Securing Your Dreams: The Benefits of Muthoot Finance Personal Loans

A personal loan can be taken out when funds are needed urgently. It has minimum processing time, minimal documentation, and immediate disbursal. Muthoot Finance offers personal loans @14% p.a. onwards for a loan amount starting from INR 50,000 and for a loan tenure of up to 5 years. It is considered to be one of the Best Banks for Personal Loan, and it fulfils immediate financial needs with minimal documentation. It aids in meeting a shortfall of funds, whether it is a medical emergency, travelling, buying a car or house, higher education of children, marriage, etc. 

Reasons to Opt for a Personal Loan

Mentioned below are the reasons to opt for a Personal Loan:

• Debt Consolidation: With the help of consolidation of expenses, the debts or credit card bills can be paid off on time.
• Flexibility: There is no restriction as to the purpose for which the loan should be used.
• Quicker Approval Process: As it requires minimal documentation, the loan gets processed quickly.
• Reasonable Interest Rates: It can be availed at a lower rate of interest.

Interest rates

Muthoot Finance provides a Low Interest Personal Loan with interest rates that range between 14% and 22% p.a. The interest rate charged is dependent upon the applicant’s credit score. However, the NBFC offers lower interest rates to applicants with higher credit scores, and also it is not mentioned anywhere that the rates are dependent on the credit score of the applicants. Mentioned below are the interest rates of Muthoot Finance Personal Loan:

Features of Muthoot Finance Personal Loan

Mentioned below are the features of Muthoot Finance Personal Loan:

• Get flexible and competitive rates of interest.
• Get hassle-free documentation that ensures complete transparency. 
• To provide an additional convenience, the facility of doorstep collection of documents is also given.
• Get a loan amount of as high as INR 15 lakhs to fulfil all your requirements.
• Get a flexible repayment tenure of 12-60 months.
• There are no hidden costs involved.
• It provides competitive processing fees.
• There are many different repayment options available. 

Processing Fees and Charges

Mentioned below are the processing fees and charges associated with Muthoot Finance Personal Loan:

Factors Affecting Muthoot Personal Loan Eligibility

Mentioned below are the multiple factors that affect the eligibility of a Muthoot Personal Loan:

• Geographic Location: The area where the applicant resides plays an important role when it comes to determining the eligibility for a personal loan.
• Existing Credit: In case other loans are also repaid, eligibility for a new loan is also affected.
• Housing Situation: If you live in your own house, the chances of getting approval on a personal loan increase. This is due to the rental income decreasing disposable income, which further leads to lower eligibility for a personal loan.
• Income: The higher the income is, the higher the eligible loan amount. 
• Organisation: Working in a stable organisation with a good reputation ensures job stability and hence has an impact on loan eligibility.
• Credit History: The loan tenure, interest rate, and amount that can be borrowed depend on credit history and credit score, which in turn have a huge impact on loan eligibility.

How to Apply for a Muthoot Personal Loan?

Mentioned below are the steps to apply for a Muthoot Finance Personal Loan:

1: Launch the official web portal of Muthoot Finance.

2: Under the tab “Services”, click “Personal Loan”.

3: Now click, ‘Apply Now”.

4: To start the application process, fill out the application form with the applicant’s details such as name, E-mail ID, address, and mobile number. 

5: The bank’s representative will contact you to discuss the loan’s further terms and eligibility.

6: If you are satisfied with the terms and conditions of the personal loan, you can continue with the application process.

7: Upload the documents required to process the personal loan application.

8: Also, the “Doorstep Service” can be availed to collect the document.

9: The loan will then be processed and approved within 48 hours of submission of documents.

10: Once approved, the loan amount will be credited within a few hours.

Documents Required

Mentioned below is the list of documents required to be uploaded along with the loan application:

1. Identity proof

• Copy of passport
• voter ID card
• driving license
• Aadhaar

1. Address proof 

• copy of passport
• voter ID card
• driving license
• Aadhaar

1. Latest bank statement for last 3 months or Bank Passbook of the previous 6 months
2. Two latest salary slips/current dated salary certificates with the latest Form 16

Eligibility Criteria

Mentioned below are the eligibility parameters to be met in order to apply for Muthoot Finance Personal Loans:

• The minimum age of an applicant should be 21 years.
• The maximum age of an applicant should be 67 years.
• An applicant should have a CIBIL score of a minimum of 750 or above.
• The applicant should have a monthly income ranging between INR 20,000- INR 30,000 per month in the case of metro cities.
• The applicant should have a monthly income ranging between INR 15,000 and INR 25,000 in non-metro cities.
• An applicant should be a salaried employee in PSU or any reputed organisation.
• The minimum work stability should be around 1 year.