Gold Loan Company in Jammu
A gold loan is a secured loan that a borrower takes from takes from a lender such as bank or a financial institution, in lieu of their gold ornaments. The interest rate of gold loan is calculated based on multiple factors such as purity of gold, weight of the ornament, tenure of the loan etc
Unlike other secured loans, there is no specific eligibility criteria for applying for a gold loan. Whether you are a homemaker, farmer, working professional or a businessperson – any Indian resident can apply for this. There is also no restriction on the end use of such loans and hence, capital against this type of loan can be used to fund education, weddings, vacations or any other financials requirements that you may have.
Walk into your nearest Muthoot FinCorp’s branches, submit your gold with your KYC documents and take the loan in one visit. Our experience in providing instant gold loans to our valued customers for years makes us one of the preferred gold loan companies in India.
Gold Loan Jammu Features
- Multiple Repayment Options: You can choose to repay through various options such as
- Interest Rates: Enjoy attractive interest rates as compared to other loans
- Quick Processing and Approvals: Lesser processing time is an added advantage for borrowers
- Minimal Documentation:The bare minimum documents such as identity proofs required to complete the process
- Processing Fee: Pay a fee of as low as Rs 20 depending on the scheme you choose
- Get Maximum Loan: Get as high as 75% of the loan value against the gold pledged with us.
- Period: No foreclosure fee after 3 months
- Schemes: Choose from a varied options of schemes best suited to your needs
- Hassle free Application: Quick and easy application process to get the loan
Gold Loan Jammu Interest Rate
The interese rates at Muthoot FinCorp have been curated to provide a convenient experience for for all. Interest rates depend upon the amount of loan and the chosen gold scheme. They start from 11.99% p.a.
How is Interest Rate Calculated on Gold Loan?
We calculate the interest rate for every individual loan based on your requirement and region. A simple interest method is applied to calculate this this interest rate (starting from 12% p.a.) For example, an interest of 12% for one year for a principal amount of Rs 1,00,000 will be Rs 12,000.
Gold Loan Eligibility Criteria in Jammu
Muthoot FinCorp Gold Loans offer maximum benefit to you while keeping your gold safe. Our Gold Loan eligibility is easy to meet and it has been designed keeping your best interest in mind. Our goal is to provide you with maxum benefits along with keeping your gold safe. You can choose from a variety of gold loan schemes based on your requirement. Please refer to the table below to check the eligibility criteria before applying for a gold loan:
Eligibility Criteria
MuthootFinCorp Gold Loan
Minimum and Maximum age to apply
18 - 65 years
Maximum Loan Amount
INR 50 Lakhs
Purity of gold
18-24 karat
LTV Ratio
Up to 75% of the value of the gold
There may be some alterations in the eligibility criteria depending on the Muthoot FinCorp Gold Loan scheme you choose
Gold Loan Calculator
Muthoot Gold Loan calculator is free and easy to use which is designed to help find out your Gold Loan eligibility, and the loan amount you can get against your gold. Plus, it will give you an idea of the applicable interest rates and the number of installments to be paid towards the loan.
Required Documents for Gold Loan
To provide you with ease while applying for a gold loan, we have designed a seamless process where no heavy documentation is required. Any individual between the age of 18 – 65, possessing the following documents can avail a Gold Loan:
Documentation Type Any one of the following
- Identity Proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
- Address Proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, fincorp Statement
Avail hassle-free Gold Loan in one visit at Muthoot FinCorp
How to apply for Gold loan in Jammu ?
You can apply for gold loan at Muthoot FinCorp both online and offline. Here’s how you can do it seamlessly:
Apply Online
Apply Offline
- Step 1: Click on the ‘apply online‘ button on the website
- Step 2: Fill in your details in the form and submit
- Step 3: Our representative shall get in touch with you to complete the rest of the process
- Step 1: Deposit your gold ornament(s) at a Muthoot FinCorp branch near you
- Step 2: Sign up for the Online Gold Loan Service and link your savings bank account.
- Step 3: As soon as your account is linked, you can use our mobile app/ website to have the gold finance credited to your bank account
Gold Loan Processing Fee in Jammu
FinCorp
Processing Fee
Prepayment Charges
Muthoot Gold Loan
0.25%
Nil
Muthoot Gold Loan calculator is free and easy to use which is designed to help find out your Gold Loan eligibility, and the loan amount you can get against your gold. Plus, it will give you an idea of the applicable interest rates and the number of installments to be paid towards the loan.
EMI Scheme
There are several EMI Schemes available at Muthoot FinCorp with varying tenure periods. These are designed with a focus on providing customer ease and serve you better.
Gold Loan Repayment Options and EMI Options:
Muthoot FinCorp offers various EMI plans with varying tenures and interest rates. When evaluating the suitable gold loan on EMI scheme for you, consider the following:
- Interest Rate
- Loan Amount
- Tenure of repayment (Maximum tenure available)
Please refer below for the further details on our EMI Plans:
Scheme 1:-
- Amount: The Maximum Amount is: Rs.99999/-
- Interest Rate: 22%
- Tenure: 3/6/9/12/24 Months
Scheme 2:-
- Amount: Minimum Amount: Rs.100000 Maximum Amount: Rs.199999/-
- Interest Rate: 22%
- Tenure: 3/6/9/12/24 Months
Scheme 3:-
- Amount: Minimum Amount: Rs.200000 Maximum Amount: Rs.299999/-
- Interest Rate: 21%
- Tenure: 3/6/9/12/24 Months
Scheme 4:-
- Amount: Minimum Amount: 300000/- Maximum Amount:799999/-
- Interest Rate: 19%
- Tenure: 3/6/9/12/24 Months. Please note that a tenure of 36 months can be opted for if the amount is or exceeds 5,00, 000
Scheme 5:-
- Amount: Minimum Amount: Rs. 8,00, 000 onwards
- Interest Rate: 15%
- Tenure: 3/6/9/12/24/36 Months
Gold Loan Jammu FAQs
- A gold loan is a secured loan that a borrower takes from a lender such as bank or a financial institution, in lieu of their gold ornaments. The interest rate of gold loan is calculated based on multiple. There is also no restriction on the end use of such loans and hence, capital against this type of loan can be used to fund education, weddings, vacations or any other financial requirements that you may have.
- Unlike other secured loans, there is no requirement of having a CIBIL score for a gold loan while applying with us
- We maintain the highest standards of security and electronic surveillance. Be rest assured that your gold ornaments are safe in our lockers/storage units.
- You can choose between the 2 repayment schemes - EMI and Bullet. Bullet scheme allows you to to repay the loan within a stipulated time period based on your convenience. You can make part payment and part withdrawals too under this scheme. Alternatively, repayment can also be done through monthly installments (EMI) over a tenure (usually long term)
- Yes, you can extend the tenure depending on the scheme you have chosen. To check whether you can extend the tenure of your loan under your scheme, please call on 1800 102 1616.
Features
Gold Loan
Personal Loan
Type
Secured against gold as collateral
unsecured (no collateral required)
Interest rate
Starts at 11.99%
Starts at 11.99%
Tenure
Short term up to 1 year
Long term up to 5 years
Loan Eligibility
75% of the value of the collateral
According to your repayment capacity
Credit Score
Not Required
Required
Documentation
Only ID proof and Address Proof
ID proof, Address Proof, Bank statement and income proofs and ITR
Repayment
Flexible Repayment
prepayment penalty of up to 5%
Processing fee
It starts at Rs 20
It starts at 2% or more of the loan amount
Eligibility Criteria
Minimal
Based on Income
Maximum Loan Amount
Up to Rs 50 lakhs
Up to Rs 50 lakhs
Salaried
Not Required
Mandatory