One of the best all-time popular loans is the gold loan. Most borrowers rely on this loan, thanks to its lower interest rates and flexibility.
Gold loans offer an easy way to access cash against the value of gold jewellery. An urgent requirement of money for various medical and personal needs can be fulfilled by taking a gold loan.
With the help of a gold loan, individuals can fulfil their short-term goals without needing to sell their assets or investments.
However, it is essential to check your gold loan eligibility before applying, as not everyone will be approved.
What are the eligibility criteria to get a gold loan?
Different gold loan providers will have different gold loan eligibility criteria.
With the help of a Muthoot FinCorp gold loan, individuals’ can quickly meet the eligibility criteria as they have been designed, keeping the customers’ interests in mind.
To be eligible for a Muthoot FinCorp gold loan, individuals have to follow the below-mentioned criteria:
- Nature of employment:
Any Resident Indian Citizen, whether a salaried, self-employed professional, businessman, trader, or farmer can apply for a gold loan with Muthoot FinCorp.
- Age:
To avail of a Muthoot FinCorp gold loan, the Resident Indian Citizen should be between the age of 21 – 65 years.
- Minimum Gold Purity:
If individuals want to avail a Muthoot FinCorp gold loan, then the purity of the gold to be provided by them as collateral must be between 18-24 karat.
- Loan to Value Ratio:
The loan to value (LTV) ratio is a financial ratio that shows the maximum loan amount that can be given to a gold loan applicant based on the underlying value of the gold.
With a Muthoot FinCorp gold loan, an individual can get a gold loan up to 75% of the value of the gold.
- Loan Amount:
The lenders will evaluate the gold articles (i.e., their purity, weight and the current market value) and then decide the loan amount. With a Muthoot FinCorp gold loan, the maximum loan amount that an individual can get is Rs. 50 Lakhs.
Different Muthoot FinCorp gold loan schemes may have some alterations in the eligibility criteria.
What documents are required to be submitted to avail of a gold loan?
Getting a Muthoot FinCorp gold loan is relatively easy and hassle-free as the process is approved quickly at the best interest rates, with minimal documentation.
An individual needs to submit the following documents with Muthoot FinCorp for availing of a gold loan:
For identity proof – Submit any of these documents:
PAN Card/Driving License/Passport/Voter’s ID Card/Aadhar Card or any valid government-issued Photo ID proof.
For address proof – Submit any of these documents:
Utility bills like electricity or water bills/Voter’s ID/Aadhar Card/Rent Agreement/Bank Statement.
Submit these documents accompanied by the application form to the nearest Muthoot FinCorp branch.
Now, the lender will evaluate your gold loan application (i.e., will check your gold loan eligibility). The required gold loan will be transferred to your bank account if you are eligible.
Muthoot gold loan schemes require only identity proof and address proof, no kind of income proof or credit score for approval are required.
Taking a gold loan from Muthoot is very convenient. Once you submit the documents, the required gold loan is processed within minutes.
If you want to know more about the most trusted financial services brand Muthoot FinCorp’s gold loan, click here.
Conclusion
It is essential to understand the eligibility criteria before applying for a gold loan. This will ensure that you can borrow the amount you need and that you are approved for a loan.
Individuals are advised to know the details about the loan they are taking and what the consequences could be. They also need to be sure that they can afford to repay the loan. The best way to do this is to calculate how much they will need to repay each month and how that will fit into their budget.
By checking the gold loan eligibility criteria, individuals can be sure that they are getting the best deal for their money.
If you require any further assistance relating to Muthoot FinCorp’s gold loan, reach out to us at 1800 102 1616 or visit a Muthoot FinCorp branch for support.