Wow, Muthoot Finance has announced to take its personal loan portfolio to ₹3,000 crores by 2023, if media reports are to be believed. The company plans to disburse ₹300 crores of personal loans during the current financial year 2018-19, the report said.
The move would help the firm add more to their existing customer base. This is all about the plans of Muthoot Finance to ramp up its personal loan business. What’s important to know whether it’s going to be productive in your case or not. For that, you need to understand the effects of Muthoot Finance Personal Loan Interest Rates as well as other aspects.
Muthoot Finance Personal Loan Interest Rate & Other Details
The non-banking finance company offers an interest rate starting from 14% per annum on its personal loans. You can get a minimum of ₹50,000 as a loan. The processing fee can be a small percentage of the loan amount, though not stated by the lender on its portal. You must call the branch office or the customer care executives on 9946901212 (South India), +91-8000451451 (Maharashtra & Gujarat) and +91-1130513051 (Rest of India) to know the same.
What Does Muthoot Finance Personal Loan EMI Calculator Do?
Now you must be wondering how does the calculator come amidst a discussion on the interest rate, won’t you? It’s due to the fact that the calculator shows the effect of rate on your repayment. The interest rate is one of the key factors deciding the EMI, which stands for Equated Monthly Installment. It combines both interest and principal amount payable towards a loan. While using the calculator, you can do well to experiment with tenure to plan your loan better.
A lot many, just for the sake of a lower EMI amount, opt for a long tenure. But they hardly get a whiff of the interest they would end up paying to the lender. You, therefore, need to opt a tenure that leads to an EMI within your budget while saving you from the massive interest burden.
It’s there online and so makes it easy for you to rejig your personal loan plans to your betterment. A glimpse of what’s being expressed out can be seen through the example.
Example – Satish and Manish apply for a loan of ₹6 lakhs each, offered at 16% interest rate. Satish chose 5 years and Manish went for 4 years. While Satish is likely to pay an EMI of ₹14,591, Manish would need to pay ₹17,004. However, Manish’s interest liability falls to ₹2,16,200, lower than that of Satish by ₹59,250.
How Can You Apply for Muthoot Finance Personal Loan?
The application can be made easily on the website of Muthoot Finance as you just need to enter a few personal, education and employment details. Enter these correctly before clicking on ‘Submit’ button at the bottom to get the application processed to Muthoot to take further course of action. It will read your application thoroughly before approving you a loan.
The executives will come to your residence to pick up the documents. So, be ready with your identity, address and income proofs, along with recent photographs. After a successful documentation process, the loan will get disbursed to your account.