If you need a personal loan instantly due to some emergency, you can always avail a Muthoot Finance personal loan through Bajaj MARKETS. You can avail these loans at an interest rate starting from just 13.75% per annum. However, you must keep in mind that the applicable interest rate to you will depend on factors such as your principal amount, repayment tenor and your creditworthiness.

Muthoot Finance Personal Loan Interest Rates

Interest Rate

13.75% per annum onwards

Maximum available loan amount

₹10 lakh

Maximum repayment tenor

5 years

Muthoot Finance Interest Rate Comparison

Muthoot Finance

13.75% p.a. onwards

Fullerton

12% p.a. onwards

PaySense

14% p.a. onwards

Axis Bank

10.49% p.a. onwards

CASHe

33% p.a. onwards

SBFC

14% p.a. onwards

KreditBee

14% p.a. onwards

Bajaj Finance Limited

14% p.a. onwards

EarlySalary

24% p.a. onwards

Prefr Partners

21% p.a. onwards

Yes Bank

10.70% p.a. onwards

Factors Affecting Muthoot Personal Loan Interest Rates

Some of the things that will directly affect the interest rates of your Muthoot Finance personal loan are:

  • Your income: If your monthly income is on the lower end of the specified criteria, chances are that you will get a Muthoot Finance personal loan at a higher interest rate and vice-versa.

  • Your CIBIL score: Muthoot Finance will only give you a personal loan at a favourable interest rate only if your CIBIL score is above 750 as it will tell the lender that you are a creditworthy individual. If your credit score is below that, you may still get a Muthoot Finance personal loan, but you may get one at a higher rate of interest.

  • Your loan repayment tenor: If you are going for a longer loan repayment tenor, your Muthoot Finance personal loan will attract a higher interest rate as it will raise questions on your overall repayment capability. But, if you go for a shorter loan repayment tenor, Muthoot Finance may give you the loan at a lower interest rate.

  • Your principal amount: If you take up a large amount as a loan, you may have to pay a higher rate of interest as almost any lending institution will think that lending a high amount as a loan comes attached with a high amount of risk. On the other hand, small loan amounts would translate to a lower amount of risk for the lender, which is why you may get a personal loan of a small amount at a favourable rate of borrowing.

Important Things to Know About Muthoot Personal Loan Interest Rates

Two very important things you should know about Muthoot Finance personal loan interest rates are:

  • Know the type of interest rate your Muthoot Finance personal loan attracts: There are essentially two types of interest rates that loans attract, namely fixed and floating rates. While under the fixed interest rate system, your interest payable will remain constant throughout, your interest rate can change under the floating interest rate system because of factors either internal to the lender or external. You must choose between the two kinds of interest rate systems and go with the one you will be most comfortable with.

  • Interest rate is not the only kind of charge that is levied: Other than interest rate, your Muthoot Finance personal loan attracts a processing fee, late payment charges and charges associated with repaying the loan before the repayment tenor ends as well. You should ask the lender about each and every such charge and make a borrowing decision accordingly.

Frequently Asked Questions

  • ✔️How much time will Muthoot Finance take to decide on my Personal Loan?

    Muthoot Finance takes up to five working days to disburse the loan amount to an applicant.

  • ✔️Why take a Personal Loan from Muthoot Finance?

    Competitive interest rates starting at just 13.75% per annum, prompt sanctioning of loans and ample tenure are some of the benefits of acquiring a Personal Loan from Muthoot.

  • ✔️How much interest is charged by Muthoot Finance on a Personal Loan?

    The minimum interest charged on Personal Loans is 13.75%. This is subject to change owing to several factors such as the applicants’ age, income and the loan amount requested.

  • ✔️What is the minimum and maximum tenure of Personal Loan in Muthoot Finance?

    Borrowers can repay their Personal Loans between 12 and 60 months.

  • ✔️What is the Personal Loan amount that I can borrow from Muthoot Finance?

    You can acquire a Personal Loan ranging from ₹50,000 to ₹10 Lakhs from Muthoot Finance.