What happens if gold loan is not paid Muthoot Finance?

What happens if gold loan is not paid Muthoot Finance?

If the loan is not repaid, the auction will be carried out in such cases notwithstanding the remittance made towards interest/ principal.

What happens if gold loan is not paid?

Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution. This is now a non-performing asset and will be sold off for recovery.

What is muthoot EMI scheme?

Muthoot EMI Scheme (MES) The Muthoot EMI Scheme or MES is ideal for all salaried individuals and professionals, who are looking for a gold loan and can repay it through EMIs instead of bullet payments or a lump sum payment. Minimum Loan Amount. Rs.20,000. Maximum Loan Amount.

Is Muthoot Finance safe for gold loan?

The Muthoot Finance company assures its customers of utmost security and constant monitoring of all their facilities. Hence, customers can be reassured that their gold is in safe custody. Muthoot Finance gives gold loans starting from Rs. 1500 with no upper limit.

Can I sell my gold to manappuram?

If full repayment of the loan, along with interest and charges, is not made within the period of the loan (as specified in the pawn ticket ) or within such period as demanded by the Company, the Company shall have the right to sell or otherwise dispose of the Gold through public auction at the risk and cost of the …

What happens to gold loan if borrower dies?

✅ How to take over gold loan after death of borrower? After the death of the borrower either co-applicant or grantor should repay the loan. Or else the family members can also repay the loan. If no one repays the loan then the banks seize their property.

Is moratorium applicable for gold loan?

Moratorium for Gold Loan In accordance with RBI Covid-19 regulatory package, banks and NBFCs offering gold loan service to their customers will extend a moratorium involving deferment of instalments for a period up to 3 months. By availing the moratorium option, you will defer your immediate instalments/EMIs.

How is gold loan amount calculated?

✅How is gold loan interest calculated? You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an repayment calculator.

Is Muthoot Finance safe?

The issue has been rated A+ with a stable outlook by Crisil Ltd. According to the company, instruments with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations.