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A Muthoot Fincorp Gold Loan is a secured loan offered by Muthoot Fincorp Ltd (MFL) where you pledge your gold jewellery as collateral in exchange for an instant cash loan. Your gold stays safely with Muthoot Fincorp in insured vaults, and you get it back once the loan is fully repaid.
You can apply directly through the True Balance app. Tap the "Muthoot Fincorp Gold Loan" card on the offers screen, review the loan details, and tap "Apply Now". After a quick eligibility check, you will receive a loan application reference number if you are eligible. Muthoot Fincorp will contact you within 48 hours to schedule a branch visit for gold appraisal and disbursal.
Any Indian citizen aged 18 to 80 years with valid KYC (ID and address proof) is eligible. You must also have gold jewellery of 18K to 22K purity to pledge as collateral. The loan is currently available in serviceable pincodes covered by Muthoot Fincorp's 3,745+ branches across 26 states.
Muthoot Fincorp accepts gold jewellery of 18 karat to 22 karat purity. Gold coins, bars, or biscuits are not accepted — only jewellery.
The loan amount depends on the purity, weight, and current market price of your gold, along with the scheme selected. The minimum loan amount is ₹5,000. There is no upper cap — the maximum depends purely on the value of gold you pledge.
The interest rate ranges from 11.99% p.a. to 23% p.a., depending on the loan amount and scheme selected.
The processing fee is nominal — between ₹25 and ₹250 depending on the loan amount. There are no hidden charges. No pre-closure charges are levied, so you can close the loan any time without penalty.
Loan approval and disbursal typically happen within 1 hour of your branch visit, once your gold has been valued and KYC has been verified.
The loan amount is disbursed directly to your registered bank account after gold valuation, document verification, and disbursal document signing at the branch. This usually happens within the same branch visit — typically within 1 hour.
Yes. Your gold is valued in your presence at the branch, sealed, and stored in Muthoot Fincorp's high-security insured vaults. Muthoot Fincorp maintains full insurance coverage on the pledged gold and follows RBI-mandated custody protocols throughout the loan tenure.
Still need help? Call (0120)-4001028 or email cs@balancehero.com, or reach us via the contact page.
Looking for more? Loan Eligibility FAQ.
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