Looking for a personal loan with flexible terms? Muthoot Finance offers loans up to ₹20 Lakhs with tenure up to 6 years. Here’s everything you need to know before applying.
1. Who Can Apply? (Eligibility Criteria)
✅ Minimum Salary: ₹25,000/month (for all categories)
✅ Age: 21 to 60 years (varies by profile)
✅ Employment: Salaried (private/govt./Pvt. Ltd. companies)
✅ CIBIL Score: 705+ (675–704 considered for lower amounts)
Special Cases:
- If salary is ₹25K–30K, need CIBIL 725+ OR an existing ₹5L+ loan.
- Self-employed (LLP/Pvt. Ltd./Trusts) allowed if business is 3+ years old.
2. Loan Amount & Tenure
| Category | Max Loan Amount | Tenure |
|---|---|---|
| CAT A/B & Govt. | ₹20 Lakhs (₹15L if salary <₹50K) | Up to 72 months (if loan ≥₹5L & salary ≥₹30K) |
| CAT C/D | ₹15 Lakhs (with BT) | Up to 60 months |
Note:
- Last 6 EMIs can be non-obligatory (flexible repayment).
- Tranche payments allowed for loan closure (conditions apply).
3. Key Features & Benefits
✔ High Loan Amount: Up to ₹20 Lakhs
✔ Long Tenure: 6 years (for eligible profiles)
✔ Balance Transfer (BT):
- Multiple PL/CC BTs allowed (no limit)
- No restrictions on lender (except conditions)
✔ Low FOIR (Debt-to-Income Ratio): - Up to 70% (75% if you own a house)
✔ Overdraft Facility: - First 24 months: 1.5% of principal considered as obligation
4. Documents Required
📌 Basic Documents:
- ID Proof (PAN/Aadhaar)
- Address Proof (Bank statement/utility bill)
- Income Proof (Salary slips + 6 months’ bank statements)
📌 For Self-Employed:
- Business proof (GST, ITR, Incorporation Certificate)
5. Restrictions & Exclusions
🚫 CIBIL Below 675: Not eligible
🚫 Active Loans: Max 5 PLs allowed (<₹1L loans not counted)
🚫 Location Limit: Delhi/NCR only (60 km from Nehru Place)
6. How to Apply?
- Check Eligibility – Use Muthoot’s online calculator.
- Submit Documents – Upload digitally or visit a branch.
- Approval & Disbursal – As fast as 24–48 hours.
Why Choose Muthoot Finance Personal Loan?
✅ Higher loan amounts than many banks
✅ Long repayment tenure (6 years)
✅ Multiple BT options (no limit)
✅ Flexible FOIR (up to 70%)
Need funds? Check pre-approved offers or apply online today!
🔹 Pro Tip: Existing customers may get faster approvals & lower rates.
