Muthoot Microfin is a pioneer in product innovation and design. The institution’s products are fundamentally designed for the empowerment of women by economically activating them. Our clients are economically backward women entrepreneurs from rural areas and urban slums, for whom formal financial services are unreachable.
The institution’s product basket - including Livelihood, Health & Hygiene and Life Betterment solutions - addresses the life cycle needs of disadvantaged communities living in the remote corners of the country. The institution further support the women entrepreneurs with skill training programs, business acumen trainings and financial literacy classes.
- Education Loan
- Mobile Phone Loan
- Solar Lighting Product Loan
- Bicycle Loan
- Pressure Cooker Loan
- Gold Loan
Education is crucial to any society and is a powerful weapon to fight poverty and backwardness, especially in the rural sectors of India. Muthoot Shiksha loan is designed to support the primary and secondary education of borrowers’ children. This is an enhanced service offered to the Muthoot Microfin customers who have an excellent repayment track record.
| Loan Amount | Rs 30,000 |
| Tenure | 104 weeks / 24 months |
| Rate of Interest | 21.05 % p.a. (Diminishing) w.e.f. 16 October 2020 |
| Processing Fee | 1% |
Mobile Phones have become a necessity for each and every one; however, in the rural and semi-urban areas of the country, affordability of a smartphone is still a major challenge. Muthoot Microfin’s Mobile Phone Loans make it easy for disadvantaged families to acquire smartphones and benefit from the telecommunication revolution.
Muthoot Microfin has entered into agreements with retailers and distributors for financing of mobile phones purchased by our borrowers, so that the incentive and benefits of mobile and internet technology can be reached to the underserved people of the country.
| Loan Amount | Rs 6,640 - Rs 7,900 - Rs 8,613 |
| Tenure | 52 weeks / 12 months |
| Rate of Interest | 25.00 % p.a. (Diminishing) w.e.f. 16 October 2020 |
| Processing Fee | 1% |
In light of our customers’ need for lighting products predominantly in the non-electrified sectors of the country, we have entered into agreements for financing of solar lanterns purchased by our borrowers.
Conventional methods of lighting like kerosene lamps are a key contributor to indoor air pollution and is documented to have disastrous health effects. Solar lighting systems are extremely safe and is good for the environment. A United Nations Development Program study demonstrates that household businesses with improved lighting have up to a 30 percent increase in income due to increased productivity at night.
Financing facilities for Solar Lanterns will act as catalyst for the solution of major electrification/lighting problem of rural households.
| Loan Amount | Rs 2,270 |
| Tenure | 30 weeks / 8 months |
| Rate of Interest | 25.00 % p.a. (Diminishing) w.e.f. 16 October 2020 |
| Processing Fee | 1% |
Bicycle remains the most preferred, healthiest and safest mode of transport in rural India. It is environment friendly and cost effective for the bottom of pyramid sections of the society. Cycles got high demand in the rural sectors due to low investment and maintenance. Muthoot Microfin has entered into agreements for the financing of bicycles purchased by our borrowers.
| Loan Amount | Rs 4,532 |
| Tenure | 52 weeks / 12 months |
| Rate of Interest | 25.00 % p.a. (Diminishing) w.e.f. 16 October 2020 |
| Processing Fee | 1% |
Pressure cookers can save a lot of energy, time and effort for women while cooking and they can use this time for engaging in other income generating activities. Our Pressure Cooker loan assists low-income families to purchase high quality product through an affordable and easy instalment model.
We have entered into agreements with retailers and distributors for the financing of pressure cookers purchased by our borrowers.
| Loan Amount | Rs. 2,174 |
| Tenure | 30 weeks / 8 months |
| Rate of Interest | 25.00 % p.a. (Diminishing) w.e.f. 16 October 2020 |
| Processing Fee | 1% |
Gold is considered a highly preferred and safe investment option by Indian households, mainly because of the liquidity it offers. Most households keep their savings in the form of gold and retain it as an emergency fund. Muthoot Microfin offers an easy gold loan facilities to its customers in flexible schemes. The disbursement mode of the gold loan is facilitated through Muthoot FinCorp branches.
| Loan Amount | Based on ornament Qty. |
| Tenure | 6 months |
| Rate of Interest | 15.00 % - 23.00% p.a. (Diminishing) w.e.f. May 2020 |
| Processing Fee | 1% of pledge value / ₹ 50 |
Key Features and Benefits of our Products
- Access to credit for the marginalised sections of the society
- Enables access to education and healthcare for people who do not have access and/or affordability
- Improves income and nutrition for families, especially women
- Smaller loans do not burden the individual and family and repayment is in easy installments
- An entrepreneur once successful will hire others, and it will lead to job and wealth creation
- Significant economic gains for the nation as a whole
Eligibility Criteria
Applicants must meet the following requirements to be eligible for the loan:
- Should fulfil KYC documents requirements
- Age should be between 18 to 60 years
- Should not have an adverse credit record
- Should meet the acceptable credit norms as per RBI andMuthoot Microfin
- Should be part of a group of customers who are willing to guarantee each other for the repayment of loan
How to Apply
- Visit the nearest Muthoot Microfin branch and our Relationship Officer will guide you on the application process.
- Call us on our toll-free number 1800 1027 631and our Relationship Officer will fix a doorstep service appointment to help you with the application process.
For Terms and Conditions, please contact the nearest Muthoot Microfin branch.
Loan approval is at the sole discretion of Muthoot Microfin Limited.
Easy Documentation
A complete KYC process is required to take a microfin loan.
The documents required are:
- Primary ID:
- Aadhaar
- Secondary ID:
- Voter ID card
- PAN card
- Passport
- Driving licence
- MGNREGA Card
- Letter issued by Government authorities
- Passbook of nationalised banks
- Address Proof:
- Voter ID card
- Aadhaar
- Passport
- Driving licence
- MGNREGA Card
- Letter issued by Government authorities
- Passbook of nationalised banks
- Life Insurance policy or latest Premium receipt
- Rent agreement
- Consumer gas connection card/Book
- Utility bills (not more than 90 days old)
-
Photograph
A recent passport size photograph
-
Proof of Identity
Aadhar Card and Voter’s ID
-
Address Proof
Voter ID / Aadhar Card / Driving License / Ration Card / Passport
-
Age Proof
Passport / Aadhar Card
-
Income Proof
Financial documents would include copies of IT returns for the previous two years and the recent bank statements for six months.
Customer Success Stories
Jaya Surendran is a 51-year-old housewife turned farmer and cattle breeder from Thrissur district of Kerala. Her husband, involved in farming for decades was the sole bread winner for the family of four.... read more
Dreams do come true
Sindhu T from Thiruvillamala in Thrissur district of Kerala opened a small cosmetic and beauty care products shop near her home four years ago. However, the shop hardly generated enough earnings due to... read more
Determined to Succeed
Shamshad Begum from Badami in Bagalkot district of Karnataka has finally achieved financial freedom after years of struggle. She now runs a popular tailoring unit near her home. Shamshad Begum had to... read more
Role model of women empowerment
Why Muthoot Microfin?
Muthoot Microfin is a part of Muthoot Blue (Muthoot Pappachan Group). Muthoot Pappachan Group has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction and steady growth. We believe that the history of Muthoot Pappachan Group in working with customers from the bottom of the economic pyramid, helps us better address the needs of our target customers. We are passionate about helping people from the bottom of the pyramid to realize their dreams. Our brand identity possesses an unwavering commitment to financial inclusion.
You can trust Muthoot Blue because:
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a microfin loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past +133 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.