The Muthoot Pappachan Group has added a feather to its cap with ‘24×7 Express Gold Loan Service’ (EGL), which will allow people to avail additional/top-up loan on their existing gold loan within a click, and in real-time. This unique service can be triggered with a SMS request from the customer’s registered mobile number. The person’s phone must have the feature for this service. The phone may not necessarily be a smartphone. This service will be there round-the-clock, thus making it possible to use the funding option in emergencies.
More about Muthoot 24×7 Express Gold Loan Service
Muthoot Fincorp Limited (MFL) is a company under Muthoot Pappachan Group (MPG), which announced the launch of 24X7 EGL. This service will be technology-driven, keeping in pace advancement of digital India. With Muthoot gold loan becoming easier and accessible, many consumers are looking ahead for this ‘fast-track’ funding idea. The registered members can avail this top-up or additional loan on their active gold loan account.
In the official report, the company mentioned that this special gold loan service is aimed to offer financial support to customers at their doorstep, making access to funds available to every common man. There is no need to travel or apply for a new loan at branch office. No waiting time is involved. There is no additional documentation needed, as this facility comes for existing gold loan customers, who can take more funds on active loan against gold, from the comfort of their home.
How to Register for this Service?
Below given are 3 simple steps to 24×7 EGL registrations.
- Visit the branch office for registering to 24×7 loans. No registration fee will be charged.
- To request for the loan, anytime and anyday, send as SMS ‘loan <amount>’ to the number 7994999999.
- You will receive a confirmation message from Muthoot. The requested amount will reach to you when you reply with a ‘yes’.
NOTE: To know the balance, give a missed call on the same mobile number as listed above, or SMS ‘bal’ to 7994999999. To know loan-wise details drop a message ‘enq’ to the number, and for any help, message ‘help’ to 7994999999.
What is the Objective Behind the 24×7 EGL Service?
As one of the largest NBFCs in India, MFL has more than 3500 branches in India, where approximately 75000 customers walk in per day. The NBFC has several types of retail offering such as housing loans, money transfer, auto loans, business loans, foreign exchange, wealth management, insurance, and gold loans. In the era of computers and mobile phones, it is very important to connect with masses in a matter of seconds. With help of technological services such as the internet, SMS, etc, the financial institution has come up with an innovative funding option that allows customers to receive funds in a matter of minutes.
The financial company launched the express service with view to empower human ambitions and make lives simple by fulfilling immediate financial needs in a click of a button. Muthoot does not wish to create an omni-channel experience for people, but make the innovations in funding sector simpler to understand, so that customers can use the service without having to spend much effort.
Below given are the key aspects of 24×7 EGL service:
- This scheme can be availed against schemes such as Vidya Plus and MIP Variants and Express GL.
- These loans carry the same stipulations for LTV as that of the parent loans.
- Both the express gold loan and parent loan will have the same tenure and due date.
- The interest rate for both these loans would be the same as well.
- You can take multiple 24×7 EGLs against a parent gold loan, but this will be subjected to LTV terms and conditions.
- Instant funds will be credited to borrower’s registered bank account via IMPS.
- There is no registration fee. For the first 10 disbursals availed by the borrower, no processing fee applies. However, any subsequent disbursal thereafter through SMS, Rs. 20+GST will be applicable.
- Separate loan account will be formed against each 25×7 EGL on the parent loan. This will be subjected to availability of residual balance in the primary loan packet.
What Are the Advantages of Express Gold Loan 24×7?
You never know when a financial emergency may come up and at that time timely monetary help is crucial. Even to apply for a loan against gold online, you have to fill out an application form and visit the bank for gold evaluation and only then the funds would be disbursed to your account. Though it may take just a few hours for the whole process, it is not necessary, you will have that much time in hand for urgent monetary support.
The express service makes it possible to do away with the hassle of even applying for the loan online. You do not need a smartphone or internet enabled device for requesting funds. Simply send an SMS to request for funds against already active gold loan, and receive the loan amount within a short-time. It is the quickest way to solve your financial emergencies.
The above-given facts about Muthoot 24×7 EGL service will help you understand the key features of this loan scheme. Go through these features before availing the loan service.