Muthoot Money offers diverse loan options catering to various financial needs. Their gold loan service allows customers to pledge gold ornaments and receive instant funds ranging from Rs.5,000 to Rs.5 crores, with quick disbursement and minimal documentation. It also provides options for loan settlement for those struggling with repayment. Loan settlement is a way for borrowers to negotiate and clear their outstanding debts through an agreed-upon reduced payment or revised loan terms.

The company emphasises customer convenience through online platforms for loan repayments, allowing customers to utilise services like Bajaj Finserv for hassle-free loan settlements. With Bajaj Pay, the BBPS platform on Bajaj Finserv, users can view, pay, and download their loan repayment receipts with just a few clicks. Bajaj Pay also supports payments for various other financial obligations, offering a comprehensive solution for managing multiple payments in one place.

Process for Muthoot Money loan settlement

1. Contact customer service: Reach out to Muthoot Money for guidance.

2. Submit required documents: Provide necessary financial documents.

3. Negotiate terms: Discuss potential settlement terms with the lender.

4. Finalise agreement: Review and sign the settlement agreement.

Benefits of settling loans with Muthoot Money

• Reduced financial burden: Settling can decrease the total amount owed.
• Improved credit score: Successful settlements may enhance credit ratings over time.
• Negotiable payment options: Borrowers can negotiate manageable payment plans.

Tips for a successful Muthoot Money loan settlement

• Be honest about finances: Provide accurate information regarding your financial situation.
• Maintain communication: Keep in touch with the lender throughout the process.
• Get everything in writing: Ensure all agreements are documented to avoid future disputes.

Eligibility criteria for Muthoot Money loan settlement

• Outstanding loan amount: Must have an existing loan with Muthoot Money.
• Financial hardship: Demonstrate inability to continue regular payments.
• Documentation: Provide proof of income and expenses.

Steps for loan repayment using the Bajaj Finserv website

Here are the steps to make loan repayment online using the Bajaj Finserv website:

1. Visit the Bajaj Finserv website and log in to your account

2. Go to the ‘LOAN REPAYMENT' section under the 'PAYMENTS' menu

3. Choose your biller from the drop-down list

4. Enter your loan account number and click 'FETCH YOUR BILL.'

6. Select a preferred payment method from the options from the list of available payment options

7. After choosing your preferred payment mode, enter the requested payment details in the comfort of your home.

You will receive a confirmation notification from Bajaj Finserv after the successful payment.

Fees and charges

A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (including applicable taxes). For more information on fees and charges, click here.

Note: For failed transactions, the total amount, including charges except taxes, is reversed.