Leading Indian gold financing company, Muthoot Finance has launched a gold loan scheme, entitled 'Muthoot Advantage Loan', reports say. This scheme allows customers to acquire a loan quickly. It offers the advantages of no documentation and processing fee, no weight deductions, zero appraisal charges and no pre-payment penalty, reports say.

Customers gain the highest oer gram rate under the scheme, or 75 per cent of gold value with an initial rate of interest of 18 per cent per annum, reports say. The scheme is being introduced at the Muthoot branches pan-India.