Manappuram gold loan interest rate starts at 12.00%. The loan can be used to meet any financial emergency or need. Many use the funds for marriage, education, travel, home renovation, vehicle repair, debt consolidation, working capital, business expansion, agricultural activities, etc. The rate of interest depends on gold asset’s purity and weight.
NOTE: Manappuram Finance even has an online gold facility, wherein you can apply for the loan on the website or mobile app, and make the repayments through the app itself.
At Loanbaba, you will find all the details of Manappuram gold loan rate and jewel loan scheme.
Gold Loan Manappuram Finance
Manappuram Gold Loan Rate
Starts at 12.00%
At the time of settlement the processing fee is Rs. 10
1 day to 12 months
Rs. 1,000 to Rs. 1.5 Crore
Jewel Loan Scheme
Bullet repayment scheme or EMI scheme
The Manappuram jewel loan interest rate details are as follows:
Below-mentioned are features of gold loan Manappuram Finance:
Listed below are the documents needed to apply for Manappuram jewel loan.
NOTE: You will also need 2 recent passport-sized photographs and PAN card (mandatory).
The calculation of Manappuram gold loan rate depends on the below-given aspects.
The loan amount sanctioned depends on weight and purity of gold jewellery. Manappuram Finance has a rate per gram for gold depending on its purity. A higher loan amount will apply a lower rate of interest, and vice-versa.
A longer tenure reduces the monthly EMI burden. But you have to pay a higher interest amount due to taking the loan for a longer tenure. In shorter tenure, though the EMI amount is more, the interest payout overall is lower than that on longer tenure. So, the cost of loan depends on the chosen tenure.
If you had taken a loan in the past at the NBFC and repaid the same in a timely manner, then you are likely to receive a lower rate of interest given a good relationship with the financial institution.
Too many ongoing debts may deter the NBFC from sanctioning a loan because your repayment capacity is low. However, if you have a fewer financial liabilities and are able to comfortably repay, the loan amount you have applied for, then you have a good repayment capacity, which convinces the financial institution to provide you funds and a lower rate of interest.
Below-given are ways to apply for a jewel loan with the financial institution.
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Below-provided are FAQs about jewel loan by the financial institution.
The table below shows an estimate of what loan will the financial institution offer on per gram gold considering different purity levels. The estimates are based on the maximum LTV of 75% and minimum 65%.
Indian Women (Residents) – Both working and non-working women can apply for the loan.
The working women should be permanent employees of central or state government. They can also be employees in the PSUs, government schools or any other govt aided institutions. However, women professionals like Doctors, chartered accountants, engineers can also apply
If the woman is a non-working, then she should be able to show the income proof of her spouse or a relative who becomes the co-borrower of the loan.
Below-mentioned are details about BOI Star Mahila jewel loan scheme.
Purity of Gold
Rate/gram- considering previous 30 days average
Manappuram rates per gram at maximum
Manappuram rates per gram - minimum
This might have definitely helped you understand the method how the NBFC calculates loan rates on per gram of gold with different purity levels.
Below-provided are details about BOI interest rate and penal charges for loan against gold.
The mode of calculation for gold loan Manappuram is given below.
Below-given is information of how risk-related rates work.
The interest rates will not exceed 29%
If the loan is unpaid beyond the normal tenure, the financial institution charges a penal interest of 3% per annum on the due amount on a regular basis until the loan is closes.
Other than the interest rates, other charges that may apply are as follows:
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Manappuram Finance Gold Loan.
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