Manappuram Finance Gold Loan

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A gold loan is a loan taken by submitting bank-purchased gold coins of up to 50 grams or self-owned gold jewellery as collateral with a bank or NBFC. Manappuram Finance too offers a gold loan facility to its borrowers. Both existing and new customers can apply for a loan against old at an attractive interest rate. One of the reasons to choose Manappuram Finance for a loan against jewellery is that this NBFC offers rebates on interest payments to those who are regular with the EMI payments.

At Loanbaba,you will get all the details about Manappuram loan against gold.

Manappuram Finance Gold Loan Details Updated on 24th February 2020

Loan Amount

Rs. 1,000 to Rs. 1 crore

Processing Fee

You have to pay Rs. 10 at the time of loan settlement

Loan Tenure

Between 1 day and 12 months

Manappuram Jewel Loan Rate

12.00% onwards

Prepayment Charges

No charges

Gold Loan Scheme

Bullet repayment scheme and EMI scheme

The NBFC offers short tenure for the jewellery loan, starting with 1 day tenure. You can take a gold loan to meet your urgent fund requirement. Disbursals can take place in as less as 45 minutes and the same-day of the loan approval. You can choose from any of the repayment options offered by this financial institution.

If you want to apply for a loan against gold from Manappuram Finance, then go through the following details:

    1] Collateral:

    Your self-owned jewellery or bank-purchased coin is considered for security with the financial institution.

    2] Purpose of the Loan:

    This is a multi-purpose loan for business expenses and personal requirements.

    3] Eligible Borrowers:

    The fund is available for everyone over 18 years of age including professionals, salaried individuals, self-employed people, students, businesspersons, women, housewives, pensioners, etc.

    4] Gold Type:

    Gold jewellery or coin up to 50 grams with purity of 18 carat to 22 carat.

    Features of Gold Loan by Manappuram Finance

    Below-mentioned are the feature of the jewel loan.

    • The rate of interest starts from 12% to 28%, depending on the gold weight and purity, loan to value ratio, individual profile of the borrower, and other factors.
    • Lowest EMI amount per Rs. 1 lakh is Rs. 8,885 at 12% interest rate for tenure of 12 months.
    • There are no prepayment charges, so you can prepay and foreclose the loan anytime without attracting penalties.
    • Rs. 10 is the processing fee. But you can pay it at the time of the loan settlement.
    • Tenure of the loan is between 1 day and 12 months.

    Manappuram Gold Loan Interest Rates

    The starting rate of interest on gold loan is 12%, which can extend up to 28%. The interest rate is fixed, thus through the tenure the EMI amount will also remain fixed on the loan. Manappuram Finance charges an affordable rate on jewel loans. The rate depends on the gold�s purity and weight, loan amount, tenure, and other specifications. You can get discounted rates on loans taken for start-ups and farming purpose.

    Manappuram Gold Loan Interest Rate Calculator

    The Manappuram gold loan rate is 12%, and there are many factors taken into consideration by this NBFC to calculate the rate of interest on the jewellery loan. Some of these are discussed below.

    1] Loan Amount:

    Manappuram gold loan interest rate calculator takes into account the amount of loan based on the purity and weight of the gold you pledge to the financial institution. Usually, banks and NBFCs offer a jewellery loan per gram of gold. This rate differs as per gold purity and the offered loan to value ratio. Financial institutions offer a lower rate of interest on higher amount, and Manappuram offers quantum of finance between Rs. 1,000 and Rs. 1 crore.

    2] Purpose of Loan:

    All financial institutions offer gold loans for women and agricultural purpose at discounted rates. Funds for farming activity are offered at concessional rates because agriculture is counted in priority sector lending. The rates are discounted by 1% to 2% than the standard rate of interest.

    3] Loan to Value Ratio(LTV):

    Maximum loan to value ratio for gold jewellery as per RBI norm is 75%. However, it is upon the NBFC to provide loans at lower LTVs. The rate of interest on a loan with a lower LTV will be lower as against a loan with a higher LTV. The LTV depends on the net weight and purity of the pledged gold.

    4] Loan Tenure:

    A higher rate of interest generally applies on jewel loans of shorter tenure and vice-versa. Under gold loan schemes by this NBFC, you can get tenure between 1 day and maximum 12 months, thus, the rate of interest will be influenced accordingly.

    5] Relationship with the NBFC:

    The financial institution provides special interest rates, charges, and offers for existing customers who have made their payments on time. Similarly, if a customer has had a bad relationship with Manappuram Finance, he/she is unlikely to get a loan approval or a lower rate of interest.

    Why Choose Manappuram Gold Loan?

    Below-mentioned are some of the reasons as to why you must choose a loan against gold Manappuram Finance.

    • The financial institution has its own gold loan online app for loan application and repayments.
    • Concessional interest rates are charges on specific-purpose jewellery loan schemes.
    • Maximum quantum of finance up to Rs. 1 crore. The NBFC even offers low loan amounts starting at Rs. 1,000 only.
    • The customer care service is one of the best in the industry; know for a quick turnaround on queries.
    • Disbursal takes place within a few hours of the loan approval. The amount is deposited in the borrower�s bank account.

    Eligibility Criteria of Manappuram Gold Loan

    Below-given are the eligibility terms and conditions:

    • Anyone can avail a gold loan by Manappuram Finance. This loan is available for even unemployed individuals and homemakers.
    • Some of the probable borrowers are salaried and self-employed people, businesspersons, professionals, pensioners, students, etc.
    • To apply, you have to be over 18 years of age and possess own gold asset (jewellery or bank-purchased coins) of 18 carat to 22 carat.

    Manappuram Gold Loan Eligibility Calculator

    You must have already gone through the eligibility criteria for gold loan in the above-given section. Apart from those details, you must also know the Manappuram gold loan per gram takes into consideration for eligibility calculation. The rate for per gold gram for the loan gives an approximate loan amount you can get against gold jewellery/coin. It is on this basis that you will receive funds.

    The rate per gram and its price is decided on jewellery�s purity in Manappuram gold loan eligibility calculator. As per the latest gold prices, the NBFC provides a gold loan per gram between Rs. 2,041 and Rs. 2,494 (from lowest to highest), calculated at a maximum loan to value ratio of 75% for 18 carat to 22 carat purity.

    Gold Loan Schemes by Manappuram Finance

    The NBFC offers different jewel loan products to meet your financial requirements. Below-mentioned are the different repayment schemes on the loan.

    Bullet Repayment: In a bullet repayment option, you pay the entire principal borrowed at the end of the tenure. This helps reduce monthly payments, as every month you pay only a part of the interest component till the loan ends. This repayment option is specifically for loans against gold of shorter tenures.

    Repayment through EMIs:The NBFC allows you to choose the option to repay via equated monthly instalments (EMIs). The EMI every month you pay consists of both the interest and principal component. Thus, by the tenure�s end, you pay the loan in complete with no outstanding dues.

    Manappuram Gold Loan EMI Calculator

    You can access free-of-cost loan EMI calculator on Loanbaba. This calculator calculates the EMI amount readily once you enter the details in the calculator, such as the loan amount, rate of interest, and tenure. The lowest EMI charged by the NBFC for Rs. 1 lakh counted on 12 months tenure and 12% interest rate is Rs.8, 885.

    Manappuram gold loan EMI calculator works on the following formula:

    E = P x r x (1+r)^n/((1+r)^n � 1)

    • E is the EMI to pay every month.
    • P is the original amount borrowed.
    • R is the applicable interest rate.
    • Outstanding loan amount.
    • The opening balance.
    • Equated monthly instalment.
    • A breakup of both principal borrower and interest amount.
    • N is the tenure in months.

    Documents Required to Apply for Gold Loan Manappuram Finance

    Below-mentioned are documents needed to apply for a jewel loan.

    The EMI calculator informs you about the monthly instalment amount as well as the total interest amount payable over the entire tenure. You can adjust the slider of the interest rate to fix it on a desired rate of interest and do the same to fix the tenure in years or months to know the best combination of both for a suitable and affordable EMI.

    Below the gold loan EMI calculation, you can find the amortization schedule, where you can select the beginning month and year of the instalments. The amortization table informs you about:

    • Basic KYC documents such as address proof and identity proof recognized by the government.
    • PAN card is mandatory.
    • For identity proof, you can submit any of the following: Aadhaar card, Passport, Voter ID, Driving licence, etc.
    • For address proof, you can submit any one of the following: Property registration copy, utility bills such as electricity bill or water bill, telephone bill, bank statement, rental agreement, etc.
    • Depending on the scheme by the NBFC, a credit check may be conducted or not. If it needs to be conducted, then the financial institution will access your credit report to track repayment records.

    How to Apply for Manappuram Gold Loan?

    Loanbaba is not a channel partner of Manappuram Finance, but you can still avail the jewel loan schemes by this NBFC by directly walking into its branch office in an area accessible to you. You can however, compare the jewel loan details by each bank and NBFC on our website to know the best option, as well as get details of Manappuram gold loan on this page to make an informed decision.

    • Offline Application Process:If you choose Manappuram Finance for a loan against gold, then talk to one of their customer representatives in their branch office and fill the loan application form. Submit all necessary documents and get the gold evaluated. After verification of documents and jewellery valuation, a loan amount, rate of interest and tenure will be finalized. The disbursal of funds would be quick, particularly on the same-day of the loan approval.
    • Online Application Process:You can also apply for the jewel loan by Manappuram on the financial institution�s official website or the online gold loan app (useful for loan application, tracking of application, checking loan balance, and making repayments). You will find the loan application form on either of these platforms. Proceed to submit soft-copy of the required documents with the duly filled application form.

    After you submit the form, a customer care executive will get in touch with you shortly and guide you ahead. You may have to visit the nearest branch office of the NBFC for gold valuation, after which details of the loan amount, tenure, and interest rate will be decided. Disbursal will be quick.

    Frequently Asked Questions about Gold Loan Manappuram Finance

    Below-mentioned are FAQs about Manappuram gold loan in India.

    • addFAQs
      1. What are the other charges on the loan?
      2. Apart from the rate of interest, there are other charges applicable on a loan against gold such as the processing fee, which is Rs. 10 at the time of the loan settlement. This charge is one of the lowest fees on the loan in comparison to that charges other banks and NBFCs. Also, the NBFC does not charge any foreclosure or prepayment fee.

      3. Is there an online payment facility on the jewellery loan?
      4. You can both apply and repay the loan online as there is a facility to apply for a loan online and repay the same, via the NBFC�s official website and OGL app.

      5. How to avail discounts on the gold loan interest rate?
      6. To avail discounted rate of interest, you need to borrow funds from Manappuram Finance for agricultural purposes. The funds however cannot be used for any other purpose than farming, and the NBFC keeps a check on the utilization of the funds to evade frauds. It also asks for the proof of land and agricultural activity from the borrower. Women entrepreneurs intending to start a new business can avail relevant Manappuram gold loan scheme at a concessional rate of interest.

      7. How to boost your eligibility for a loan against gold?
      8. You can boost eligibility to avail a gold loan by submitting acceptable type of gold of highest purity and weight. Personal income and credit score may not play an important role in improving your loan eligibility, but may be considered if the loan applied for, is high.

      9. What happens if you miss paying the EMIs?
      10. It is advisable to pay the EMIs regularly on time without delaying those, otherwise your credit score will be adversely affected. In case you default on the loan even after frequent reminders by the financial institution, then the pledged gold can be auctioned to recover outstanding dues.

    Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Manappuram Gold Loan.

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