Manappuram Finance Gold loan is for borrowers over 18 years of age. This NBFC provides rebates on interest payments to those who are regular with the EMI payments. You can pledge bank-purchased gold coins of up to 50 grams or self-owned gold jewellery as collateral. Both existing and new customers can apply for a loan against old at an attractive interest rate.
There are different repayment options to choose from. You can also select a short tenure, starting with a 1-day tenure. The Manappuram gold loan can fulfil your urgent fund requirements. Disbursals can take place in less than 45 minutes or the same day of the loan approval.
In this post, we will discuss Manappuram Finance gold loan features, gold loan schemes, repayment options, eligibility criteria, and eligibility calculation, documents required, interest rates, factors that impact the rate of interest, EMI calculation, loan application procedure, and FAQs.
Below-mentioned are the features of the jewel loan.
Here are a few popular gold schemes by the NBFC:
It was in 2016 that the NBFC launched the OGL scheme. The basis of the scheme is an overdraft facility. Once you place the gold with the company, you can take a loan, repay the interest, and as per your convenience – adjust the pledge. If you have idle gold, then the loan plan helps to safe-keep the asset, as well as provide funds. The service is available 24 x 7.
You can take a loan against gold even through SMS. But firstly, you have to pledge gold jewellery at a chosen Manappuram branch. The facility is available at all the branches. This includes even the Tier 3 and Tier 4 cities in the country. Thus, even the unbanked and economically backward population can access the loan. You can simply visit the branch to apply for a loan. You do not require a smartphone or internet for the funds. But you have to drop an SMS from the registered mobile number. After verification, you will receive the loan amount on your registered bank account.
Manappuram Finance Limited provider doorstep loan service to borrowers in select cities. Right now, the gold loan scheme at the doorstep is available in Chennai and Bengaluru. Under this facility, the customer can get the gold appraisal done at his/her residence. The loan disbursement is through IMPS or NEFT to the registered bank account. The gold assets receive free insurance coverage. The processing of the loan is quick so is the fund transfer. You can expect the funds in as little as 30 minutes.
The NBFC offers different jewel loan products to meet your financial requirements. Below mentioned are the different repayment schemes on the loan.
A loan against gold is multi-purpose. You can take it for business expenses and personal requirements. If you want to apply for a loan against gold from Manappuram Finance, then go through the following details:
You must have already gone through the eligibility criteria for a gold loan in the above-given section. Apart from those details, you must also know the Manappuram gold loan per gram is taken into consideration for eligibility calculation. The rate 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.
Below mentioned are the documents needed to apply for a jewel loan.
Here are the details:
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:
Manappuram gold loan interest rate calculation 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 amounts, and Manappuram offers a quantum of finance between Rs. 1,000 and Rs. 1 crore.
All financial institutions offer gold loans for women and agricultural purposes 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% of the standard rate of interest.
The 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.
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 a maximum of 12 months, thus, the rate of interest will be influenced accordingly.
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.
You can access the 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 the 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)
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.
Loanbaba is not a channel partner of Manappuram Finance, but you can still avail of 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 the Manappuram gold loan on this page to make an informed decision.
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.
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Below-mentioned are the FAQs about the Manappuram gold loan in India.
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 of other banks and NBFCs. Also, the NBFC does not charge any foreclosure or prepayment fee.
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.
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 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.
You can boost eligibility to avail of a gold loan by submitting an acceptable type of gold of the 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.
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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