Gold is one of the most acknowledged metals in our country. Thus, a sizeable majority of people own ornaments of gold. Over the past decade, the people not only buy gold as a tradition but also to keep it as security which they can exchange or pledge in the times of need this is the reason why the service of Gold Loan is the fastest growing amongst the other financial products.
Manappuram Finance Ltd or MAFIL is a Non-Banking Finance Company in India which was set up in 1949. Some of the financial products of this company are namely, Gold Loans, Money Transfers, SME Finance, and Commercial Vehicle Loans. Furthermore, this company is serving people for the last 71 years, so there is no risk of fraud. Also, Manappuram Finance has more than 3200 branches all over the country. Manappuram Finance provides a gold loan at a very low rate of interest. Also, the customer can also avail a Gold Loan through Manappuram Gold Loan App to avail more convenient service.
Read More - About Gold Loan
What is Manappuram Gold Loan?
Manappuram Gold Loan is a service in which gold ornaments are used as collateral in return of loan amount. Manappuram Gold Loan Interest Rates are low in comparison to other services like personal loan, as it is a secured service. Also, this loan is provided for a given tenure, which means if the applicant is not able to repay the loan in that preset period. Then, the gold ornaments kept with the lending institution are confiscated .
Why Manappuram Gold Loan?
Manappuram gold loan is the best way to get over your financial crisis. If you are going through any financial problem then, you can make use of your gold jewelry as it is better than asking for money from your relatives and friends. The amount that you get in Manappuram Gold Loan can be used in any of personal uses. It can provide you with good financial support in your bad times.
Know More - Best Gold Loan Services
Uses of Manappuram Gold Loan
- You can use this amount of loan to fulfill any of your personal need.
- The loan amount can be used for wedding purposes.
- Besides that, you can use this gold for education purposes.
- Furthermore, you can use this money for your business.
- Moreover, You can buy a car using this amount of loan.
- Also, Manappuram Gold Loan allows you to use loan mount for medical purposes as well.
Features of Manappuram Gold Loan
There are some features of Manappuram gold loan.
- First of all, Manappuram Gold Loan Interest Rate is very low and reasonable in contrast to other services this is the reason why most of the customers prefer this service.
- After that, the documentation process is very easy. Less documentation is required in Manappuram gold loan.
- It only consists of one ID proof, one residence proof(Aadhaar card etc.) and two passport size photographs.
- Furthermore, you can check the specific document requirements on Manappuram Gold App as well.
- Besides that, if you fulfill the eligibility criteria of Manappuram Gold Loan then, it is disbursed very quickly that is in a day.
- Finally, Manappuram gold loan provides an amount which is as high as Rupees 1 Crore.
Eligibility Requirements for Manappuram Gold Loan
- First and foremost, the gold should be in the name of the applicant or family member.
- Secondly, the applicant should be a resident of India.
- Thirdly, The age should lie in between 18-70 years group.
- Next, the minimum quantity of gold should be 10 grams. And, the purity should range between 18 Carat to 22 Carat. Hence, the amount of Manappuram Gold Loan per Gram is approximately Rupees 1800. Also, Manappuram Gold Loan Per gram can vary according to the quality of the gold.
What is The Interest Rate in Manappuram Gold Loan?
Manappuram Gold Loan Interest Rates are very attractive and affordable. Thus a lot of people avail of this service. The rate of interest starts from 12% because of its high LTV (loan to value) ratio. The maximum rate of interest can go up to 26% per annum.
In case you miss your payment 3% interest rate more will be charged from you. For example, if the rate of interest of your gold loan is 12% and you miss the monthly payment of your gold loan, then you have to pay 15% interest rate for that month.
Besides this, the interest rate can vary from time to time. And you can check the changes in Manappuram Gold Loan Interest Rates very quickly as the company provides a Manappuram Gold App depicting the changes made by the company.
Know More - Gold Loan and Loan Against Property
Processing charges are way too low for Manappuram Gold Loan. It charges Rs. 10 as the processing fees of the loan.
Re-payment of Manappuram Gold Loan
Manappuram provides good repayment schemes to the customers availing a gold loan. There are three ways of repaying the loan amount, that is, Term Loan, EMI, and Overdraft facility. You can check about how to pay manappuram gold loan online.
- Term Loan: In this repayment scheme, the applicant has to pay only the interest rate during the loan tenure. After the completion of the loan period, the applicant has to pay the principal amount of the loan.
- EMI Facility: In EMI option, the applicant has to pay a fixed amount that consists of both interest rate and a part of the principal amount for the entire tenure of the loan.
- Overdraft Facility: This is a facility in which the applicant can enjoy liquidity anytime. That is, the applicant has to pay the rate of interest only for the amount that he has used from the total disbursed amount.
Also, the company provides the customers with a facility of Manappuram Online Payment. Through which, you can pay the amount at the comfort of your home.
What is The Interest Rate in Manappuram Gold Loan?
- Firstly, Manappuram Gold Loan Interest Rate depends on the daily outstanding balance.
- Next, Rates of interest are fixed throughout the tenure of the loan.
- Also, Only a few schemes support the compound rates of interest.
Know More - Gold Loan Interest Rate
Manappuram Gold Loan Documentation
- Firstly, Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
- A valid passport. - Your passport can fall under the category of both identity proof and residence proof while applying for Manappuram Gold Loan. It contains your details such as your name, age, address, and photograph.
- Thirdly, Aadhaar card. - Aadhaar card can be proof of residence and identity proof. Your Aadhar card holds necessary information like identity and residence proof.
- Next, Voter’s ID card - Our voter/election card contains our necessary details. A Voter ID card is one of our essential documents which help us while applying for Manappuram Gold Loan.
- Also, PAN card - Permanent Account Number is an important KYC (Know Your Customer) document while applying for Manappuram Gold Loan.
- Lastly, Two Passport sized colored photographs. (Applicant should not be wearing glasses)
Quality of Gold Required for Gold Loan
- To begin, The quality of your gold should be 18 carats to 22 carats. The gold of 24 carats is not accepted.
- Next, Manappuram accepts all types of gold jewelry.
- Also, Minted coins are not accepted.
- Furthermore, You should have a minimum of 10 grams of gold.
- Also, you cannot get a gold loan on raw gold.
- Lastly, Gold bricks are also not accepted.
Know More - What is CIBIL Score?
Manappuram Gold Loan Amount
The amount of loan that you get from the Manappuram in a gold loan depends on the quality and quantity of the gold. The maximum you can get is Rs. 20000 on 10 grams. That further means, the amount of Manappuram Gold Loan per gram is approximately Rupees 2000. However, it depends on the LTV ratio of your gold. Lending institutions provide an evaluator that examines the quality and quantity of the gold ornaments.
How to Apply for Manappuram Gold Loan?
There are two ways to apply for Manappuram Gold Loan:
Manappuram Gold Loan Online
You can apply for Manappuram gold loan online. The process of application is very easy and simple. There are a few steps to apply for the gold loan.
- To begin with, visit our website that is Dialabank
- Next, the loan seeker has to fill a form Online with current information.
- After this, you will get a call from our Relationship Manager to clear all doubts and to assist you in the entire process of the loan.
- Then, you can check your eligibility for further clarification of the approval of a loan.
- Furthermore, submit all the documents required as proof in the bank.
- Finally, the loan is approved in some minutes and disbursed within a day.
- Lastly, you can also directly call us at 9592046860, to clear any doubts.
Or You Can Search Following on Google
- Manappuram Gold Loan Branches
- Manappuram Gold Loan Near Me
- Manappuram Gold Loan App
- Manappuram Gold Loan Customer Care Number
You can avail a gold loan from Manappuram Gold Loan Branches. To find a branch that is nearby, search Manppuram Gold Loan near me. Google will enlist all the Manappuram Gold Loan Branches near you.
- Dialabank is India’s first financial helpline.
- You will get all the information without any charges here.
- Besides that, your gold loan will be approved and disbursed very quickly.
- Dialabank provides its services all over India.
- Customer response is very quick on dialabank.com. You will get a call back within the 5 minutes after filling the form.
- For more information, you may call on 60011600.
- Dialabank provides the document pickup facility from your doorstep.
- The process of applying for the loan is very easy and hassle-free.
- For any assistance regarding Manappuram Gold Loan; Call us on 60011600, our trained Relationship Managers will provide you with the best information.
Know More - Gold Loan and Loan Against Property
Gold Loan VS. Personal Loan
- Firstly you get at least 75% of their actual gold value as a Gold Loan amount.
- Secondly, Gold loan application takes only 1-day processing time and an hour to disburse.
- Thirdly, on Gold Loan customer can repay the loan before time with no foreclosure charge
- Also, you get lower or in some cases no processing fees
- Likewise, a borrower with low credit score/CIBIL can even get Gold Loan
- Similarly, bank give loan amount by your Gold purity
- Therefore a borrower with low credit score/CIBIL can also get Gold Loan
Know More - 4 Different Ways of Repaying Your Gold Loan
FAQs About Manappuram Gold Loan
How does Manappuram Gold Loan work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
Manappuram Gold Loan is secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
What happens when you don’t repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
To get a gold loan do I need a co-applicant?
No, to avail Gold loan you don’t need any co-applicant
Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.
What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
Gold Loan Interest Rate of Different Banks - Updated : October 2019
Provides Gold Loan in Following Cities
|Gold Loan Delhi|
|Gold Loan Mumbai|
|Gold Loan Bangalore|
|Gold Loan Hyderabad|
|Gold Loan Chennai|
|Gold Loan Ahmedabad|
|Gold Loan Jaipur|
|Gold loan Chandigarh|
|Gold Loan Bathinda|