Gold Loan Manasa
If you want to get instant finance for all your dreams, then you can go for Gold Loan. Every family purchases it in festive seasons. It also signifies the status of an individual. In this, the loan available in the market is hassle-free. You can use the Gold Loan to fulfil your personal needs like education, business, agriculture, or to get over the financial crises.
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What is Gold Loan?
Gold Loan is a secured loan where a customer pledges his gold as a security to the bank and get the required amount of credit. In this service, you have to give some amount of interest to the bank along with the principal amount. Furthermore, The moment you return your loan you will get your pledged gold back and the bank is entirely responsible for the security of the gold.
What is Gold Loan Manasa Interest Rate?
- 9.90% is the minimum annual interest rate you can expect on these loans.
- Therefore, the monthly interest rate would end up being lower than 1%.
- Also, you can foreclose your mortgage by paying the pre-closure charges.
- By using this feature, you can get your collateral gold back before the tenure ends. The pre-closure costs range from 0-3% of the total loan amount.
- The loan tenure period starts from 6 months and can last up to 5 years.
|HDFC Bank Gold Loan||9.9% to 14%|
|Axis Bank Gold Loan||10.50% to 16%|
|ICICI Bank Gold Loan||10.75% to 16%|
|SBI Gold Loan||9.5 % to 13%|
|Kotak Gold Loan||11% to 14%|
|IIFL Gold Loan||9.24% to 24%|
|Muthoot Gold Loan||12% to 24%|
|Manappauram Gold Loan||12% to 26%|
|PNB Gold Loan||10.05% to 16%|
|Canara Bank Gold Loan||9.75 % to 13%|
|Andhra Bank Gold Loan||10.70% to 16%|
Know More – Gold Loan Interest Rate
Why should one apply for a Gold Loan Manasa?
- Great Availability: Loan against gold is a secured service. Therefore the processing of this Loan is quick as the bank is mostly concerned with the quality and weight of the gold.
- Low Rate of Interest: In contrast to services like personal loans, the gold loan has the least interest rate as banks keep security against the Loan.
- Negligible foreclosure charges: Generally, banks do not have any prepayment charges, but some banks can charge a penalty of just 1%.
- Safety of Ornaments: The ornaments are more secure with the banks due to the strict security In the banking institutions, which is quite less at homes.
- No qualification of Credit Score: As this is a secured loan, therefore, the applicant does not have to worry about bad loan repayment history.
- Income-proof not required: The salary of an applicant is not an issue for availing a gold loan as it depends majorly on the weight and quality of gold available with the applicant.
- No loan processing charges: Another advantage is that the applicant does not have to pay extra for this service as the approval solely depends upon the asset kept as security.
- Flexible tenure: In addition to other advantages, the applicant can choose the tenure of the loan according to their requirements and needs.
- Only payment of interest: The applicant has the option to pay the principal amount at the end of the tenure and only the interest every month.
Know More: Gold Loan Features
Eligibility Criteria for Gold Loan Manasa
- The minimum loan amount for taking a gold loan is Rs. 25,000. The maximum loan amount will depend upon the weight of the gold, profile of the customer, etc.
- Minimum age of applicant: 21 years
- Maximum age of applicant at loan maturity: 65 years
- Gold jewellery should be owned by the applicant or any of the family members.
GOLD LOAN @ 0.49%*
Documents Required for Gold Loan Manasa
- Proof of Identity: Passport Copy/ Voters ID card/ Driving License/Adhaar card/PAN card.
- Address Proof: Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate.
- Signature Proof: Passport Copy/Driving License/Banker’s verification/cheque.
- 2 passport size photographs.
Who all can apply for Gold Loan Manasa?
- 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 years to 70 years(at the time of loan maturity).
- Next, the bank is not concerned about the employment status of the applicant. Thus salaried, self-employed, housewives, students anyone can apply for a Gold Loan.
Know More – Gold Loan Per Gram
Benefits of Gold Loan Manasa
- Gold Loan Manasa has Faster processing
- Option to pay interest only
- The lower interest rate on Gold Loan Manasa
- No processing fees
- Low or no foreclosure charges
- No-income proof required
- Bad credit history not an issue to avail Gold Loan Manasa
- Safety of gold
Know More – Gold Loan Benefits
How to apply Gold Loan Manasa?
- A person can easily apply online on DialaBank Website.
- The process is very easy and hassle-free.
- The documentation process for Gold Loan Manasa is very less as well.
- For further information please contact +91 9878981166.
Manasa is a town in Neemuch district in the state of Madhya Pradesh, India.
Table of Contents
- 1 Gold Loan Manasa
- 2 What is Gold Loan?
- 3 What is Gold Loan Manasa Interest Rate?