About Manappuram Gold Loan
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.
- Interest Rate Starts at 14%
- Loan Per Gram From Rs. 2,472 to Rs. 3,023
- Tenure Up to 36 months
- Processing Fee Up to 1% + GST
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 shallow rate of interest. Also, the customer can avail a Gold Loan by Manappuram Gold Loan App to avail more.
Manappuram Gold Loan is a service in which gold ornaments is 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 choose Manappuram Gold Loan?
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 jewellery 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 excellent financial support in your bad times.
Know More – Best Gold Loan Services
Advantages of Manappuram Gold Loan
There are some advantages of Manappuram gold loan:
- 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.
- The documentation process is straightforward. 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.
- You can check the specific document requirements on Manappuram Gold App as well.
- If you fulfil the eligibility criteria of Manappuram Gold Loan then, it is disbursed very quickly that is in a day.
- Manappuram gold loan provides an amount which is as high as Rupees 1 Crore.
Manappuram Gold Loan Eligibility
Gold Loan is a financial product provided by Manappuram which caters to your needs of short term or long term funds. It is easy to avail commercial service provided by Manappuram at low rates of interest and also requires minimal documentation for the same. Manappuram gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Primary Eligibility criteria for availing the Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the Bank.
- The Minimum weight of Gold that can be pledged is 10 grams, and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of Gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, etc. are not recognized as valid forms of Gold to be kept as security for the Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
Manappuram Gold Loan Documents Required
- 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.
- Aadhaar card. – Aadhaar card can be proof of residence and identity proof. Your Aadhar card holds necessary information like identity and residence proof.
- 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.
- PAN card – Permanent Account Number is a necessary KYC (Know Your Customer) document while applying for Manappuram Gold Loan.
- Two Passport sized coloured photographs. (Applicant should not be wearing glasses)
Manappuram Gold Loan Interest Rate, Fees and Charges
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the Gold you are to keep as security with the Bank. Gold Loan interest rates offered by the Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank starts at 14% per annum.
The Bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The Bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Manappuram Gold Loan Rate Per Gram
The amount of Gold Loan that you get per gram of your Gold is directly dependent on the purity of your Gold and the current prevailing rates of that purity of Gold in the market. The price of gold changes daily in the market and therefore, the Canara Bank Gold Loan Rate per Gram also varies every day. Canara Bank gives funding of up to 70% of the total market price of your Gold, keeping the remaining 30% as a security margin.
You will get an amount starting from Rs. 1750 for a gram of Gold depending on its purity and the market price for your Manappuram Finance Gold Loan.
**Keep in mind that only the weight of Gold is considered and not the weight of stones on your jewellery**
Manappuram Gold Loan Apply Online
You can apply for Manappuram gold loan online. The process of application is straightforward. There are a few steps to apply for the gold loan.
- Visit our website that is Dialabank.
- The loan seeker has to fill a form Online with current information.
- You will get a call from our Relationship Manager to clear all doubts and to assist you in the entire process of the Loan.
- You can check your eligibility for further clarification of the approval of a loan.
- Submit all the documents required as proof in the Bank.
- The Loan is approved in some minutes and disbursed within a day.
- You can also directly call us at 9592046860, to clear any doubts.
How to repay 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.
Gold Ornaments accepted for Manappuram Gold Loan.
- The quality of your Gold should be 18 carats to 22 carats. The Gold of 24 carats is not accepted.
- Manappuram accepts all types of gold jewellery.
- Minted coins are not accepted.
- You should have a minimum of 10 grams of Gold.
- You cannot get a gold loan on raw Gold.
- Gold bricks are also not accepted.
Uses of Manappuram Gold Loan
- You can use this amount of Loan to fulfil any of your personal need.
- The loan amount can be used for wedding purposes.
- You can use this Gold for education purposes.
- You can use this money for your business.
- You can buy a car using this amount of Loan.
- Manappuram Gold Loan allows you to use the loan amount for medical purposes as well.
FAQs About Manappuram Gold Loan
Gold Loan amount per gram of Gold in Manappuram starts at ₹1750. This amount varies depending on the purity of your pledged Gold. You can avail a Gold Loan amount of up to 1.5 crores.
Manappuram provides loans against gold ornaments within minutes. You can avail a maximum loan amount of 1.5 crores depending on the weight and purity of your Gold. They offer several different schemes based upon your needs.
Manappuram Gold Loan interest rates start at 14% per annum with a maximum effective rate of 29% per annum. The interest rate in Manappuram depends on the purity of your Gold; the loan amount tendered, LTV ratio, and tenure of the Loan.
You can pay for your Manappuram Gold Loan at Manappuram’s online payment portal by using net banking, debit cards, or through your Paytm account using Paytm Wallet or UPI.
Manappuram provides Gold Loans that can fulfil all your financial needs, tailored according to your desires, Manappuram provides several Gold Loan Schemes. You can apply for Manappuram Gold Loan by visiting the nearest branch with your Gold or through Dialabank’s digital portal that provides you with personalized assistance and helps you avail the best offers and deals.
You can renew your Manappuram Gold Loan by visiting the nearest branch. You will be required to pay all the overdue amounts and fill out a form for the renewal of your Gold Loan. Your Gold will be revalued according to the updated market rates, and upon paying a renewal fee, your Gold Loan will be renewed. You can also renew your Manappuram Gold Loan online through their online portal.
Gold Loan is one of the prominent loan products in India and Manappuram is one of the leaders in the race. You can take a Gold Loan of up to 1.5 crores from Manappuram with instant approval and disbursement within an hour. You simply have to visit the nearest branch with your Gold and necessary documents and avail the scheme that suits you the best. Alternatively, you can apply with Dialabank and compare offers and interest rates of different banking and non-banking financial companies.
Gold Loan is the prominent product of Manappuram through which you can get a loan against your gold ornaments. Manappuram has tailor-made Gold Loan schemes to cater to your financial needs. It comes with instant approval and attractive features.
Manappuram is a well-established name in the Gold Loan market that provides instant Gold Loans with quick disbursement to fulfil all your financial needs. You can quickly get a Manappuram Gold Loan by visiting the nearest branch with your gold ornaments, or you can apply online at Dialabank from the comfort of your home to avail personalized assistance, lower rates, and the best deals.
You can visit the Manappuram Customer eService Portal and login to keep yourself updated on all the details regarding your Gold Loan. You can also download the Manappuram OGL app to avail these services at your fingertips.
To close your Manappuram Gold Loan, you will first have to clear all your pending dues and then apply for a loan closure either by visiting the branch or through their online portal and mobile app.
Renew your Manappuram Gold Loan by visiting the nearest branch or through their mobile app. You will be required first to pay all your overdue amount and close your existing Loan before the terms and condition for new tenure are updated based upon the current market rates.
Defaulting on your Gold Loan can make you liable to face legal actions by Manappuram. If the full repayment of the loan along with interest and charges is not made within the period of the creditor within any such period as demanded by the Company, the Company will have the right to sell or dispose of the Gold through public auction at the risk and cost of the Borrower.
Manappuram has more than 4190 branches all over India through which you can fulfil your instant monetary needs. You can also visit Dialabank’s digital platform and apply online from the convenience of your home.
Table of Contents
- 1 About Manappuram Gold Loan
- 2 Why choose Manappuram Gold Loan?
- 3 Advantages of Manappuram Gold Loan
- 4 Manappuram Gold Loan Eligibility
- 5 Manappuram Gold Loan Documents Required
- 6 Manappuram Gold Loan Rate Per Gram
- 7 Manappuram Gold Loan Apply Online
- 8 How to repay Manappuram Gold Loan
- 9 Gold Ornaments accepted for Manappuram Gold Loan.
- 10 Uses of Manappuram Gold Loan
- 11 FAQs About Manappuram Gold Loan