Gold Loan Interest Rates 20201969 views
- Want to get Loan Against your Gold? Know why the Manappuram Gold Loan will be perfect for you!
- Know about the various schemes, applicable interest rates and maximum loan eligibility
Facing a financial emergency and looking to deal with it by opting for a gold loan? Manappuram Ltd. could be the most suitable choice for you! With more than 70 years of service and more than 4,600 branches across the country, Manappuram Ltd. provides a seamless Gold Loan facility at an affordable rate of interest. It is one of the leading Non-banking Financial Companies (NBFCs) giving you the opportunity to avail of the gold loan facility.
Do you know that it is one of India’s first and highest credit rated Gold Loan providers? This is the reason so many people have it as the first choice when they look for a gold loan to fulfill their needs. An individual just has to present his/her gold ornaments or jewelry as the collateral to get the maximum loan amount against the same. Manappuram provides gold loans upto INR 1.5 crore depending on the value of the precious yellow metal. Read on to know more about this gold loan facility.
Table of Contents
- 1 What is the Interest Rate on Manappuram Gold Loan?
- 2 What are Various Operational Gold Loan Schemes Offered by Manappuram?
- 3 How to Apply for Manappuram Gold Loan?
- 4 Manappuram Gold Loan Eligibility Criteria
- 5 What are the Documents that you Will Need?
- 6 How to use the Manappuram Gold Loan Eligibility Calculator?
- 7 How to Repay your Manappuram Gold Loan?
- 8 How to Contact Manappuram Gold Loan Customer Care?
What is the Interest Rate on Manappuram Gold Loan?
Interest rate is one of the most important factors while opting for a gold loan as it directly affects your repayment. Higher the interest rate offered by the lender, the greater will be your repayment amount. You also need to remember that interest rates will also depend on the loan-to-value (LTV), hence a higher LTV will attract higher interest rates automatically. Assuming all other factors remain the same, a higher LTV loan will have higher interest rates than a lower LTV loan.
Manappuram Ltd. provides a wide range of gold loan schemes wherein the interest rates vary according to tenure, loan amount, and the residing state of the individual. The interest rates start from 12% per annum and go as high as 29% per annum. We have mentioned the interest rates and other important details related to Manappuram Gold Loan in the below table. Take a look at it.
|Details||Manappuram Finance Gold Loan|
|Minimum Loan Amount||INR 5,000|
|Maximum Loan Amount||INR 1.5 crore|
|Interest Rate||12.00% - 29.00%|
|Tenure||90 to 365 days|
|Processing Fee||INR 10|
|Overdue/Penal Interest||3% per annum|
What are Various Operational Gold Loan Schemes Offered by Manappuram?
Manappuram Ltd. provides an extensive range of gold loan schemes that would suit people with varying income groups and different requirements. We are giving you details about all such loan schemes provided by Manappuram so that you can choose the one according to your requirement and repayment capacity.
The table below will have details like Interest Rate and tenures of different gold loan schemes provided by Manappuram Ltd.
|Gold Loan Scheme Name||Loan Tenure||Loan Tenure Slab||Gold Loan Interest Rate|
(In Kerala State per annum)
|Gold Loan Interest Rate|
(In Other States per annum)
|GL-DS Scheme||90 Days||0-30 days||12.00%||12.00%|
|GL- SY Scheme||90 Days||0-30 days||18.50%||18.50%|
(Available Only in Kerala)
|90 Days||0-30 days||20.50%||NA|
|Express Gold Loan Plus||180 Days||0-30 days||21.50%||25.50%|
|Super Loan Plus.||270 Days||0-30 days||21.50%||25.50%|
|Samadhan Plus||365 Days||0-30 days||21.50%||25.50%|
|Swarna Shakthi||90 Days||0-30 days||Applicable only in Tamilnadu, A&N, & Pondicherry||25.00%|
|90 Days||0-30 days||Applicable only in Karnataka, Telangana, AP, J&K, Chandigarh, Punjab, Gujarat, Goa & Delhi||25.50%|
|90 Days||0-30 days||Applicable only Northern States Tier 1 Branch||25.50%|
|90 Days||0-30 days||Applicable only in Northern Branches other than Tier 1 Branches||26.50%|
|GL B1+N||90 Days||0-30 days||20.00%||23.00%|
|GL B1-N||90 Days||0-30 days||19.00%||20.00%|
|GL B2+||90 Days||0-30 days||17.00%||18.00%|
|GL H3+||90 Days||0-30 days||15.00%||15.00%|
|Business Loan (GL BL)||90 Days||0-90 days||24.00%||24.00%|
|GL B4+||90 Days||0-90 days||15.00%||15.00%|
- Tier 1 Branches are located in Mumbai, Mumbai City, Pune, Lucknow, Kanpur Dehat, Kanpur Nagar, Kolkata, Bhopal, Indore, Cuttack & Khordha districts.
- Also, the B4+ scheme is only available on the loan amount more than INR 1 crore.
How to Apply for Manappuram Gold Loan?
Now you have got enough information about several schemes provided by the Manappuram Gold, you must want to know about the application process for this loan. Well, there are mainly two methods by which you can apply for it – Offline and Online. The online method is known as the Manappuram Online Gold Loan. You can have a look at both of them below.
You just have to find the nearest branch of Manappuram Ltd. After finding it, you only have to go there with your gold ornaments and jewelry where the overall value of it will be assessed and then you will know the maximum loan amount you could get. The representatives over there will make you understand aspects of several loan schemes and you can choose the one most suitable for you. You will have to submit a few documents to complete the application process.
Other than this, there is also a different process to apply for it. For this, you don’t need to go anywhere. You just need a basic phone from which you have to send a text message ‘GLOAN’ to 56070. After this, representatives of the Manappuram Ltd. will call you regarding your loan application.
If you want to apply via an online method, you need to know about the Manappuram Online Gold Loan facility. We have given all the details regarding it, so that you don’t have to face any problem while applying for it.
Manappuram Online Gold Loan (OGL)
With this facility provided by Manappuram Limited, you can get a gold loan from anywhere anytime without facing any trouble. You can opt for a loan amount as high as INR 1.5 crore against your gold ornaments and jewelry.
Also, we would want to tell you that the interest will be charged on your loan amount only for the exact number of days. You will also have the freedom to enjoy liquidity on your gold anytime. We are providing you some reasons because of which it would be best for you to opt for an online gold loan. Do check them!
- The best thing about this online facility is the convenience that you get and the freedom to apply it from any part of the world.
- You will get a free insurance cover on your gold which you will submit as the collateral to the bank.
- The documentation process is digital and minimal. Apart from this, you will get instant approval on your loan and the loan amount will be transferred into your account.
- The repayment can be made at any hour of the day with the Manappuram Application.
- Your precious gold will get absolutely free custody from Manappuram Limited, so you need not worry about the safety of your gold ornaments.
How Does the Online Gold Loan Work?
Well, the whole online gold loan process can be summed up in three easy steps. You can know those steps below.
- The first step would be to visit the nearest Manappuram Limited branch to submit your valuable gold ornaments. The overall value of your gold will be assessed and according to that, your maximum loan amount will be decided.
- After this, you will have to register for the Online Gold Service and also link your savings bank account into which you want the loan amount.
- After the last step, you just visit the Official Website of the Manappuram or use the Mobile Application to get the loan amount into your savings bank account.
You can download the Manappuram OGL app from the App store available both on Android and iPhone. With this wonderful app, you cannot only apply for the loan anywhere anytime but also make the interest payment, check your loan statement, or even find the nearest Manappuram branch. This one app does many things for you and it could be the perfect financial partner for you. If you want a link to download this app on your phone, you can feed your mobile number on the official website of Manappuram Limited.
Manappuram Gold Loan Eligibility Criteria
Checking the eligibility is the primary consideration for a lender when it has to decide on a loan application. On failing to meet the eligibility criteria, the application will be rejected by the lender. So, it is important to keep this in mind. You can check the eligibility criteria below.
- Anybody who is not a minor and possesses gold ornaments could be eligible for Manappuram Gold Loan.
- The carat range of your gold jewelry must be between 18 to 24 carat. The purity of your gold will be checked after which your loan amount will be decided. If your ornaments have any kind of stones, the weight of these stones will not be added in the valuation and rather get deducted from the total weight in order to get an accurate valuation.
What are the Documents that you Will Need?
Apart from the eligibility, you will also need to submit a few documents to authenticate your candidature. Missing any of the documents may get your application rejected. So look closely at the set of documents mentioned below.
- Two Recent passport-sized Photographs
- Proof of Identity – Copy of Passport/ Driving Licence/ Aadhar Card/ Voter ID Card/ Job Card issued by NREGA signed by the Officer of the State Government
- Permanent Account Number (PAN) or Form no. 60 as defined by the IT Act, 1962
How to use the Manappuram Gold Loan Eligibility Calculator?
After knowing so much about the gold loan facility provided by Manappuram Limited, you must be having this question in your head – How much loan amount can you get? The first thing we need to tell you that your loan amount mainly depends on your gold value as you are getting the amount against your gold only. So the higher your gold value would be, the higher the loan amount you can get. The value of your gold will be assessed by the lender through a certified and trustable process.
Apart from this, there is another method by which you can also know the maximum loan amount. This method is to use the Manappuram Gold Loan Eligibility Calculator. This is an amazing tool with which you can know the exact amount by feeding a few details.
These details are your Name, Mobile Number, Email ID, State, Current City in which you are living, Gold Type, Weight of your gold (in gms), and required loan amount. The gold type can be a solid, chain, or with stones. Choose according to the type of gold you have.
As soon as you feed all these details into the calculator, you will get the exact loan amount that you could get with the help of Manappuram Gold Loan. The whole process is quite easy and hassle-free. Also, this tool can be used by anyone irrespective of what educational background he or she has.
How to Repay your Manappuram Gold Loan?
It is important to know the repayment method through which you will repay the loan amount over the chosen tenure. In the case of Manappuram Gold Loan, you don’t have to pay the EMI amount (Principal+Interest) every month. The whole repayment will be done at the end of your tenure. Though, you will have to pay the interest amount periodically as you will agree upon at the time of application.
The repayments can be made by cash, cheque or DD at any branch counters across the country. It doesn’t matter whether you have got the loan from this branch or not, you can make the repayments from anywhere. But there’s one thing you need to keep in mind that you can only get the pledged ornaments from the original branch where you would submit.
Other than these methods, you can also make the repayment through the Manappuram Online Gold Loan Application at any time of the day from anywhere. You will just have to log in to the application with your credentials.
How to Contact Manappuram Gold Loan Customer Care?
Suppose you want to know about your current outstanding loan amount or you want to know about your loan statement, or there is any other query in your mind which you want to get cleared, then you just have to contact the Manappuram Gold Loan customer care toll-free number 1800-420-22-33 available 24*7. You just have to tell them your problem, and they will solve any query of yours as soon as possible. Other than this, you can send an email to [email protected]