In the present time when an emergency arises, most of the people sell their gold made items like necklace, bracelet, ring, watch etc., in such a situation it becomes impossible to buy gold items again. In today’s article, we will tell you how you can take Manappuram Gold Loan and how you can get loan against gold instead of selling your gold in times of trouble.
Will tell about the complete process like what is Manappuram Gold Loan, what are the things to keep in mind while taking Manappuram Loan, what documents you are going to need, what are the terms and conditions for taking loan, apart from this How much Manappuram Gold Loans can be obtained, what can happen if the loan is not repaid on time, then you will get all the information, then you should read this article carefully date.
About Manappuram Finance Company
Manappuram Finance Limited or Manappuram is a non-banking financial finance company (NBFC) based in Thrissur city of Kerala state. At present, Manappuram has more than 4,600 branches in 25 states of India, where more than 25,000 employees are working.
Apart from giving Gold Loan, this company provides other facilities like Home Loan, Insurance, Vehicle Loan, FOREX & MONEY TRANSFER, etc. This company is working in the finance field for the last 70 years and has more than 4.9 million satisfied customers.
What is Manappuram Gold Loan
At present, most of the people are taking gold loan by mortgaging the gold lying in their house in the bank. Nowadays most of the people know about gold loan, even then let me tell you for your information, when you take a loan with a company or bank by mortgaging your gold or items made of gold.
It is called Gold Loan and Manappuram Finance Limited Company is a good gold loan finance company that provides instant gold loan facility.
If you face any trouble and you have gold lying with you, then you can apply for a gold loan from your mobile through Manappuram Finance Limited from the comfort of your home.
Here the loan gets approved immediately. And applying for the loan is also very easy, for this only you have to apply by visiting your nearest Manappuram branch.
Some information will be required to apply, about which we will tell you further in this article.
How To Take Manappuram Gold Loan?
There are two ways to apply for Manappuram Gold Loans which we have given below.
-
Offline Mode
First of all go to the nearest branch of Manappuram to pledge the gold ornaments.
- Fill the application form to apply for the loans.
- Get loan information from over the counter staff and give your jewelry and documents for verification.
- Then after submitting your application form and other supporting documents, wait for the loan approval. Now the bank will transfer the loan amount to you by check or in your account.
2. Online Way
Step 1. First of all open the official website of Manappuram Gold Loan.
Step 2. Now click on Gold Loan.
Step 3. As soon as you lower the page, here you will get the REQUEST A CALL BACK option, click on it.
Step 4. After this a pop up will come as you can see on the screenshot.
Step 5. Here fill your personal information like Name, Email, Phone No, Security Code, Pin code etc.
Step 6. Now you have to accept the terms of condition.
Step 7. Next, submit the application form.
Note: Now you will get a call from Manappuram customer executive within 24 hours in which he will tell you the information related to gold loan.
Keep in mind: You will go to your nearest branch and take a loan, it will be more secure, and you will get all the information related to the loan.
Eligibility to take Manappuram Gold Loan
The eligibility criteria for Manappuram Gold Loan are as follows. If you fulfill these conditions and eligibility then you can get Manappuram Gold Loan instantly.
- Applicant should be an Indian Citizen and his age should be more than 18 years.
- It is mandatory to have gold ornaments to take the loan.
- The applicant should be the owner of his gold.
- The gold jewelery being presented by the applicant should be in the range of 18 Carat to 24 Carat.
- Address proof, KYC document, mobile number, and identity proof are also necessary to take the loan.
Documents Required for Gold Loan
Given below are some of the documents that need to be submitted for availing gold loan from Manappuram.
- Identity Proof (Ration Card/ Driving License// Voter ID Card/ Passport, etc.)
- Residential proof
- Aadhar number
- PAN number or Form 60
- Passport size photo
How Much loan Can I take from Manappuram?
Depending on the value of the gold ornaments, utensils or items made of gold of the Manappuram Gold Loan applicant, gold loan can take a loan of ₹ 10,000 to 1 crore rupees according to your gold, in which the bank will give you 90% loan.
Along with this, the finance company provides loan amount on the basis of 75 percent.
Deadline for Depositing Manappuram Gold Loan
Manappuram Gold loan is a short term loan that you can take for a maximum tenure of 12 months and for a minimum tenure of 3 months. The monthly installment of this loan depends on the loan amount.
All finance companies and banks have different tenure for gold loan such as SBI Gold Loan and Muthoot Finance have a maximum loan tenure of 36 months.
Manappuram Gold Loan Interest Rate
Manappuram Gold Loan is a secured loan, here you may have to pay 12% to 29% interest annually and to activate this loan, any gold item has to be pledged as a guarantee.
Manappuram Finance Company provides instant loan facility, for this you do not even need to visit banks and verify documents.
Some Important Information about Manappuram Loan
| Loan Amount | ₹5,000- ₹1.5 crore |
| Duration | 90 days – 365 days |
| Rate of interest | 12% – 29% |
| Age | 18 years |
| Gold loan per gram | Rs.2,517 to Rs.3,077 depending on the purity of the gold |
| Proportion to the value of gold | Maximum loan up to 75% |
| Qualified gold purity | 18 Carat to 22 Carat Gold Purity |
| Minimum EMI per lakh Rs. | Rs.8,885 |
Note: The interest rates given above may vary from time to time.
How is Manappuram Gold Loan interest amount calculated?
Manappuram Gold loan interest amount will be calculated on the daily outstanding amount in the loan amount at the contract rate. All loans carry a fixed contract rate till the account is closed.
The base rate of interest on this is 14 percent. However, if the Loan Value (LTV) is high, additional interest from 3-12 per cent is charged over and above the base rate.
In addition, monthly compound interest will be charged, which will have to be paid by the customer at the end of the tenure or loan, whichever is earlier.
Note: When the loan remains outstanding beyond the tenure, 3% penalty interest will be applicable on the outstanding amount unless the account is regularized or closed.
Fees And Charges
There are some other Faces And Charges for Manappuram Gold Loans which are as follows:
1. Processing Fee: Up to 1% processing fee has to be paid. Apart from this, you also have to pay charges for the investigation of jewelry.
2. GST Fee: 18% GST inclusive of all charges
3. Late Fee: Late payment also has to be paid late, it depends on the loan amount taken by you.
4. Foreclosure Fees:- There are no foreclosure charges in Manappuram Finance; However, other banks charge foreclosure fees.
5. Quality of Gold: The gold you are pledging should be of 18 to 20 carats. Quality 24 carat gold is not accepted.
- How To Apply SBI REALTY GOLD LOAN in Online 2022
- What is ICICI Bank Gold Loan
- How to Apply Axis Bank Gold Loan in Online
Things to keep in mind while taking Manappuram Gold Loan
If you take Manappuram Gold Loans then you should be aware of the following factors only then you should apply for this loan.
- What is the interest rate to pay for the loan.
- What is the processing fee to be paid?
- How much loan amount can I get?
- How much time can I repay the loan?
- Will there be an extra charge for the loan?
- How will you get the gold item back after paying off the loan?
Type Of Manappuram Gold Loan
Manappuram Finance Limited Company offers many types of gold loans, this loan depends on the price and tenure of the gold. So click here to know more about it Click Here.
Features
- Gold loan is available with minimum documentation.
- Instant loan approval facility is available.
- Customer support is available 24 hours a day.
- Live chat facility is also available for loan information.
- You can apply for the loan from the official website sitting at home.
- There are many branches in India from where one can take loan.
- Manappuram Finance Limited Company can give gold loan up to 1 crore.
- CIBIL score is not checked in Manappuram Finance Limited Gold Loan.
Review and Conclusion
Today in this article, we have provided you important information related to Manappuram Gold Loan. Apply for gold loan only if you are in dire need of money, also think about depositing the loan before taking the loan, because if you do not deposit the loan on time, the bank and finance company’s legal on your gold items Rightfully entitled.
FAQs
Q1. Do I need a guarantor to take a gold loan?
Ans. No, you do not require a guarantor to avail Manappuram Finance Gold Loan.
Q2. Can I make repayment on Gold Loans availed from Manappuram?
Ans. Yes, you can prepay against Manappuram Loan.
Q3. CIBIL Score required for Manappuram Gold?
Ans. No, Manappuram does not check the CIBIL score of an individual to sanction the gold loan. Gold loan comes under the category of a secured loan.
