Among the leading providers of gold loans is Manappuram Finance Limited, which offers gold loans with some attractive terms and features. This gold loan can be taken for amounts as high as Rs 1 crore and offers multiple schemes for you to choose from, based on your requirements. Read on to find more about the Manappuram gold loan and how it may benefit you.
Features of Manappuram Gold Loan
- High Loan Amounts – With the Manappuram Gold Loan, you can avail high loan amounts based on the net weight and purity of the gold ornaments or jewellery which is being pledged. You can avail loans up to amounts as high as Rs 1 crore to take care of all kinds of personal financial needs.
- Availability of Instant Cash – With the Manappuram Gold Loan, you need not wait to have access to the cash you need. You will be allowed to draw cash immediately after pledging your gold jewellery or ornaments.
- Multiple Schemes to Choose from – Manappuram Finance Limited understands that financial needs differ from individual to individual. This is why you have a range of gold loan schemes to choose from and select the one which best addresses your financial and budgetary requirements.
- Loan Sanctioned With Minimum Requirements – Unlike other kinds of loan products which require you to furnish a variety of documents and proofs, the Manappuram Gold Loan can be availed with minimum documentation. You only need to submit one recent ID, like your Voter ID, Ration Card, Driving License, Passport, etc.
- Quick Loan Processing – You needn’t wait for days and weeks to get your loan sanctioned. This loan does not involve any exhaustive or time consuming formalities, hence saving precious time. Once you have submitted your documents and application form, your loan may be approved in a matter of a few minutes, assuming all formalities are complete and in order.
- Low Interest Rates – One of the primary reasons why the Manappuram Gold Loan is preferred over other types of loans, is due to the low interest rates it offers. Also, you only have to pay interest for the exact period of the loan and for the exact number of days.
- No Prepayment Penalty – In case you do decide to prepay your loan before its due date, you may easily do so without having to pay any pre-payment penalty.
Manappuram Gold Loan Interest Rates
Manappuram Finance Limited offers gold loans at very attractive rates of interest, making them highly affordable. The base rate for gold loans has been fixed at 12 %. In addition to the base rate, an additional interest (amounting to risk premium) ranging between 3% to 12%, will be charged, based on how high the Loan to Value (LTV) is.
Eligibility for Manappuram Gold Loan
The Manappuram Gold Loan has been introduced to help more and more people obtain financial assistance to take care of their needs. This gold loan can be applied for by any individual who owns gold ornaments or jewellery. In order to get the loan, the applicant must submit their gold jewellery (between the ranges of 18 karats to 24 karats) at the Manappuram Finance Limited branch.
Documentation Required for Manappuram Gold Loan
In order to apply for the Manappuram Gold Loan, all you need to submit is one proof of your identity and one proof of your address. As a proof of your identity, you may submit any one of the following documents – Passport, driving licence, ration card, Voter ID, PAN card. The Manappuram gold loan do not come with any end-use restrictions.
Fees and Charges – Manappuram Gold Loan
| Delivery of gold against lost pawn ticket | Rs 75 for first instance; Rs 100 for subsequent instance. |
| Statement of Accounts | No charge (within 30 days of closure); Rs 25 (after 30 days of closure). |
| Gold Processing Charge | Rs 10, at the time of loan settlement. |
| Loan prepayment | No prepayment charges |
