Manappuram Gold Loan Highlights |
|
|---|---|
| Interest Rate | 12% p.a. onwards |
| Processing Fees |
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| Repayment Tenure | Up to 1 years |
| Loan Amount | Rs 1,000 to Rs 1.5 crore |
| LTV Ratio | Up to 75% of the value of gold pledged as collateral |
Manappuram Gold Loan Interest Rate
Manappuram offers gold loan interest rates starting from 12% per annum onwards. The final interest rates on gold loans provided by the lender depend on the specific loan scheme and the amount borrowed.
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Types of Manappuram Gold loans
Manappuram Gold Loan
Purpose
Manappuram Gold Loan allows individuals to access funds by pledging their gold assets, with no restrictions on the usage of the procured funds.
Loan Tenure
The tenure for Manappuram Gold Loans for Education can be extended up to 2 years.
LTV ratio
The Loan-to-Value (LTV) ratio for Manappuram Educational Gold Loans can extend up to 75% of the total value of gold pledged as security or collateral.
Manappuram Online Gold Loan
Purpose
Manappuram Online Gold Loan offers individuals the opportunity to secure funds to meet their personal, professional, or business-related requirements by pledging gold ornaments as collateral or security.
Loan Amount
The loan amount for Manappuram Online Gold Loans can extend up to Rs 1.5 crore.
LTV ratio
The Loan-to-Value (LTV) ratio for Manappuram Online Gold Loans can reach up to 75% of the total value of gold pledged as security or collateral.
Manappuram Doorstep Gold Loan
Purpose
Manappuram Doorstep Gold Loan enables individuals to access the loan facility conveniently from their doorstep. By pledging gold as collateral, borrowers can fulfill various personal, professional, and business-related needs.
LTV ratio
The Loan-to-Value (LTV) ratio for Manappuram Gold Loans at Home can reach up to 75% of the total value of gold pledged as collateral.
Also read: Best Gold Loan EMI Calculator
Manappuram Gold Loan Fees & Charges
| Particulars | Charges |
|---|---|
| Processing Fees |
|
| Prepayment charges | NIL |
| Penal Interest | 3% p.a. |
| Auction charges |
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| Security Charges |
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Eligibility Criteria for availing Manappuram Gold Loan
The eligibility criteria for Manappuram Gold Loan, as specified by the lender, are as follows:
- Loan applicants aged 18 years and above, who own gold ornaments, are eligible to avail the loan.
- The purity of the gold pledged as mortgage should be between 18 to 24 carats.
Also read: Best Gold Loan Eligibility
Manappuram Gold Loan Documents Required
To avail a Manappuram Gold Loan, applicants are required to submit the following documents:
- Residential Proof
- Identity Proof (any one among Ration card, Driving Licence, Voter ID Card, PAN Card, Passport, Job card issued by NREGA and duly signed by state government officer, letter issued by NPR containing details of name and address etc.)
Also Read : Best Gold Loan Documents Required
Features of Manappuram Gold Loan
- Quick Loan Processing: Loan approval is swift, usually within minutes, provided all necessary documents are submitted promptly.
- Low Interest Rates: Manappuram offers competitive interest rates, starting as low as 12%, depending on the loan amount and chosen gold loan scheme.
- High Loan Amounts: Manappuram offers the flexibility of availing loans up to Rs. 1.5 crore, providing ample financial support.
- Multiple Schemes to Choose from: With various gold loan schemes available, borrowers can select the one that best suits their financial needs.
- Loan Sanctioned with Minimum Requirements: Manappuram requires minimal documentation for loan approval, typically only one recent ID (such as Voter ID, Ration Card, Driving License, Passport, etc.) and proof of residence.
FAQs on Manappuram Gold Loan
1. How soon can I get a gold loan from Manappuram Finance?
Once the application form and necessary documents are submitted, you can anticipate receiving approval from Manappuram Finance within a few minutes. However, the final decision rests with the branch head of Manappuram Finance and may vary based on their discretion.
2. I do not have a bank account. Can I still avail Manappuram gold loan?
While it's not mandatory to have a bank account to avail a gold loan from Manappuram Finance, it's advisable to have one. Transactions conducted through a bank account adhere to regulations, ensuring compliance and transparency.
3. Do I have to provide a guarantor to avail a gold loan?
No, you do not need to provide a guarantor to avail a gold loan from Manappuram Finance.
4. Can I make a partial repayment on gold loan availed from Manappuram Finance?
If you aim to reduce the interest burden on your gold loan, you have the option to make partial repayments of the loan or the accrued interest at any time.
5. Are my gold ornaments safe with Manappuram?
The gold ornaments pledged with Manappuram are securely stored in a robust safe or room at the branch. These storage facilities adhere to the standards and specifications applicable to commercial banks. Furthermore, the pledged gold ornaments are insured for their full value, and electronic surveillance technology is employed to enhance the security of the pledged gold.
6. What is the minimum amount of loan I can avail as a gold loan from Manappuram?
You can avail a minimum of Rs. 1,000 as a gold loan from Manappuram Finance, with a repayment period of 3 months. Importantly, there is no lock-in period for gold loans obtained from Manappuram Finance, providing borrowers with flexibility in repayment.
7. Can I prepay my gold loan? If yes, is there a penalty?
Yes, Manappuram Finance permits you to prepay your gold loan before the end of your loan tenure, and no penalty is charged for early repayment.