Gold loans are a new concept which is rapidly becoming popular in India. A Gold Loan is, simply put, a loan provided against gold. Nowadays, people are preferring to take a gold loan over personal or business loan, for the primary reason that it can be availed at comparatively lower interest rates. Gold loans may be taken to finance requirements like children’s education, a wedding or any other such financial need. Also, with a rise in the rates of gold, the demand for gold loans has increased significantly.
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.
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. The interest payable and the risk premium will only be calculated for the number of days for which the loan amount has been utilized. The rate of interest is fixed and will be calculated on a reducing balance basis. Also, simple interest will be charged on this loan which must be paid by the borrower at specified periods or at the time of loan closing, whichever occur earlier.
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. The amount of loan which is finally sanctioned will depend on the valuation of the gold which involves the verification of its purity. If the pledged gold ornaments/jewellery has any stones fixed or fitted, the weight of those stones will be deducted for precise valuation. Minors are not eligible to avail this 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.
|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|
In case the applicant is persistently failing to make loan payments, the gold ornaments of the applicant will only be auctioned off after sufficient notices have been given to the applicant for defaulting payments. The company sends reminders to the applicants overdue on their payments via SMS. Prior to the auction of the ornaments, the company will send a reminder about the auction as well.
Appraising of the ornaments to be pledged is done in the presence of the applicant / customer. The company takes all possible care to make sure that the ornaments do not undergo any damage at any stage of the appraisal or while being stored.
If the loan amount has not been repaid before or by the date it is due, the company will charge a penal rate of interest on the loan amount.
Yes, you are allowed to make partial payments on your loan amount or accrued interest to bring down the burden of your loan. Interest on this loan is calculated on the daily product basis at the end of each day.
No. You do not need to open an account with any bank or present an Introducer or Guarantor to apply for the Manappuram Gold Loan.