Guides To Manappuram Gold Loan
A loan against gold helps you in getting quick funds to solve your financial problems. It is one of the easiest financing options and takes just a few hours for disbursal. Manappuram Finance Limited is one of the major providers of this loan, with a low-interest rate of 9.90% onwards. Both the new and existing customers can benefit equally from its jewel loan schemes.
With Manappuram gold loans, you can meet all your personal and business expenses, such as that for travel, education, healthcare, wedding, home renovation, purchase of inventory, etc.
About Manappuram Gold Loan in India
What influences the interest rate of a gold loan? It is the current market trend of jewel loan along with the loan amount, gold weight, and purity. The loan to value ratio will also differ depending on the purity of the gold content. Do remember that while evaluating the gold, only the gold in the jewellery/coin will be considered calculating the borrowing amount. Other materials of precious stones will not be taken into consideration.
- The loan amount is as less as Rs. 1,000 to as huge as Rs. 1 crore. There are no prepayment charges. The gold must be of at least 18 carats and can be up to 24 carats in purity.
- The loan amount is decided after analyzing the gold weight and purity. Maximum finance is up to 75% of the gold’s value and as per RBI norms. The banks and NBFCs cannot provide an LTV of more than 75 per cent.
- A processing fee is only Rs.10, which has to be paid at the time of loan settlement. Tenure of jewellery loan is 1 day to 12 months, thus you can select a loan period as per convenience.
You can avail EMI or bullet repayment scheme. In the former, you need to pay every month EMI, which will comprise of interest and principal component. But in the latter, you can pay the complete principal amount at the end of tenure. Through the tenure, you have to pay only the interest amount every month.
Below given are some of the features of gold loan Manappuram Finance.
- Gold Type: To get funds against gold, you must submit either gold coin purchased from a recognized bank or gold jewellery. The ornaments must weigh at least 15 grams while the coins must not be more than 50 grams in weight.
- Security for Gold: You have to keep the gold with the bank until repayment. After the loan closes, you will receive the gold from the financial institution. Be worriless, as your gold asset will receive security and stored in a secured vault.
- Low Rates: The institution may offer rebates in the interest payments in case the EMIs are paid in time. The loan is available for a short-tenure, reducing the brunt of heavy interest and making the financing option, absolutely pocket-friendly.
- Easy Access: Quick and hassle-free processing and disbursal of the loan makes Manappuram loan against gold a popular financing choice for the citizens. You can even choose to pay for the loan online via the gold loan service mobile app.
Other Benefits of Manappuram Finance Gold Loan
Below provided are the advantages of gold loan Manappuram.
- No Guarantor, Minimal Documentation: No guarantor is required for taking this loan. As gold asset is considered risk-free, the institution does not demand a third-party guarantee. You do not have to provide salary slip, employment proof, income tax return proof, but only have to submit PAN card and Aadhar card and other recognized identity and address proof along with recent passport-sized photographs.
- Customer Segment: The institution offers gold loans to all individuals who are over 18 years of age. Self-employed professionals, salaried individuals, pensioners, housewives, businesspersons, almost everyone can avail this loan at an attractive rate of interest.
- No Credit Check: You do not have to worry about your credit score since Manappuram gold loan can be approved without a credit check. Only if your loan amount is huge, your credit history may be analyzed. However, the gold loan repayment will impact your credit score. Thus, make timely payments to keep your credit score strong.
How to Apply for Manappuram Gold Loan Online and Offline?
To apply for the jewel loan, you need to firstly, fill the loan application form. Now you can apply for the loan either online or offline. In the former, you can access the official website of the institution and fill the application form within a few seconds, upload the soft-copy of the documents, provide your photograph, and apply directly within a click.
In the offline process, you have to walk-in to the nearest branch office of Manappuram Finance and fill the application form here. Provide original and Xerox copy of the essential documents. After the documents are verified, a valuation check will be done for the gold in the branch itself. A loan amount will be decided and you can borrow the entire amount that you are eligible for, or borrow any amount lower than what is decided by the financial company.
The above-given information will tell you about Manappuram loan on gold and how to apply for it. Make sure to go through these details before you apply for the jewel loan here.