Manappuram Gold Loan Interest Rates

Manappuram Gold Loan Interest Rates

Introduction:

Manappuram Finance Limited offers the Manappuram Gold Loan, a loan secured by gold ornaments and jewellery. This loan is available for both hallmarked and non-hallmarked gold. The interest rate for a Manappuram Gold Loan starts from 9.90% per annum. If the pledged gold is of 24-carat purity, you may qualify for a higher loan amount.

The loan can be used for various purposes, such as expanding businesses, covering medical expenses, financing weddings, and paying for education. There are no restrictions on how the loan can be used.

Key Features of Manappuram Gold Loan

Here are the key features of the loan:

Nature of facility: Term Loan and overdraft facility

Purpose of the loan: The loan can be used for any purpose; there are no specific restrictions on how it can be utilized.

Quantum of loan: The minimum loan amount available from Manappuram is ₹1,000, while the maximum loan amount can go up to ₹1.5 Crores. The loan amount is determined by factors such as the weight and purity of the gold, the applicant's income, the type of loan scheme, and more. The main factor is the purity and weight of the pledged gold. The rate per gram is based on the average rate for 30 days, as quoted by the Indian Bullion and Jewellers Association (IBJA), following the guidelines of the Reserve Bank of India (RBI). Gold ranging from 18-carat to 24-carat is accepted as security for the loan.

Security: The loan is sanctioned against gold ornaments, jewelry, and coins.

Interest: The interest rate varies from 9.90% to 28% per annum. The interest rate is quoted on an annualized basis and calculated on the daily outstanding balance in the loan account, at the contracted rate, based on 365 days. The compounding, if applicable, will be provided for specific loan schemes. The interest rate remains fixed until the loan is closed, with no resetting of the interest rate.

Repayment: The repayment period for the loan is up to 3 months.

Benefits of Availing the Gold Loan from Manappuram

There are several benefits to availing the loan from Manappuram:

  1. Quick approval within minutes, provided all necessary documents are submitted correctly.

  2. A variety of loan schemes available to suit different needs.

  3. Starting interest rate as low as 9.90%, with interest calculated on the daily outstanding balance in the loan account.

  4. Loan amounts up to ₹1.5 Crores, depending on the purity and weight of the pledged gold.

  5. Simple and hassle-free documentation and loan processing procedures.

  6. Low processing fee, starting at just ₹10.

  7. Interest rate varies based on the loan per gram of gold stipulated.

Types of Manappuram Gold Loan Schemes

Manappuram offers various types of Gold Loan Schemes. Here are the key features of each scheme. All schemes share common features, such as no restrictions on the purpose of the loan, availability of term loan and overdraft facility, and collateral security against gold ornaments and coins sold by banks.

  • GL-DS Scheme:

Quantum of loan: Minimum ₹5,000 and maximum ₹50,000.

Interest: Varies from 12% to 28%, depending on the tenure of the loan. In Kerala State, the Annualised Rate is 22.03%, and in other States, it is 28.03%.

Repayment: Maximum 90 days.

  • GL-SY Scheme:

Quantum of loan: Maximum ₹2 Lakhs.

Interest: Varies from 18.50% to 28%, depending on the tenure of the loan. The Annualised Rate is 24.30% throughout the country.

Repayment: Maximum 90 days.

  • Privilege Loan (GL-PL):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies from 20.50% to 29%, depending on the tenure of the loan. The Annualised Rate is 26.21% across the country.

Repayment: Maximum 90 days.

Express Gold Loan Plus (GL-XG+):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies from 21.50% to 28.50% in Kerala State, and from 25.50% to 28.50% in all other States, depending on the tenure of the loan. The Annualised Rate is 28.73% in Kerala State and 29.47% in all other states.

Repayment: Maximum 180 days.

Super Gold Plus (GL-SG+):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies between 21.50% to 28% in Kerala State, and between 25.50% to 28% in all other States, depending on the tenure of the loan. The Annualised Rate is 29.72% in Kerala State and 30.25% in other States.

Repayment: Maximum 270 days.

Swarna Shakthi (GL-SX):

This scheme is applicable only in Tier 1 branches in the Northern States and other Northern branches.

Quantum of loan: Based on the individual exposure limit.

Interest: Varies between 25.50% to 29% in Tier 1 branches in the Northern States, and between 26.50% to 29% in other Northern branches, depending on the tenure of the loan. The Annualised Rate is 27.95% in Tier 1 branches in the Northern States, and 28.30% in other Northern branches.

Repayment: Maximum 90 days.

Samadhan Plus (GL-SA+):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies from 21.50% to 28%, depending on the tenure of the loan. The Annualised Rate is 31.09% in Kerala State, and 31.52% in all other States.

Repayment: Maximum 365 days.

GL B1+N:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹2 Lakhs.

Interest: Varies from 20% to 28%, depending on the tenure of the loan. The Annualised Rate is 25.17% in Kerala State, and between 23% to 28% with an Annualised Rate of 26.21% in all other States.

Repayment: Maximum 90 days.

GL B1-N:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹5 Lakhs.

Interest: Varies from 19% to 26%, depending on the tenure of the loan. The Annualised Rate is 23.43% in Kerala State, and 23.78% in all other States.

Repayment: Maximum 90 days.

GL B2:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹10 Lakhs.

Interest: Varies between 17% to 24%, with an Annualised Rate of 21.36% in Kerala State, and between 18% to 24% with an Annualised Rate of 21.71% in all other States, depending on the tenure of the loan.

Repayment: Maximum 90 days.

GL H3:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹25 Lakhs.

Interest: Varies between 15% to 24%, with an Annualised Rate of 19.29%, depending on the tenure of the loan.

Repayment: Maximum 90 days.

Business Loan (GL-BL):

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹50 Lakhs.

Interest: The interest rate is 24%, with an Annualised Rate of 24.48% across the country.

Repayment: Maximum 90 days.

GL B4+:

Quantum of loan: Based on the individual exposure limit.

Interest: The interest rate is 15%, with an Annualised Rate of 15.19% across the country.

Repayment: Maximum 90 days.

Eligibility for Manappuram Gold Loan

To be eligible for a Manappuram Gold Loan, the following criteria must be met:

The applicant must be above 18 years of age.

The applicant must have a regular source of income.

The loan is available for salaried individuals, self-employed individuals/professionals, and businessmen.

To obtain the loan, you need to submit gold jewelry of 18 to 24 carats at a Manappuram branch. The loan amount sanctioned will be based on the valuation of the gold, determined through purity verification.

Documents Required for Manappuram Gold Loan

The following documents are required for a Manappuram Gold Loan:

Address proof, such as Aadhar Card, Voter's ID, Utility bills, etc. (any one)

Proof of Identity, such as Passport, Ration Card, Voter's ID, Driving Licence, PAN Card, etc. (any one)

Two photographs of the applicant

Gold Loan application.

Fees and Charges of Manappuram Gold Loan

In addition to interest, Manappuram Gold Loan has the following fees and charges:

Postal Charges:

- ₹10 for due intimation by ordinary post 15 days prior to the maturity of the loan

- ₹30 for auction intimation after the maturity by registered Post

Advertisement for auction intimation: ₹50

Gold delivery against lost pawn ticket: ₹75 at the first instance, ₹100 for subsequent instances

Gold processing charges: ₹10 at the time of loan settlement

Custody charges for nil balance accounts: Up to 180 days - ₹2, beyond 180 days - ₹100 plus additional charges proportionately every day thereafter.

Charges for the statement of accounts: Nil within 30 days of closure, ₹25 thereafter

Charges for stamp duty: If the pledge value is up to ₹1 Lakh, 0.1% of the pledge value for Rajasthan and Nil for other states. If the pledge value is above ₹1 Lakh, it is 0.1% of the pledge value for Rajasthan and Karnataka, and Nil for other states.

Important Points to Remember while Availing Manappuram Gold Loan

Here are some important points to remember when considering a Manappuram Gold Loan:

The weight of the security offered does not take into account any gems or stones embedded in the ornament.

Manappuram accepts Gold Loan against both hallmarked and un-hallmarked gold.

The loan amount is determined based on the purity and weight of the gold. The rate per gram is fixed according to the gold's purity. Gold ranging from 18 to 24 carats is accepted as security for the Gold Loan.

The rate per gram is derived from the 30-day average rate quoted by the Indian Bullion and Jewellers Association (IBJA) as per RBI guidelines.

A good credit score is not mandatory to qualify for a Gold Loan.

Introduction:

Manappuram Finance Limited offers the Manappuram Gold Loan, a loan secured by gold ornaments and jewellery. This loan is available for both hallmarked and non-hallmarked gold. The interest rate for a Manappuram Gold Loan starts from 9.90% per annum. If the pledged gold is of 24-carat purity, you may qualify for a higher loan amount.

The loan can be used for various purposes, such as expanding businesses, covering medical expenses, financing weddings, and paying for education. There are no restrictions on how the loan can be used.

Key Features of Manappuram Gold Loan

Here are the key features of the loan:

Nature of facility: Term Loan and overdraft facility

Purpose of the loan: The loan can be used for any purpose; there are no specific restrictions on how it can be utilized.

Quantum of loan: The minimum loan amount available from Manappuram is ₹1,000, while the maximum loan amount can go up to ₹1.5 Crores. The loan amount is determined by factors such as the weight and purity of the gold, the applicant's income, the type of loan scheme, and more. The main factor is the purity and weight of the pledged gold. The rate per gram is based on the average rate for 30 days, as quoted by the Indian Bullion and Jewellers Association (IBJA), following the guidelines of the Reserve Bank of India (RBI). Gold ranging from 18-carat to 24-carat is accepted as security for the loan.

Security: The loan is sanctioned against gold ornaments, jewelry, and coins.

Interest: The interest rate varies from 9.90% to 28% per annum. The interest rate is quoted on an annualized basis and calculated on the daily outstanding balance in the loan account, at the contracted rate, based on 365 days. The compounding, if applicable, will be provided for specific loan schemes. The interest rate remains fixed until the loan is closed, with no resetting of the interest rate.

Repayment: The repayment period for the loan is up to 3 months.

Benefits of Availing the Gold Loan from Manappuram

There are several benefits to availing the loan from Manappuram:

  1. Quick approval within minutes, provided all necessary documents are submitted correctly.

  2. A variety of loan schemes available to suit different needs.

  3. Starting interest rate as low as 9.90%, with interest calculated on the daily outstanding balance in the loan account.

  4. Loan amounts up to ₹1.5 Crores, depending on the purity and weight of the pledged gold.

  5. Simple and hassle-free documentation and loan processing procedures.

  6. Low processing fee, starting at just ₹10.

  7. Interest rate varies based on the loan per gram of gold stipulated.

Types of Manappuram Gold Loan Schemes

Manappuram offers various types of Gold Loan Schemes. Here are the key features of each scheme. All schemes share common features, such as no restrictions on the purpose of the loan, availability of term loan and overdraft facility, and collateral security against gold ornaments and coins sold by banks.

  • GL-DS Scheme:

Quantum of loan: Minimum ₹5,000 and maximum ₹50,000.

Interest: Varies from 12% to 28%, depending on the tenure of the loan. In Kerala State, the Annualised Rate is 22.03%, and in other States, it is 28.03%.

Repayment: Maximum 90 days.

  • GL-SY Scheme:

Quantum of loan: Maximum ₹2 Lakhs.

Interest: Varies from 18.50% to 28%, depending on the tenure of the loan. The Annualised Rate is 24.30% throughout the country.

Repayment: Maximum 90 days.

  • Privilege Loan (GL-PL):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies from 20.50% to 29%, depending on the tenure of the loan. The Annualised Rate is 26.21% across the country.

Repayment: Maximum 90 days.

Express Gold Loan Plus (GL-XG+):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies from 21.50% to 28.50% in Kerala State, and from 25.50% to 28.50% in all other States, depending on the tenure of the loan. The Annualised Rate is 28.73% in Kerala State and 29.47% in all other states.

Repayment: Maximum 180 days.

Super Gold Plus (GL-SG+):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies between 21.50% to 28% in Kerala State, and between 25.50% to 28% in all other States, depending on the tenure of the loan. The Annualised Rate is 29.72% in Kerala State and 30.25% in other States.

Repayment: Maximum 270 days.

Swarna Shakthi (GL-SX):

This scheme is applicable only in Tier 1 branches in the Northern States and other Northern branches.

Quantum of loan: Based on the individual exposure limit.

Interest: Varies between 25.50% to 29% in Tier 1 branches in the Northern States, and between 26.50% to 29% in other Northern branches, depending on the tenure of the loan. The Annualised Rate is 27.95% in Tier 1 branches in the Northern States, and 28.30% in other Northern branches.

Repayment: Maximum 90 days.

Samadhan Plus (GL-SA+):

Quantum of loan: Based on the individual exposure limit.

Interest: Varies from 21.50% to 28%, depending on the tenure of the loan. The Annualised Rate is 31.09% in Kerala State, and 31.52% in all other States.

Repayment: Maximum 365 days.

GL B1+N:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹2 Lakhs.

Interest: Varies from 20% to 28%, depending on the tenure of the loan. The Annualised Rate is 25.17% in Kerala State, and between 23% to 28% with an Annualised Rate of 26.21% in all other States.

Repayment: Maximum 90 days.

GL B1-N:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹5 Lakhs.

Interest: Varies from 19% to 26%, depending on the tenure of the loan. The Annualised Rate is 23.43% in Kerala State, and 23.78% in all other States.

Repayment: Maximum 90 days.

GL B2:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹10 Lakhs.

Interest: Varies between 17% to 24%, with an Annualised Rate of 21.36% in Kerala State, and between 18% to 24% with an Annualised Rate of 21.71% in all other States, depending on the tenure of the loan.

Repayment: Maximum 90 days.

GL H3:

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹25 Lakhs.

Interest: Varies between 15% to 24%, with an Annualised Rate of 19.29%, depending on the tenure of the loan.

Repayment: Maximum 90 days.

Business Loan (GL-BL):

Quantum of loan: Based on the individual exposure limit, with a minimum of ₹50 Lakhs.

Interest: The interest rate is 24%, with an Annualised Rate of 24.48% across the country.

Repayment: Maximum 90 days.

GL B4+:

Quantum of loan: Based on the individual exposure limit.

Interest: The interest rate is 15%, with an Annualised Rate of 15.19% across the country.

Repayment: Maximum 90 days.

Eligibility for Manappuram Gold Loan

To be eligible for a Manappuram Gold Loan, the following criteria must be met:

The applicant must be above 18 years of age.

The applicant must have a regular source of income.

The loan is available for salaried individuals, self-employed individuals/professionals, and businessmen.

To obtain the loan, you need to submit gold jewelry of 18 to 24 carats at a Manappuram branch. The loan amount sanctioned will be based on the valuation of the gold, determined through purity verification.

Documents Required for Manappuram Gold Loan

The following documents are required for a Manappuram Gold Loan:

Address proof, such as Aadhar Card, Voter's ID, Utility bills, etc. (any one)

Proof of Identity, such as Passport, Ration Card, Voter's ID, Driving Licence, PAN Card, etc. (any one)

Two photographs of the applicant

Gold Loan application.

Fees and Charges of Manappuram Gold Loan

In addition to interest, Manappuram Gold Loan has the following fees and charges:

Postal Charges:

- ₹10 for due intimation by ordinary post 15 days prior to the maturity of the loan

- ₹30 for auction intimation after the maturity by registered Post

Advertisement for auction intimation: ₹50

Gold delivery against lost pawn ticket: ₹75 at the first instance, ₹100 for subsequent instances

Gold processing charges: ₹10 at the time of loan settlement

Custody charges for nil balance accounts: Up to 180 days - ₹2, beyond 180 days - ₹100 plus additional charges proportionately every day thereafter.

Charges for the statement of accounts: Nil within 30 days of closure, ₹25 thereafter

Charges for stamp duty: If the pledge value is up to ₹1 Lakh, 0.1% of the pledge value for Rajasthan and Nil for other states. If the pledge value is above ₹1 Lakh, it is 0.1% of the pledge value for Rajasthan and Karnataka, and Nil for other states.

Important Points to Remember while Availing Manappuram Gold Loan

Here are some important points to remember when considering a Manappuram Gold Loan:

The weight of the security offered does not take into account any gems or stones embedded in the ornament.

Manappuram accepts Gold Loan against both hallmarked and un-hallmarked gold.

The loan amount is determined based on the purity and weight of the gold. The rate per gram is fixed according to the gold's purity. Gold ranging from 18 to 24 carats is accepted as security for the Gold Loan.

The rate per gram is derived from the 30-day average rate quoted by the Indian Bullion and Jewellers Association (IBJA) as per RBI guidelines.

A good credit score is not mandatory to qualify for a Gold Loan.

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