Exploring Manappuram Gold Loans: Features and Benefits

Introduction:

Manappuram Finance Limited provides gold loans secured by gold jewelry and ornaments. Interest rates start at 9.90% per annum. Loans are offered for hallmarked and non-hallmarked gold, with higher amounts possible for 24-carat gold. The funds can be used for various purposes such as business expansion, healthcare costs, weddings, and education without any usage restrictions.

Key Features of Manappuram Gold Loan

• Nature of Facility: Offers both term loan and overdraft options.
• Purpose: No specific usage restrictions.
• Quantum: Loans range from ₹1,000 to ₹1.5 Crores, dependent on the gold's weight and purity, the applicant's income, and type of loan. Eligible gold ranges from 18-carat to 24-carat.
• Security: Secured by gold ornaments, jewelry, and coins.
• Interest: Ranges from 9.90% to 28% p.a., calculated daily on the outstanding balance, fixed until loan closure.
• Repayment: Up to three months.

Benefits of Manappuram Gold Loan

• Quick approval with correct documentation.
• Various loan schemes available.
• Competitive interest starting from 9.90%, calculated daily.
• Loan amounts up to ₹1.5 Crores, based on gold's purity and weight.
• Simple documentation and processing.
• Low processing fees starting at ₹10.

Types of Manappuram Gold Loan Schemes

• GL-DS Scheme: ₹5,000 - ₹50,000, 12%-28% interest, 90-day repayment.
• GL-SY Scheme: Up to ₹2 Lakhs, 18.50%-28% interest, 90-day repayment.
• Privilege Loan (GL-PL): Based on exposure limit, 20.50%-29% interest, 90-day repayment.
• Express Gold Loan Plus (GL-XG+): 21.50%-28.50% interest, 180-day repayment.
• Super Gold Plus (GL-SG+): 21.50%-28% interest, 270-day repayment.
• Swarna Shakthi (GL-SX): In Northern States, 25.50%-29% interest, 90-day repayment.
• Samadhan Plus (GL-SA+): 21.50%-28% interest, 365-day repayment.
• GL B1+N: Minimum ₹2 Lakhs, 20%-28% interest, 90-day repayment.
• GL B1-N: Minimum ₹5 Lakhs, 19%-26% interest, 90-day repayment.
• GL B2: Minimum ₹10 Lakhs, 17%-24% interest, 90-day repayment.
• GL H3: Minimum ₹25 Lakhs, 15%-24% interest, 90-day repayment.
• Business Loan (GL-BL): Minimum ₹50 Lakhs, 24% interest, 90-day repayment.
• GL B4+: 15% interest, 90-day repayment.

Eligibility for Manappuram Gold Loan

• Applicants need to be over 18 years old.
• Must have a regular income source.
• Open to salaried individuals, self-employed persons, and business owners.

Documents Required

• Address proof (e.g., Aadhar Card, Voter's ID).
• Identity proof (e.g., Passport, PAN Card).
• Two passport-sized photos.
• Gold Loan application form.

Fees and Charges

• Postal charges: ₹10 for due notices, ₹30 for auction notifications.
• Auction notification ad fee: ₹50.
• Gold delivery: ₹75 on first instance.
• Custody charges for zero balance: ₹2 up to 180 days.
• Stamp duty: 0.1% in Rajasthan if pledge is up to ₹1 Lakh.

Important Points to Consider

• Gems in ornaments are not considered in weight calculation.
• Both hallmarked and non-hallmarked gold accepted.
• Loan amount is based on purity and weight of gold, guided by IBJA rates.
• No credit score requirement.