Manappuram Gold Loan Per Gram

Manappuram gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get loan on the basis of the purity and gold price of your jewelry adjusted for loan to value ratio.
As per the latest gold prices, Manappuram offers a gold loan per gram of ₹ 2,744 to ₹ 3,354. Highest Manappuram gold loan rate per gram today is ₹ 3,354 for 22 carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of last 30 days in 2020 is ₹ 4,969 of 22 carat

MyLoanCare’ s Manappuram Gold Loan Calculator gives you an estimate of the amount of gold loan you can avail basis the following factors.

• Purity and net weight of gold used in jewelry: The bank will use their in-house valuer to assess the purity and net weight of gold in your jewelry. Gold used in the jewelry should be of a purity of 18 to 24 carats. Manappuram will also reduce the weight of gems and stones from the jewelry to calculate the net weight of jewelry. The valuer will give his findings in writing.
• Price of gold: Once the valuer estimates the purity and net weight of gold in your jewelry, Manappuram will multiply it with the price of gold to calculate the value of gold. RBI has instructed banks to apply the past 30 days average price of 22 carat gold adjusted for purity of gold. So, if the gold is of 20 carat purity, Manappuram will apply the 30 days average of 22 carat gold multiplied by a factor of 20/22 to adjust the value of gold.You can also check today's gold rate at MyLoanCare
• Loan to Value Ratio: Once the value of jewelry is calculated, Manappuram will apply a LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, Manappuram may offer you a lower interest rate.

The following table gives an approximate estimate of gold loan per gram Manappuram will offer against gold jewelry of different purity levels at a maximum LTV of 75% and lower LTV of 65%.

Gold Purity	Gold rate per gram- average of past 30 days	Manappuram best Gold Loan per gram	Manappuram lowest Gold Loan per gram
22 carat	₹ 49,693	₹ 3,354	₹ 2,907
20 carat	₹ 45,175	₹ 3,354	₹ 2,643
18 carat	₹ 40,658	₹ 2,744	₹ 2,378

The above table shows the method by which Manappuram Bank will calculate your per gram gold loan for gold of varying purity.

• Gold loan per gram in Manappuram Bank offer for 22 carat jewelry will be between ₹ 2,907 to ₹ 3,354
• Manappuram Bank gold loan per gram offer for 20 carat jewelry will be between ₹ 2,643 to ₹ 3,354
• Gold loan per gram offer of Manappuram Bank for 18 carat jewelry will be between ₹ 2,378 ₹ 2,744

• Manappuram accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get highest gold loan per gram for hallmark jewelry, as it reduces the chances of under-valuation by the valuer. Also, some banks charge a lower processing fees on hallmarked gold jewelry.
• Manappuram adjusts the price of 22 carat gold for purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for gold loan.
• Manappuram will calculate the net weight of jewelry to calculate the amount of loan against gold you can get. Always, try to choose jewelry which has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from total weight of jewelry. Manappuram will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in lower amount of jewel loan you can are eligible to get Further, Manappuram will not accept diamond jewelry if the gold used is of less than 18 carat purity. Most of the diamond jewelry is made in 16 carat to 18 carat gold and hence, will result in very low gold loan per gram.
• Always try to get the maximum LTV on the value of gold. Manappuram is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr. A and his two friends Mr. B and Mr. C own different amounts of gold with varying purity. Mr. A has 50 gram of gold with a purity of 22 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 70 grams of gold with a purity or 22 carat. They approach Manappuram to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.

Carats / Weight of gold	Gold Weight (in gm)	Purity of Gold (in carat)	Gold Loan Eligibility
Mr. A	50	22	₹ 2.12 Lakh
Mr. B	60	20	₹ 2.31 Lakh
Mr. C	70	18	₹ 2.43 Lakh

As noted in the illustration above, despite having the highest weight of gold, Manappuram will offer the lowest gold loan rate of ₹ 2.12 Lakh due to lower purity of gold at 22 carat.

In the same illustration, Manappuram will offer the highest gold loan amount to Mr. A at ₹ 2.43 Lakh, despite having the lowest weight of gold. Hence, clearly one can improve the gold loan amount eligibility from Manappuram by opting to pledge a high purity gold jewelry.

Gold Loan EMI of Manappuram is a fixed amount that you pay each month towards the repayment of your jewel loan. Manappuram offer EMI scheme on gold loan. The following table is illustrative and is applicable only if the bank offers EMI scheme on gold loan. Lowest EMI offered by Manappuram is ₹ 8,885 per lakh loan amount at lowest gold loan interest rate of 12.00%. Gold loan EMI of Manappuram depends upon:

• Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from Manappuram at interest rate of 12.00% per annum, EMI will be ₹ 8,885 per ₹ 1 Lakh loan amount. At interest rate of 29.00% for the same loan, the EMI will be ₹ 9,700
• Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 12.00% per annum, the EMI would range from ₹ 1,00,033 to ₹ 8,885 for loan tenure ranging from 1 day to 12 months

Gold Loan EMI for ₹ 1 Lakh loan amount at lowest 12.00% interest rate offered by Manappuram Bank for different tenures

	6 months	12 months
Manappuram EMI for a loan amount Rs. 1 lakh at 12.00%	17,255	8,885
Total amount you pay back to the bank including principal and interest	1.04 Lakh	1.07 Lakh
Interest you have to pay over loan tenure	3,530	6,620

As you can see in the above table that longer the loan tenure, lower is the EMI you pay on gold loan. However, your total interest outgo is significantly higher in case of long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 12 months, the lowest EMI you will pay of ₹ 8,885. However, you pay an interest of ₹ 6,620 on a ₹ 1 Lakh loan.

In comparison, if you take a ₹ 1 Lakh loan from Manappuram at the lowest interest rate for a period of 6 months, your monthly EMI will be as high as ₹ 17,255 and pay an interest of only ₹ 3,530 which is less than what you paid in a 12 months loan. Hence, you must choose your loan tenure wisely as longer tenure leads to high interest cost.

✅What is the age limit required for gold loan from Manappuram?

The minimum age should be 18 years.

✅What is the maximum loan amount that I can avail on gold loan from Manappuram?

The maximum loan that you can avail is up to 75% of the market value of the gold depending on the quality of the gold.

✅What is the loan tenure of Manappuram gold loan?

Manappuram gives gold loan to the applicants for a maximum tenure of 12 months. So, the borrower should be sure about the repayment capacity of the loan.

✅What kind of gold items are accepted and rejected as a security?

Gold ornaments with carats in the range of 18 to 24 and weight of more than 50 grams are accepted by Manappuram. Manappuram does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

✅How much processing fee is applicable in Manappuram gold loan?

Manappuram charges a processing fee of Rs. 10 (to be paid at time of settlement) on gold loan.