Manappuram Gold Loan Interest Rate

Manappuram Gold Loan Interest Rate Mar 2017

Last Updated 28th Mar 2017
Interest Rate 14.00% - 26.00% Check Special Offer
Repayment Options EMI Scheme, Bullet Repayment Scheme
Loan Tenure 1 day to 3 months
Minimum and Maximum Loan Amount Rs. 1,000 and Rs. 10,000,000
Processing Fee Rs. 10 (to be paid at time of settlement)
Prepayment Charges Nil
Penal Charges 0.25% per month
Apply Gold Loan Online @11.00%*
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Manappuram Gold Loan

Manappuram Gold Loan Interest Rate Calculator
Manappuram Gold Loan Interest rate calculator works on various inputs like
  • Loan Amount – Generally banks offer lower interest rates for higher amount. However, Manappuram offers loan between Rs. 1,000 and Rs. 10,000,000 amount.
  • Relationship with the Bank – Manappuram offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low gold loan interest rates from the bank.
  • Repayment Capacity – Before giving loan to the borrower, Manappuram checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Manappuram Gold Loan Eligibility Calculator
Eligibility of gold loan in Manappuram relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing gold loan.
  • Gold loan rate per gram: Manappuram will value the jewelry based on price of 22 carat gold adjusted for purity. Manappuram use thirty days average rates of 22 carat gold prices. You can also check today gold rate at Myloancare.
  • Form of gold pledged: You can get gold loan from Manappuram against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for gold loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
  • Purpose for which loan is used: You can use the gold loan from Manappuram for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Manappuram Gold Loan EMI Calculator
Gold Loan EMI of Manappuram is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by Manappuram is Rs. 34,114 per lakh loan amount. Gold loan EMI of Manappuram depends upon:
  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 3 months gold loan from Manappuram at interest rate of 14.00% per annum, EMI will be Rs. 34,114 per Rs. one lakh loan amount. At interest rate of 26.00% for the same loan, the EMI will be Rs. 34,788
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 14.00% per annum, the EMI would range from Rs. 101,167 to Rs. 34,114 for loan tenure ranging from 1 day to 3 months

Documents Required for Manappuram Gold Loan

The documentation process of Manappuram is smooth. Here is a list of documents which are required to apply for home loan from Manappuram:
  • Identity proof: Passport, Driving License, PAN Card, Aadhar Card, Voter's ID Card
  • Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy

Compare Gold Loan Interest Rates of Manappuram with other banks

Frequently Asked Questions

What is the maximum loan tenure I can opt under Manappuram jewel loan?

Manappuram offers you tenure of upto 3 months to repay your gold loan.

Can I prepay my gold loan? What are the charges applicable?

Yes, you can prepay your gold loan. Applicable prepayment charges - Nil.

If I fail to repay the loan amount on time, what are the late payment charges on Manappuram gold loan?

If you fail to repay the loan amount on due date, then you need to pay penal charges at 0.25% per month over and above contracted rate of interest. In case the loan is still not paid back, Manappuram may dispose off the gold and recover its dues including principal, interest and penal charges.

What is the maximum gold loan amount available?

You can avail gold loan up to Rs. 10,000,000 from Manappuram
Manappuram Gold Loan News - Mar 2017
18th Mar 17 Manappuram Finance plans to sell stake, stock rises by 2 percent
Promoter of the gold loan NBFC, Manappuram Finance is planning to sell his stake in the company from its current stake holding of 28.2 per cent. The news resulted in a rise in the stock price of the gold loan NBFC by 2 percent at Rs. 95 per share.
17th Mar 17 Manappuram Finance launches new ad campaign with Maxus for Online Gold Loan
Manappuram Finance has launched a new ad campaign with an ad agency named Maxus to promote its newly launched gold loan product, Online Gold Loan. The ad campaign highlights the utility of Manappuram Finance gold loan products in terms of providing easy liquidity and convenience to its customers to be able to lead a contemporary lifestyle. The Online Gold Loan allows the customers to avail gold loans via the company’s mobile app.
16th Mar 17 Manappuram Finance launches online gold loan
Manappuram Finance has launched a new gold loan campaign Online Gold Loan (OGL) for gold loan borrowers. Consumers can easily get gold loan via internet or Smart Mobile App of the gold NBFC after completing the required physical loan process. Under the scheme, all transactions including approval additional gold loans and repayment of interest and loans can be conducted online.
11th Mar 17 Shares of Manappuram Finance fell by 5.7 percent after RBI guideline
RBI has restricted the amount of cash disbursement against gold to Rs. 25,000 as compared to Rs. 1 lakh earlier. Soon after the announcement, shares of leading gold company Manappuram Finance fell by 5.07 percent at Rs. 89 per share on stock market on 10th March, 2017. Analysts opine that the government’s decision aimed at discouraging cash transactions might impact the operations of Gold Loan NBFCs adversely.
10th Mar 17 RBI capped maximum gold loan disbursement in cash to Rs. 25,000
Reserve Bank of India has restricted the threshold of disbursal of cash loan against gold for NBFCs and gold companies to Rs. 25,000 as compared to Rs. 1 lakh earlier. As per the new rule, Gold Loan companies such as Muthoot Finance and Manappuram Finance cannot disburse more than Rs. 25,000 in cash against gold. Earlier, gold companies and NBFCs were allowed to disburse loans of up to Rs. 1 lakh in cash.
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