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Manappuram Gold Loan Interest Rate

Manappuram Gold Loan 2021

Last Updated 11th Jun 2021

Manappuram Gold Loan Interest rate starts at 9.90% with a loan tenure of 1 day to 3 Months. Manappuram jewel loans offer low interest with multiple repayment options including Bullet Repayment Scheme. Manappuram also offers agriculture gold loans with interest rates lower than the rates for regular customers Check Best Offers.

Manappuram Gold Loan Rate 9.90% onwards
Processing Fee ₹ 10 (to be paid at time of settlement)
Loan Tenure 1 day to 3 Months
Loan Amount ₹ 1,000 to ₹ 10 Lakh
Prepayment Charges Nil
Gold Loan SchemeBullet Repayment Scheme

Nil prepayment charges

Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

Manappuram Gold Loan

Manappuram gold loan can be availed by pledging your gold ornaments for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from Manappuram has the following benefits:

  • Manappuram offers attractive rebates on its interest payments , if gold loan EMIs are paid regularly.
  • You can avail loan for extremely short tenures of even a day to meet your urgent fund requirement.
  • Manappuram offers an extremely quick and hassle free processing and disbursals on jewel loans with an online EMI payment facility.

As on today, Manappuram Gold loan interest rates are in the range of 9.90% to 29.00%. The lowest rate on Manappuram gold loan decreased by 2.1% to 9.90% as on 21 Jun, 2021.

Current Manappuram Gold Loan Interest Rate

Manappuram gold loan interest rate currently starts at 9.90% and goes up to 29.00%.The lowest interest was decreased by 2.1% on 21 Jun, 2021. You can avail jewellery loan for any purpose for maximum tenure of 3 Months Manappuram offers a gold loan at lowest rates it is a secured loan and has multiple repayment options like gold loan Bullet Repayment Scheme.

Manappuram Gold Loan Details

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewellery
  • Type of Gold Accepted: Gold jewellery of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: Manappuram offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • Manappuram Gold Loan Interest Rate starts from 9.90% to 29.00%
    • Manappuram charges a processing fees of ₹ 10 (to be paid at time of settlement)
    • Loan Tenure of Gold Loan ranges from 1 day to 3 Months
    • Lowest EMI per lakh on Gold Loan from Manappuram is offered at the lowest gold loan interest rate and at the longest loan tenure .
    • Manappuram allows prepayment of jewel loans with Nil charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of Manappuram

Comparison of Manappuram Gold Loan with other Banks

Manappuram offers gold loans at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Manappuram SBI HDFC Bank
Current Interest Rate 9.90% - 29.00% 7.30% - 7.50% 9.50% - 15.00%
Previous Lowest Interest Rate 12.00% 9.90% 9.90%
Lowest Rate Difference -2.1% -2.6% -0.4%
Processing Fees ₹ 10 (to be paid at time of settlement) 0.50% of the loan amount, minimum-₹ 500 1% of the loan amount
Loan Tenure 1 day to 3 Months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 1,000 to ₹ 10 Lakh ₹ 20,000 to ₹ 50 Lakh ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil 1%
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 33,885 per lakh ₹ 3,101 per lakh ₹ 4,591 per lakh

How can I get a Gold Loan from Manappuram ?

You can apply for a gold loan with Manappuram directly through branch walk-in or by filling an online application form.

  • However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare.
  • MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan.
  • Customer representatives of the bank will get in touch with you instantly to fix up an appointment for branch visit.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

You can get a gold loan in a single branch visit during which Manappuram will do an appraisal of your jewellery in terms of its purity and weight. In case the jewellery meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewellery.

Documents Required for Manappuram Gold Loan

The documentation process of Manappuram is smooth. You need to submit one proof of identity and one proof of address to get a Manappuram gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

Manappuram Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Manappuram is 9.90%. The factors that affect Manappuram gold loan interest rate are loan amount, loan tenure and loan required as a percent of value of gold jewellery. Manappuram’s existing account holders get a gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail from Manappuram depends on the weight of jewellery you can pledge with the bank. Manappuram offers a loan per gram of gold which differs by the purity of gold and loan to value ratio offered. The Bank offers loan between between ₹ 1,000 and₹ 10 Lakh.The Manappuram gold loan interest rate is lower for higher loan amounts.
  • Relationship with the Bank: Manappuram offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from Manappuram.
  • Loan tenure: Manappuram offers gold loan for a tenure of 1 day to 3 Months. The interest rate is higher for short tenure gold loans.
  • Loan to Value ratio: Maximum gold loan to value ratio on gold jewellery has been fixed at 100% by RBI. However, Manappuram also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by Manappuram is 100% calculated on net weight of gold in your jewellery.
  • Purpose of Loan: All banks, including Manappuram also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. Manappuram's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Manappuram Gold Loan Charges

In addition to interest rates, Manappuram also carry some other charges while offering gold loan which include:

  • Processing fees – Manappuram charges minimum processing fees ₹ 10 (to be paid at time of settlement).To get the lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.
  • Stamping charges - Stamping charges are charged for the transference of ownership of tangible assets. The charges are as per the respective State's Stamp Act.

Manappuram Gold Loan Schemes

Manappuram offers several gold loan products to meet your various financial requirements. These include loans with different repayment options

  • Gold Loan with Bullet repayment option
    • Manappuram offers a bullet repayment option for its gold loans. Under this, customers can pay the entire principal amount of the loan at the end of the tenure.
    • This results in lower monthly payments (consisting of only interest component) during the life of the loan, reducing the burden significantly.
    • This repayment option is more prevalent for gold loans of short tenures.
  • Gold Loan with EMI option
    • Manappuram offers the option to repay your loan in Equated Monthly Instalments (EMIs) for customers holding an account with the bank.
    • EMIs consist of interest and a component of the principal amount. With each EMI, the interest component reduces, and the principal component increases.

FAQs

Has Manappuram reduced the interest rate on the gold loan?

Yes, Manappuram has reduced the lowest interest on gold loan as effective from 21 Jun, 2021. Presently, Manappuram offers gold loans starting at 9.90%, which is a decrease of 2.1% from the previous rates of 12.00%.

How much gold loan can I avail from Manappuram?

You can get upto ₹ 10 Lakh as a gold loan from Manappuram. However, the maximum loan amount depends on the value of the gold you pledge. Manappuram funds upto 100% of the gold value as loan.

How can I check my Manappuram gold loan status?

You can check the status of Manappuram gold loan by visiting the website and log in to the Manappuram net banking. Once logged in, go to the track loan application in the loans section. In case you have applied for a gold loan through MyLoanCare website, log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. However, if you are concerned about the loan approval status, then in the case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan Manappuram available online? Is there a Manappuram gold loan online payment facility?

Yes, you can apply for a gold loan online in Manappuram to get a quick loan. Manappuram offers a gold loan online payment facility. For online payments, you can use the netbanking facility. Apart you can also prompt automated payments of EMI from your regular savings or current account.

Are there any prepayment charges on Manappuram gold loan?

Yes, you can prepay your jewel loan after paying prepayment charges. The applicable prepayment charges to foreclose loan from Manappuram are Nil .Before enclosing your gold loan in advance, ensure that foreclosure of Manappuram gold is beneficial in managing financial burden and does not hamper your debt to income ratio.

Does Manappuram offer Agricultural Gold Loan?

No, Manappuram does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.

What is the procedure for a gold loan in Manappuram ?

To apply for a gold loan in Manappuram visit the nearest bank branch or log in to the official website. Also, you can apply with MyLoanCare to get the best offers. Before applying ensure you meet the Manappuram gold loan eligibility criteria and keep your documents handy. Most importantly, be informed of the purity check of your gold.

Does Manappuram offer additional on gold loan interest rate for women?

No, Manappuram offer the same gold loan interest rate to all the borrowers, they do not offer lower interest to women borrowers. However, the interest rate is lower for people who take loans for agricultural purposes.

Can Manappuram gold loan interest rate be negotiated?

Yes, Manappuram gold loan rate can be negotiated. There are chances that banks will lower the interest rate if you already have an account with the bank or you have a stable source of income. Further, a larger loan amount can help you grab a gold loan at lower interest rates.

How long does it take to process Manappuram Gold Loan?

The gold loan can be disbursed quickly within a few hours. It takes around 90 to 120 minutes to process loan. Further, it depends upon your eligibility, and the quality of the pledged gold.

What are the benefits for Manappuram account holders while getting a Gold loan?

Manappuram account can avail a gold loan for a maximum of 100% of the value of the gold at the lowest rate starting at 9.90%. The bank also provides gold loan without any income proof and CIBIL requirement.

What happens if Manappuram Bank gold loan is not paid?

If you do not repay your Manappuram Bank gold loan, you will have to pay a late payment penalty of 0.00%. Further, you may loose all you pledged gold, if you skip your Manappuram gold loan payment entirely. Also, even when cibil score is not a criteria to avail gold loan, yet, prepaying Manappuram gold loan on time, can boost your credit score and vice versa.

Will Manappuram gold loan affect CIBIL score?

Yes, if you default on repaying your Manappuram gold loan EMI, it will affect your CIBIL negatively and similarly, paying the dues on time will improve your CIBIL.


Manappuram Gold Loan Reviews 4.3/5  by 7 customers
MyLoanCare Service
4.3/5.0
Banks Service
4.3/5.0
Raman, Delhi
Reviewed on 03rd Nov 2020
4 / 5 stars
Manappuram Gold Loan Availed in Apr 2019

Good.

Himanshu pandey, Kanpur
Reviewed on 14th Mar 2020
5 / 5 stars
Manappuram Gold Loan Availed in May 2019

Nice. Very helpful and awesome service.Read more...

Shivaji Nagnath Mand, Pune
Reviewed on 12th Nov 2019
5 / 5 stars
Manappuram Gold Loan Availed in Mar 2018

Fantastic service for loan. Mannapuram fianance provided the best service Read more...

Govardhan rao chavan, Mysore
Reviewed on 15th Apr 2019
4 / 5 stars
Manappuram Gold Loan Availed in May 2018

Services were super fine good throughout the loan process.Read more...

Andrew fernandes, Thane
Reviewed on 06th Mar 2019
3.5 / 5 stars
Manappuram Gold Loan Availed in Feb 2019

Have to wait for long time at the branch. Staff too slow Read more...

Sunny singh, Thane
Reviewed on 06th Mar 2019
5 / 5 stars
Manappuram Gold Loan Availed in Feb 2019

Nice service fast service good customer service......Read more...

Poonam Mahna, Mohali Sas Nagar
3.5 / 5 stars
Manappuram Gold Loan Availed in Jul-17

The one day tenure feature is amazing. Really helped me manage an urgent financial need. Thanks!Read more...

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Manappuram Gold Loan News - Jul 2021
  • 2021-05-25 : Manappuram Finance reported a Q4 PAT of ₹468 crore
    Manappuram Finance reported a 35% rise in its standalone net profit at Rs 458 crore in the March quarter. The profit was mainly backed by an increase in gold loan demand during the pandemic. The bank had earned Rs 340 crore net profit in the year-ago period.
  • 2021-02-02 : Mannapuram net profit rises 17% to Rs 483 crores
    Manappuram Finance posted a 17% year-on-year increase in its consolidated net profit for the third quarter of the current financial year to Rs 483.19 crore. The NBFC posted a standalone net profit of Rs 465.29 crore for its gold loan business, an increase of 39.28% from Rs 334 crore reported in the year-ago quarter.
  • 2020-11-20 : Manappuram Finance fined by the Central Bank
    Due to the non-compliance with the regulations on gold jewellery ownership inspection, the bank levied a penalty of ₹ 5 lakh against the lender. As of 31st March 2019, the company regulatory review concerning its financial condition showed a violation of its directions.
  • 2020-11-09 : Mannapuram Q2 Net profit falls 6% at Rs 405 cr
    Mannapuram Finance reported 16.57% rise in the Sep-20 quarter top-line sales revenues backed by gold loan at Rs1,565.58cr. Net profits for the quarter as measured by PAT was down 6.36% at Rs 405.44cr.
  • 2020-07-30 : Manappuram Finance Ltd reported a net profit of Rs. 368.11 crore in Q1FY2021
    Manappuram Finance Ltd posted nearly 38% increase in its consolidated net profit at Rs 367.97 crore in the first quarter ended June of the current fiscal year. Further, the Bank reported total income bolstered gold of Rs.1516.47 crores. In addition to this, the bank reported that it’s gold loan portfolio grew by 33.44T% to Rs 17,736.79 crore during the quarter from Rs 13,292.41 crore a year ago.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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