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Manappuram Gold Loan Interest Rate

Manappuram Gold Loan Interest Rates Dec 2020

Last Updated 20th Nov 2020

Manappuram offers one of lowest gold loan rate of 12.00% , both for its existing bank customers as well as new borrowers. Manappuram jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Check Best Offers.

Gold Loan in Manappuram
Manappuram Gold Loan Rate 12.00% onwards
Processing Fee Rs. 10 (to be paid at time of settlement)
Loan Tenure 1 day to 12 months
Loan Amount ₹ 1,000 to ₹ 1 Cr
Prepayment Charges Nil
Gold Loan SchemeEMI Scheme, Bullet Repayment Scheme

Ex Gratia Payment Scheme for EMIs Paid during Moratorium

Nil prepayment charges

Apply for Gold Loan @ 9.90%* Get upto ₹ 500* Cashback Or Free Corona Health Insurance Cover of up to ₹ 1 lakh

Manappuram Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. Manappuram gold loan can be taken 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.

Manappuram Gold Loan Details

If you are planning to take a Loan against Gold from Manappuram, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry 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 12.00% to 29.00%
    • Manappuram charges a processing fees of Rs. 10 (to be paid at time of settlement)
    • Loan Tenure of Gold Loan ranges from 1 day to 12 months
    • Lowest EMI per lakh on Gold Loan from Manappuram is ₹ 8,885 offered at the lowest gold loan interest rate of 12.00% at the longest loan tenure of 12 months
    • 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
    • EMI Scheme
    • Bullet Repayment Scheme

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 bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get 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 jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

Manappuram Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Manappuram is 12.00%.The factors that are used by Manappuram to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. Manappuram’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. Manappuram offers loan between ₹ 1,000 and ₹ 1 Cr amount.
  • 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: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. Manappuram offers gold loan with a tenure of 1 day to 12 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% 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 75% calculated on net weight of gold in your jewelry.
  • 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.

Other Charges of Gold Loan Manappuram

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

  • Processing fees – Manappuram charges minimum processing fees Rs. 10 (to be paid at time of settlement). To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.

Gold Loan Schemes of Manappuram

Manappuram offers several gold loan products to meet your various product 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.

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 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

Compare Gold Loan Interest Rates of Manappuram with other banks

FAQs

How much gold loan can I avail from Manappuram?

You can get upto ₹ 1 Cr as gold loan from Manappuram.

How can I check my Manappuram gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in 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 gold loan online in Manappuram to get a quick loan. Yes, Manappuram offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

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

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.


Manappuram Gold Loan Reviews 4.3/5  by 6 customers
MyLoanCare Service
4.3/5.0
Banks Service
4.3/5.0
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...

Manappuram Gold Loan News - Dec 2020
  • 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.
  • 2019-11-07 : Manappuram Finance posts a profit of 82%
    As per the Q2 Results, Manappuram Finance reported an 82% increase in the consolidated profit for the year. The NBFC informed that its Gold Loan assets under Management increased to Rs 15,168.34 crores, by up to 20.45 percent.
  • 2019-08-19 : Manappuram Finance reports 35% growth in net profit this fiscal
    Gold loan NBFC, Manappuram Finance has witnessed an increase in the overall profit of 35%, with a net profit of 220% crore at hand. There is a significant rise in the company’s gold loan asset as well by 6.65%. The increase in profit is marked by an increase in gold loan business, which added 1.45 lakh new customers.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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