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Compare Gold Loan - Muthoot vs Manappuram

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Bank
SBI Muthoot HDFC Bank Yes Bank ICICI Bank Federal Bank Canara Bank Andhra Bank Axis Bank IndusInd Bank PNB Fincare Small Finance Bank
SBI Manappuram HDFC Bank Yes Bank ICICI Bank Federal Bank Canara Bank Andhra Bank Axis Bank IndusInd Bank PNB Fincare Small Finance Bank
Parameters
Interest Rate
Interest Rate
11.99% - 11.99%		 9.90% - 29.00%
Processing Fees
Processing Fees
0.25% to 1% of loan amount.		 ₹ 10 (to be paid at time of settlement)
Loan Amount
Loan Amount
₹ 1,500 to ₹ 50 Lakh		 ₹ 1,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
7 days to 36 months		 1 day to 3 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,321 		₹ 33,885
Foreclosure Charges
Foreclosure Charges
Nil		 Nil
EMI Scheme
EMI Scheme
Y		 N
Bullet Repayment Scheme
Bullet Repayment Scheme
Y		 Y
Overdraft Scheme
Overdraft Scheme
N		 N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0		 4.3/5.0
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Compare EMI of Muthoot and Manappuram Gold Loan

Loan Amount Muthoot Manappuram
₹ 50,000 ₹ 1,660 ₹ 1,611
₹ 1 Lakh ₹ 3,321 ₹ 3,222
₹ 5 Lakh ₹ 16,605 ₹ 16,110
₹ 10 Lakh ₹ 33,210 ₹ 32,220

Which bank offers lower interest rate on Gold Loan – Manappuram or Muthoot?

As per the current rates, Manappuram offers a lower interest rate of 9.90% on Gold Loan when compared to Muthoot which offers a Gold Loan at 11.99%.

How does Manappuram Gold Loan compare with Muthoot Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing Manappuram and Muthoot for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

  • Lowest Manappuram Gold Loan interest rate is 9.90%, which is lower than the lowest interest rate of Muthoot at 11.99% and hence, Manappuram is offering a cheaper loan option.
  • When compared on other Gold Loan charges such as processing fees, Muthoot charges a processing fee of 0.25% to 1% of loan amount. while Manappuram charges a processing fee of ₹ 10 (to be paid at time of settlement).
  • Muthoot offers Gold Loan upto an amount of ₹ 50 Lakh while Manappuram offer Gold Loan upto an amount of ₹ 10 Lakh. Muthoot can be a better option if you are looking for a high value amount.
  • Muthoot allows prepayment facility on gold loan to close the loan before the tenure at Nil while Manappuram offers prepayment facility at Nil charges. You can choose the option with lower charges to close high value amount.
  • Manappuram has an average customer rating of 4.3, while Muthoot has an average customer rating of 4, based on which it is clear that Manappuram has a high customer service focus, an easy Gold Loan process and a quick turnaround.

You must select the bank of your choice after evaluating the advantages and disadvantages of Muthoot and Manappuram.

What are the best repayment options available on Gold Loan – Manappuram or Muthoot?

  • Muthoot offers EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.
  • Manappuram and Muthoot offer bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however the amount is to paid at the end of term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.

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Gold Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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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