Manappuram Gold Loan Rate Per Gram, Interest Rate, Eligibility, Benefits, Documents.

Manappuram Gold Loan can be availed by anyone above the age of 18 by pledging gold jewelry in the range of 18 karats to 24 karats and submitting the required documents. Before availing of a gold loan, it is important to know Manappuram Gold Loan Rate Per Gram and compare the interest rate and other important aspects. Which is mentioned in this article.

Manappuram Gold Loan Interest Rate

Parameter Min-Max
Interest Rate 12% To 29%
Duration 90 Days – 365 Days
Loan Amount ₹ 5,000- ₹ 1.5 Crore

Manappuram Gold Loan Rate Per Gram

Important Aspects About Manappuram Gold Loan Rate Per Gram

  • Post The loan amount to be sanctioned will depend on the purity, net weight of the gold ornaments pledged by you.
  • The interest rate on Manappuram Gold Loan is 14%. However, if the Loan Value (LTV) is high, an additional interest of 3-12% above the base rate can be charged.
  • The customer can reduce his loan burden by making any payment at any time during the repayment tenure. Thereafter interest will be charged on the outstanding amount.
  • In addition, monthly compound interest will be charged, which the customer will have to pay for the given tenure or at the end of the loan, whichever is earlier.

Manappuram Gold Loan Rate Per Gram Schemes

Manappuram offers various gold loan schemes and the interest rate will vary from scheme to scheme:

Serial Number Manappuram Gold Loan Scheme Maximum Loan Tenure Rate of Interest Loan Amount
1 GL-DS Scheme 90 Days 12-28% ₹ 5000-₹ 30,000
2 GL-SY Scheme 90 Days 18.50% -28% Max- ₹ 1 Lakh
3 Privilege Loan 90 Days 20.50% -29% Under Personal Risk Limit
4 Express Gold Loan Plus 180 Days In Kerala -21.50% -28.50%In Other States- 25.50% -28.50% Under Personal Risk Limit
5 Super Loan Plus 270 Days In Kerala -21.50% -28%In Other States- 25.50% -28%

 

Under Personal Risk Limit
6 Samdhan Plus 365 Days In Kerala -21.50% -28%In Other States- 25.50% -28% Under Personal Risk Limit
7 Golden Power 90 Days 25% -29% Under Personal Risk Limit
8 GL B 1 + N 90 Days In Kerala -20% -28%In Other States -23% -28% Minimum – ₹ 2 Lakh
9 GL B 1-N 90 Days In Kerala- 19% -26%In Other States -20% -26% Minimum – ₹ 5 Lakh
10 GL B 2+ 90 Days In Kerala- 17% -24%In Other States -18% -24% Minimum – ₹ 10 Lakh
1 1 GL H 3+ 90 Days 15% -24% Minimum – ₹ 25 Lakh
12 Business Loan 90 Days 24% Minimum – ₹ 50 Lakh
13 GL B4 + 90 Days 15% Under Personal Risk Limit

Charges On Manappuram Gold Loan

There are some charges that are associated with Manappuram Gold Loan:

Class Fee
Processing Fee At the time of settlement – ₹ 10

Additional processing fee on reimbursement: 0.07%

Stamp Duty (Applicable to Rajasthan and Karnataka only) 0.1% -0.2%
Penalty Interest 3%

Factors That Affect Your Interest Rate

Loan Tenure: Manappuram Gold Loan has a tenure of 90 days, but the interest slab varies according to the day you repay your loan. For example, if you repay your loan in 30 days, the interest rate will be 12% while if you pay in 60 days it will be 25%. Hence, the interest rate is affected by the time frame to repay your loan amount.

State: Manappuram offers different interest rates in Kerala and other states of India. Also, there are some plans which are offered only in Kerala.

How Do You Apply For Manappuram Gold Loan?

There are two ways to apply for Manappuram Gold Loan and they are discussed below:

The First Is Offline

  • Take the gold you are ready to pledge to the nearest branch in Manappuram.
  • Submit the required documents and jewelry for the counter staff.
  • After submitting your application form and other supporting documents to the counter staff, the sanctioned loan amount will be provided to you provided everything is in order.

And The Second Is Online

  • Keep your gold jewelry close by.
  • Register for an online gold loan service and link your savings account.
  • KYC verification will be done online.
  • The sanctioned loan amount will be credited to your bank account.

READ MORE: HDFC Bank Housing Loan Interest Rate

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