A Complete Guide to the Gold Loan Renewal Process

Renewing your Gold Loan can be a total game-changer. Not only can you continue to access the funds you need, but you can also keep your precious gold assets safe.
In this guide, we will walk you through the entire Gold Loan renewal process. From understanding what is Gold Loan renewal and figuring out if you are eligible to gather all the right documents, we have got you covered.

What is Gold Loan Renewal?

Gold Loan renewal is a process that involves continuing or extending the life of your existing Gold Loan.

This means you can keep borrowing against your gold assets without having to reapply for a new Gold Loan or settle the existing one.

Different lenders have different rules when it comes to Gold Loan renewal. So, it is important to refer to your loan agreement and get familiar with the fine print.

This will help you know exactly what you are getting into and can make informed decisions about your loan.

Benefits of Gold Loan Renewal

Gold Loan renewal offers numerous advantages that can make your financial life easier. Here are some of them:

• Uninterrupted Access to Funds: It lets you use the funds continuously and, at the same time, keep your precious gold assets safe.
• Competitive Interest Rates: Some lenders offer a better deal on interest rates when you renew. This enables you to save on interest payments and keep more of your hard-earned cash.
• Flexibility: By opting for Gold Loan renewal, you can customize your repayment plan according to your lifestyle and financial goals. You can choose from a range of options, including bullet repayment, partial payment, EMIs, etc.
• No Need to Reapply: Gold Loan renewal helps you skip the hassle of reapplying and dive straight into accessing the funds you need, saving you time and effort.

Step-by-Step Process to Renew Your Gold Loan 

Online Gold Loan Renewal Process

1. Download the Manappuram Gold Loan OGL Lite app.
2. Open the app and enter your customer ID/mobile number/email ID and password to login.
3. Select “Online Gold Loan”.
4. The app will display customer details. Verify the details and mark the T&C checkbox.
5. Click on “Continue”.
6. Select the Gold Loan you want to renew.
7. Tap on the "Item Details" option to check the details of your existing Gold Loan.
8. Once checked, press the ">" button on the right-hand side.
9. Select the desired Gold Loan scheme considering the interest rate and eligible amount.
10. Check the settlement details and select "Done".
11. Tap on the ">" button to finalise the Gold Loan renewal.
12. Examine the renewal details, including the last loan settled amount, scheme selected, eligible loan amount and available balance.
13. Enter the required loan amount.
14. Tap on "Proceed&quot".
15. Review the application details.
16. Mark the Terms and Conditions checkbox.
17. Select "Ok".
18. Enter the OTP sent to your registered mobile number and tap on "Submit".
19. Once you click on submit, you will receive a confirmation message on your mobile number and your loan will be renewed.

Offline Gold Loan Renewal Process

1. Visit the nearest branch of Manappuram Finance Limited.
2. Reach out to a customer care executive and inform them about your Gold Loan renewal request.
3. The executive will review your current loan account details to check if there is any outstanding interest.
4. Next, the executive will check exactly how much you would need to pay to wrap up your current account. This is called the settlement amount.
   
   For example-
   • You pledged 10 grams of gold.
   • At the time, the current LTV was ₹5,000 per gram, so your disbursal amountwould be ₹50,000.
   • Over the past year, ₹13,000 in interest added up.
   • So, to settle the loan today, you would need to pay ₹63,000, i.e., the loan amount plus the interest.
5. To proceed with your Gold Loan renewal request, the executive will recalculate the loan amount based on the current gold value and LTV.
   • Net weight: 10 grams (remains the same)
   • LTV: ₹6,000 per gram
   • So, if you renew the loan, you will get ₹60,000.
6. The executive will now calculate the difference amount to know how much more you need to pay or if you will even get some money back.
   • Difference amount: ₹3,000 (₹63,000-₹60,000)
7. To renew the loan, you will need to pay the difference, which is ₹3,000.

Eligibility Criteria for Gold Loan Renewal

• You must be over the age of 18
• You must be the actual owner of the ornaments pledged. 

Documents Required for Gold Loan Renewal

• Proof of residence, such as your Aadhaar card or PAN card
• Bank passbook
• Pawn Ticket - This document is provided to the customer when taking out a loan. It displays complete information about the loan amount, rate of interest, duration of loan, due date and other terms and conditions, along with photographs of the customer and gold ornaments. 

Conclusion

Renewing your Gold Loan is a simple and convenient process and you can do it all while keeping your precious asset safe. With this guide, you are equipped to make smart decisions about your Gold Loan renewal.

Just remember to double-check the fine print, such as interest rates and repayment terms, to make sure everything aligns with your financial goals.

Our user-friendly app can help you manage your renewal seamlessly. From renewing the Gold Loan to tracking the due dates and making payments, everything can now be accessed at your fingertips.