Share
Manappuram Finance Ltd is an Indian Non-Banking Financial Company (NBFC) based in Kerala. With over 4,000 branches across 25 states, it is one of India's leading gold loan NBFC's.
Here are a few unique facts about Manapuram Finance.
1.Instant Gold Loan at your Doorstep
Manappuram Finance offers gold loan service at your doorstep, now across all cities in India. These services are free of cost and also take minimal processing time. After the application for the loan against gold is approved, money will instantly be disbursed to your account. Manappuram Finance also offers free insurance coverage.
Their service executives will directly disburse the loans with gold as collateral that too at low gold loan interest rates at your doorstep, following the latest public health protocols.
2.Low and Convenient Interest Rates
Their base interest rate for gold loans is fairly low. However, depending on how high the LTV (Loan to Value) is, additional interest is charged on the base rate. The interest and risk premium applies only on the days when the money was used, and there are no penalties for paying in advance, i.e., prepayment of loan.
The borrower is charged monthly compounding gold loan interest.
The principal amount and the gold loan interest must be paid at the stipulated periodicity or at the loan's termination, whichever comes first.
The interest rate for gold loans is set and computed based on a reducing balance.
3.Gold Loan Calculator
Manappuram Finance also offers a Gold Loan Calculator facility on their official website. The user only has to enter a few details such as the Gold type, Gold weight (in grams), and the amount required. This makes it easier for prospective buyers to find a scheme that works for them concerning their gold loan interest calculation needs.
4.Minimum Requirements and Multiple Loan Schemes
Manappuram Finance requires minimal documentation from a prospective borrower looking for a gold loan.
They need one proof of identity (such as a ration card, driver's license, PAN card, Voter ID card, passport, etc.) and one proof of residency. Gold loans have no limits on how they are used.
They also offer different loan schemes and gold loan interest calculations to suit the needs of different income groups.
5.Online Gold Loan Services
You can get a gold loan anytime and from any location with Online Gold Loan. The loan amount is immediately credited to the savings bank account you set up with Manappuram Finance. The loan is also dispersed using the value of gold previously pledged to a branch.
You can use the gold loan interest calculation service offered on the website for easier application.
Eligible customers can apply for an online gold loan (OGL) disbursement using the Manappuram Finance Customer Online Portal, which allows them to apply for loans with gold as collateral at a low-interest rate for a gold loan with the loan amount deposited to their bank account immediately.
They also provide the following services:
Use a DEBIT CARD, NET BANKING, or UPI to pay your gold loan account(s).
Check the gold loan statement of the account
Get the OGL Pawn Ticket
Get the OGL One-Time Registration Form
Conclusion
These are some unique facts about Manappuram Finance that make it the best choice for loans with gold as collateral at a low interest rate for a gold loan
Do not forget to confirm with the gold loan interest calculation option on their website.