Manappuram Gold Loan

Manappuram gold loan is probably the best secured loan that you will find out there. In fact the so many features and benefits make it a hotcake among loan seekers. Let's have a look at these:

Quick Approval

Instant loan approval is the main feature of a gold loan. Borrowers don’t have to wait expecting approval from the higher-ups in the bank or NBFC in the case of a gold loan. It would be approved and money handed over after confirming the identification details of the individual, examining the application, and analyzing the purity of the gold.

Easy or No Documentation

You cannot say that there is no documentation for a gold loan at all. Individuals applying for a gold loan have to fill an application, attach the ID and address proof, and submit. That’s it. The lender would verify the details and notify the borrower of the amount receivable for the particular quantity of gold. Once the client agrees to the same, the money would be issued without any further delays.

Secured Loan 

Imagine the complexities involved when you approach a bank or NBFC for a personal loan or business loan. The main factor that would decide the eligibility of an individual is a credit score or CIBIL score. The lender would scrutinize the credit history to ascertain whether the individual is trustworthy or not. Although the past conditions cannot determine one’s present status, the finance firms will consider credit score as the benchmark. A gold loan is a secured loan, in which you would be pledging gold. Hence, the lender need not check the credit history or CIBIL score of the borrower. This feature of the gold loan helps an individual to approach firms without any concern.

Gold Loan for Any Purpose 

Gold loan lenders will not ask the purpose of the finance. Most of the other loans need the individual to furnish the requirements. Moreover, those loans would be admissible for specific purposes only. A gold loan can be obtained for buying vehicles, renovating home, children’s schooling, finance needs for marriage, and so on.

Repayment Options

A vital feature of a gold loan is that the borrower can choose how to repay it. In the case of most of the other loans, the lender would decide the repayment process and EMIs. That is not the case here. NBFCs like ours, Manappuram Finance, offer four types of repayment options. The customer can choose the methodology and simply go ahead with it. This feature of gold loans helps individuals to plan the family budget accordingly. Furthermore, we have set up an online repayment feature as well.

Manappuram gold loan interest rate depends on the loan-to-value (LTV), hence a higher LTV will attract higher interest rates automatically. Assuming all other factors remain the same, a higher LTV loan will have higher interest rates than a lower LTV loan.

Like any other financial service, here also there are different fees and charges of Manappuram gold loan for different amounts. To start with, the security charge ranges from Rs.15 to Rs.95 based on the loan amount except in branches of Kerala, Tamilnadu, Pondicherry, Telangana, Andhra Pradesh and Karnataka as mentioned below

Main factors that affect your Manappuram gold loan interest rate and also your Manappuram gold loan amount are as follows:

• Loan amount - A higher loan amount will ask for a higher interest rate on your gold loan. So you can say that the rate of interest is directly proportional to the amount which you are asking.
• Loan to Value (LTV ratio) - The percentage of loan amount to the value of gold jewellery also directly affects the interest offered to you. A higher interest rate is charged on loans that are against the value of the gold articles.  
  For example, consider that a bank approved your gold jewellery at Rs.50,000. Now, you will be charged a higher interest rate on Rs. 35,000 as loan amount in comparison to Rs. 25,000. This is because in the latter scenario the bank is much more likely to recover the loan amount and the applicable interest in case of default. This, in turn, reduces its risk in offering you the loan.
• Purity and Quantity - This is the first validation that banks/lenders seek while giving you a gold loan. The purer your gold is the more valuable it will be. In turn a higher valuable asset will make you eligible for a higher amount and nominal interest rate as compared to getting a gold loan with less pure gold.
• Repayment ability - Applicants with higher repayment ability are charged a lower interest rate as compared to applicants with a lower repayment capacity.

Manappuram gold loan eligibility is quite simple. Anyone having gold ornaments are qualified to get this gold loan provided they produce their valid ID card at the time of taking the loan. To obtain the loan you need to submit your gold jewellery (within a karat range of 18 to 24 k) at the branch. The loan amount that is sanctioned will be based on the valuation of gold which involves verification of its purity. The weight of stones etc. fixed on the ornaments will be deducted for the purpose of valuation because when you go for a gold loan, it is the gold that is valued and not any other item that is present on your ornament.

When you want to know the best gold loan bank then you need to compare among the gold loan rates and other features of all banks who are offering the best gold loan.

Manappuram Gold Loan customer care is very prompt and watchful when it comes to dealing with any kind of customer grievance.

Manappuram Gold Loan Customer care number

Call 1800-420-22-33 (Toll free)   

Mr.   Janakiraman N : 0487-3050574   
Mr.   Basanta Kumar Behera: 0487-3050112   
Mrs. Vijayalakshmi M.S : 0487-3050272   
Email : crm@manappuram.com   

Or   

You can also write to "Customer Services Cell", Manappuram House,  P.O Valapad, Thrissur District, Kerala, Pin 680 567

The authorities with whom you can lodge your grievances with escalation matrix are displayed in all Manappuram branches.

For any complaints not satisfactorily addressed or are remaining unresolved even after timely response from our end, they have an Arbitration mechanism in place to which the grievances may be escalated.  You may resort to the said Arbitration process as per the provisions laid down in the loan document. The present panel of Arbitrators is given below:

List of Arbitrators for Manappuram Gold Loan

To apply for Manappuram gold loan the procedures included are very simple. You have to first approach any Manappuram gold loan office which is nearest to your location. The lender will value your gold and calculate the maximum amount you can borrow. You will be required to fill a loan application for this and submit necessary documents such as copies of ID proofs and valid address proof. Once the value is calculated the money is instantly disbursed immediately.