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Gold Loan

Manappuram Finance limited is a non-banking financial company founded in 1949 in Valapad, Kerala by P.V Padmanbhan. Presently, the company is headed by V.P Nandakumar, it has over 3200+ branches in over 25 states. The flagship company MAGFIL, commenced its operation in 1992. Earlier the company’s services included money lending and pawn broking on a modest scale. Now the company offers a range of services which include vehicle finance insurance, gold loans, distribution of mutual funds, foreign exchange services and other financial products.


For More Details About Gold Loan ReadBeginner’s Guide to Gold Loan

Features of Manappuram Gold Loan

Gold loan is the most suitable option when you have instant need of funds. Loan is sanctioned on the basis of the gold you pledge. Nowadays people prefer to take gold loan over personal and business loans because it requires minimal documentation and it is available with comparatively lower interest rates. With the rise in gold rates, the demands of gold loans have risen significantly.

Manappuram gold loan can always be considered in the times of financial crunch such as wedding expenses, children’s education or medical emergency. It is available with attractive interest rates and loan amount can be as high as 1 crore. Manappuram Finance Ltd offers you multiple loan schemes based on your requirements.


Read More AboutManappuram Finance To Introduce Co-Branded Credit Card

Here are some key features of Manappuram gold loan:

  • Low interest rates: Lower interest rates are the primary reason, why manappuram gold loan is among the most preferred options of gold loan. Also you just need to pay interest for the exact period of loan tenure up to exact number of days.
  • Minimal documentation: There are no time-consuming formalities involved, you can avail Manappuram gold loan with minimum requirements. Only one recent ID and adress proof is required.
  • Quick disbursement: With Manappuram gold loan, you can avail instant cash. As soon as you pledge your gold, you will be allowed to draw cash instantly. Loan gets sanctioned to you within few seconds.
  • High loan amount: You can avail high loan amount depending on the purity and weight of the gold which you have pledged. Maximum loan amount to be sanctioned is 1 crore.
  • No prepayment charges: Manappuram gold loan does not levies any prepayment charges. So if you decide to prepay your loan before due date, then you do not need to pay any extra prepayment charges for doing so.
  • Multiple schemes: Manappuram Finance understands the needs of different people with different incomes. That is why it offers a range of gold loan schemes to choose from. You can always choose the one which fits your budget and financial needs.

Eligibility Criteria

Anyone who owns gold can avail Manappuram gold loan. In order to get the loan sanctioned, an applicant has to submit their gold which should be within the range of 18 to 24 carats. The loan amount that is to be sanctioned will be based on the valuation of gold; lenders would check the purity of gold before sanctioning a gold loan. If the pledged gold ornaments have any stones fixed/fitted in it, then weight of such stones would be neglected for precise valuation.

However, minors (below 18) are not eligible to avail gold loan.

Manappuram Gold Loan Interest Rates

Manappuram Finance ltd. offers Manappuram gold loan at attractive interest rates, which makes it highly affordable. The base rate is 12% and because of high loan to value (LTV), additional interest which ranges from 3% to 12% is charged above base rate. Maximum interest rate is fixed at 26% P.A. and if you miss your scheduled loan payments then a penal interest of 3% P.A. (above the actual rate of interest) would be charged on the overdue amount.  The interest rates will vary from time to time.


How Rate of Interest is Calculated?

  • Manappuram gold loan interest rate will be calculated based on 360 days of a year
  • Interest amount is calculated depending upon the daily outstanding balance of loan account.
  • Rate of interest is estimated on annually basis only.
  • Manappuram gold loan rate of interest remains fixed throughout the loan tenure
  • Compound interest rates will be provided in specific Manappuram gold loan schemes only
Fees and charges

Gold loan processing charge


Gold delivery against the lost pawn ticket

First instance


Subsequent instance


Statement of account

Within 30 days


After 30 days


Stamp duty





Pledge value <= 1 lac

0.1% of the pledge value



Pledge value  >1lac

0.1% of the pledge value

0.1% of the pledge value


Charges of intimation letters

Date of notice

Type of letter


Intimation of due date (15 days before maturity)



Intimation of auction after maturity



Documentation Required for Loan

In order to apply for gold loan, all you have to submit is one proof of your identity along with one address proof. You can submit any of the following ID proofs:

  1. Passport
  2. Driving license
  3. Voter ID card
  4. Ration card
  5. PAN card

Manappuram Gold loan FAQs

Q. How long does it takes to auction off the gold jewellery in case of constant late payments of loan EMIs?

A. If a borrower is constantly making late payments of his/her loan payments, then the auction of gold jewellery will take place only after sufficient notices have been sent to the applicant. The company sends multiple reminder SMS to borrowers telling them about their overdue payments and if payments are still not made, then they issue a notice regarding auction of the jewellery.


Q. Does Manappuram gold loan require any guarantor? Do I need to have a bank account to take a gold loan?

A. There is no need of a guarantor or introducer to get a gold loan. And unlike other traditional loans, it does not requires an applicant to have a bank account also.


Q. What will happen if my ornaments get damaged in the valuation process?

A. Appraising of ornaments is done in the presence of applicant or borrowers only. The company takes good care of the ornaments while doing valuation. So there is no risk of ornament being damaged in the process.


Q. Can I make Manappuram gold loan online payment?

A. Yes, you can always make Manappuram online interest payment through Paytm or Express pay portal.

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