Manappuram Gold Loan Interest Rate

Manappuram offers a variety of gold loan schemes. The interest rates charged across the schemes are given below for your reference.

Scheme Name	Loan Tenure	Slab	Rate of Interest (p.a.)
			In Kerala State	Annualized Interest Rate	In Other States	Annualized Interest Rate
GL-DS Scheme	90 Days	0 – 30 days	12.00%	22.03%	12.00%	22.03%
		31- 60 days	25.00%		25.00%
		61- 90 days	28.00%		28.00%
GL-SY Scheme	90 Days	0 – 30 days	18.50%	24.30%	18.50%	24.30%
		31- 60 days	25.00%		25.00%
		61- 90 days	28.00%		28.00%
Privilege Loan (GL-PL)*	90 Days	0 – 30 days	20.50%	26.21%	–	–
		31 – 60 days	27.50%
		61- 90 days	29.00%
Express Gold Loan Plus (GL-XG+)	180 Days	0 – 30 days	22.00%	29.19%	26.00%	29.94%
		31- 60 days	27.50%		27.50%
		61- 180 days	29.00%		29.00%
Super Loan Plus (GL-SG+)	270 Days	0 – 30 days	22.00%	29.79%	26.00%	30.32%
		31- 60 days	27.00%		27.00%
		61- 270 days	28.00%		28.00%
Samadhan Plus (GL-SA+)	365 Days	0 – 30 days	22.00%	31.15%	26.00%	31.57%
		31- 60 days	27.00%		27.00%
		61- 365 days	28.00%		28.00%
Swarna Shakthi (GL-SX)	90 Days	0 – 30 days	(Applicable only in Tamilnadu, A&N and Pondichery)		25.00%	27.78%
		31- 60 days			27.50%
		61- 90 days			29.00%
	90 Days	0 – 30 days	(Applicable only in Karnataka, Telangana, AP, J&K, Chandigarh, Punjab, Gujarat, Goa & Delhi)		25.75%	28.04%
		31- 60 days			27.50%
		61- 90 days			29.00%
	90 Days	0 – 30 days	(Applicable only in **Tier 1 branches in Northern states)		25.75%	28.04%
		31- 60 days			27.50%
		61- 90 days			29.00%
	90 Days	0 – 30 days	(Applicable only in Northern branches other than **Tier 1 branches)		26.75%	28.39%
		31- 60 days			27.50%
		61- 90 days			29.00%
GL B1+N	90 Days	0-30 days	20.00%	25.17%	23.00%	26.21%
		31-60 days	26.00%		26.00%
		61- 90 days	28.00%		28.00%
GL B1-N	90 Days	0 – 30 days	19.00%	23.43%	20.00%	23.78%
		31 -60 days	24.00%		24.00%
		61- 90 days	26.00%		26.00%
GL B2+	90 Days	0-30 days	17.00%	21.36%	18.00%	21.71%
		31-60 days	22.00%		22.00%
		61-90 days	24.00%		24.00%
GL H3+	90 Days	0-30 days	15.00%	19.29%	15.00%	19.29%
		31-60 days	18.00%		18.00%
		61-90 days	24.00%		24.00%
Business Loan (GL BL)	90 Days	0-90 days	24.00%	24.48%	24.00%	24.48%
GL B4+	90 Days	0-90 days	15.00%	15.19%	15.00%	15.19%

** Branches in Mumbai, Mumbai City, Pune, Lucknow, Kanpur Dehat, Kanpur Nagar, Kolkata, Bhopal, Indore, Cuttack & Khordha districts in northern states are considered as Tier1 branches.

Existing customers of Manappuram Gold Loan who are registered with their mobile app OGL will get attractive interest rate rebate when they repledge their ornaments via online mode. The interest rebate is based on the frequency of such repledges, as shown below:

Frequency	Rebate Amount
4 repledges in every 15 days from the inventory created date	Effective Interest Rate – 12% p.a. (B.L. 9.9%)
3 repledges in every 15 days from the inventory created date	4% interest Rebate
2 repledges in every 15 days from the inventory created date	2% interest Rebate
2 repledge in every 30 days from the inventory created date (1st repledge must be in 1st 15 days & next repledge after that)	1.5 % interest Rebate
1 repledge in every 30 days from the inventory created date	1% interest Rebate

You can compare the interest rate charged by other banks on gold loans here.

Lender	Gold Loan Interest Rate	Loan Amount
Manappuram	15.19% p.a.	Up to Rs. 1.5 crore
SBI Bank	7.30% onwards	Rs. 20,000 to Rs. 50 lakh
Axis Bank	13% onwards	Rs. 25,001 to Rs. 25 Lakh
SBI	7.50% onwards	Rs. 20,000 to Rs. 50 Lakh
Muthoot Fincorp	11.99% onwards	Rs. 1,500 to Unlimited
ICICI Bank	10% onwards	Rs. 10,000 to Rs. 1 crore
Canara Bank	7.65% p.a.	Rs. 5,000 to Rs. 20 lakh
HDFC Bank	9.90% onwards	Rs. 25,000 to Unlimited

You can use our Gold Loan EMI Calculator to compare the EMI amounts across different schemes and banks. This will help you in choosing a scheme that will suit your budget. The EMI calculator is easy to use and the steps are:

• Click here to go to our Gold Loan EMI Calculator
• Enter the loan amount, rate of interest and tenure
• You can see the EMI amount on the right-hand side of the screen

The EMI calculator is free for use and can be used multiple times.

Top factors that affect the interest rates offered by Manappuram are:

Loan Amount – The interest rate that you are offered is affected by the amount of gold loan that you ask for. Higher loan amounts are likely to incur higher interest rates. However, the rules may differ from lender to lender.

Loan To Value 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 more value of the gold articles.

For example, consider that a bank appraised your gold jewellery at Rs. 1 lakh. Now, you will be charged a higher interest rate on Rs. 85,000 as loan amount in comparison to Rs. 50,000. 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 & Quantity – Purity and weight of gold articles also affect the loan amount offered to you. The bank appraises your gold articles and extends loans against the appraised value. Do note that the value of gold articles appraised by the bank might be different from its actual value. This also has an impact on the interest rate offered to you.

Repayment Ability – Your income along with other liabilities lets the lenders know what your repayment capability is. Applicants with higher repayment ability are charged a lower interest rate compared to applicants who have lower repayment ability.

Lending Rate of Banks – Gold loan interest rates are usually based on MCLR (Marginal Cost of Fund Based Lending Rate) or RRLLR (Repo Rate Linked Lending Rate). Banks cannot charge you interest below this figure. This rate is, however, affected by RBI’s directive with RRLLR based lenders reflecting drop or hike in interest rate much more quickly in comparison to MCLR based lenders.

Category	Charges
Postage Charges (Due date intimation 15 days prior to maturity)	Rs. 10
Postage Charges (Auction intimation after Maturity)	Rs. 30
Advertisement Charge-Auction intimation	In Karnataka State – Rs. 175 Rest of Pan India – Rs.50
Delivery of gold against lost pawn ticket	First Instance – Rs. 75 Subsequent Instance – Rs. 100
Statement of accounts	Within 30 days of closure – Nil After 30 days of closure – Rs. 25
Gold Processing Charge	At the time of Loan Settlement – Rs. 10 Additional Processing Fee on Repledge – 0.07% of the new pledge value
Custody Charge for Nil Balance Accounts	Up to 180 days – Rs. 2 After 180 days – Rs. 100 + proportionate additional charge for each day thereafter

Manappuram gold loan can be availed by anyone who is 18 years of age or older and able to prove that he/she is the owner of the gold articles.

Documents Required

Manappuram requires identity proof and residential proof only. The list of eligible documents is:

Identity Proof	Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.
Residence Proof	Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill (not more than 3 months old), etc.

Application for Manappuram Gold Loan is easy. Visit any Manappuram branch and contact an official who will guide you through the process. The process includes filling out an application form, submission of required documents and appraisal of gold ornaments. Manappuram will disburse the loan amount once the value of the jewellery is established.

Consider Reading: 6 Common Mistakes to Avoid When Applying for a Gold Loan

Can I get a gold loan against gold coins?
Currently, Manappuram offers gold loans against ornaments only.

Do I need to provide other forms of security besides the pledged gold articles to avail a gold loan?
No, Manappuram Finance issues loan against gold jewellery and do not require any other form of security.

How long does it take to process a gold loan application?
Post appraisal of your gold articles you can expect quick disbursal of your loan. In some cases, it is done on the same day.

Do I need a co-applicant to avail Manappuram gold loan?
A co-applicant or guarantor is not required to avail gold loan from Manappuram. The pledged gold items are the only form of security required.

Is agriculture gold loan provided by Manappuram?
Currently, there is no such scheme as Manappuram agriculture gold loan. However, you can avail the regular Gold Loan scheme to finance your agricultural needs.