Gold Loan Per Gram in Manappuram: Understanding the Rates and Eligibility

When considering a gold loan, one of the key factors to understand is the rate per gram that various financial institutions offer. For Manappuram Finance, the specifics can vary based on market conditions, the purity of the gold, and the policies of the lending institution. Here, we delve into the current gold loan rates, eligibility criteria, and how to apply for a loan with Manappuram.

The Current Gold Loan Rates at Manappuram

As of the latest update in August 2023, Manappuram Finance typically offers competitive gold loan rates that are often linked to the current market price of gold. The exact rate per gram can vary depending on these factors:

Market conditions: These can affect the overall lending rate. Purity of the gold: The purity of the gold will influence the loan amount you can receive. Lending institution policies: The rules and regulations set by Manappuram can also impact the rate.

To get the most accurate and up-to-date information regarding the gold loan rates per gram at Manappuram, it is recommended to check their official website or contact a local branch directly. Rates can fluctuate frequently, and different offers or conditions may apply.

Eligibility Criteria for Manappuram Gold Loans

Gold Loan Per Gram

Manappuram offers gold loans that are based on the purity and current market price of your gold. The typical range for gold loan per gram is between 2701 to 3301, depending on the purity of the gold. For instance, the highest gold loan rate per gram today is 3301 for 22-carat jewelry, calculated at a maximum loan-to-value (LTV) ratio of 75. Average gold loan prices for the last 30 days in 2020 for 22-carat jewelry were around 4891.

Purity of gold: Manappuram accepts 18-carat to 22-carat gold for loans. Gold price: The market price of gold at the time of application will determine the loan amount. Loan to value ratio (LTV): The maximum LTV for Manappuram is 75, meaning you can get up to 75% of the gold's current market value.

Other Eligibility Criteria

Age of borrower: The borrower must be at least 18 years old. Maximum loan amount: The maximum loan amount you can receive is up to 1 crore (10 million INR). Maximum loan tenure: The maximum loan term is 12 months. Lowest EMI per lakh: The lowest equated monthly installment (EMI) per lakh is 8885.

How to Apply for a Manappuram Gold Loan

Applying for a gold loan with Manappuram involves a few straightforward steps:

Check the rates: Visit the Manappuram Finance website or contact a local branch to get the current gold loan rate per gram. Asses your gold: Determine the purity and market value of your gold. Visit a branch: Go to a Manappuram branch with your gold and detailed documents such as proof of age, identification, and address. Submit the application: Complete the required paperwork and submit your application. Approval process: Once your application is submitted, Manappuram will assess your application and inform you of the loan amount and terms.

By following these steps, you can apply for a gold loan with Manappuram and use the proceeds for various financial needs.

Conclusion

The gold loan rate per gram at Manappuram is a service that allows you to convert your gold into cash based on its purity and current market value. With eligibility criteria that ensure responsible lending, Manappuram provides a convenient and secure way to borrow against your gold assets.

For more detailed and up-to-date information about Manappuram gold loans, visit their official website or contact a local branch.