A Gold Loan enables one to get quicker access to the funds against the gold jewellery or ornaments. A Gold Loan EMI calculator is an online tool that makes the application process for a loan more convenient. It enables an applicant to calculate the worth of the gold and the loan amount that can be raised against gold. The gold is pledged as security with the lender banks or NBFCs till the time the loan is repaid in full. It provides borrowers with a better understanding of the liabilities. Individuals are required to provide the details like weight of the gold articles, and a loan amount to ascertain the EMI amount.
| Manappuram Gold Loan – A Snapshot | |
| Interest Rate | 12% p.a. onwards |
| Repayment Tenure | Up to 1 year |
| Loan Amount | INR 1,000 to INR 1.5 crore |
| LTV Ratio | Up to 75% of the value of gold pledged as collateral |
Reason Why a Gold Loan is Preferred?
Mentioned below are the reasons one should prefer a gold loan:
- Get instant loan disbursals.
- Requires minimal documentation with a hassle-free process.
- No prepayment charges on gold loan
- Get flexible repayment tenure that ranges from a few days to several months.
- Get a low rate of interest as compared to other lending products like business loans, personal loans, MSME loans, etc.
Reason Why a Manappuram Gold Loan Should Be Preferred?
Mentioned are some of the reasons one should go for the Manappuram Gold Loan:
High-Value Loans:
Manappuram Gold loans let you borrow funds in exchange for gold. The loan amount ranges from INR 100 to INR 1.5 crore.
Quick Loan Processing
Get the gold loan disbursed the very same day once the loan is applied for when the documents are provided in full.
Vaulting
Secure the pledged gold by storing it in the bank’s vault.
Flexible Repayment Options
Schedule the repayment against gold loans by choosing between paying interest rates upfront or monthly along with the principal on the date of maturity and then paying via EMIs.
Processing Fees and Charges
Mentioned below are the processing fees and charges to be applied when a Manappuram Gold Loan is applied for:
Processing Fee
| Particulars | Charges |
| Processing Fees |
|
Other Charges
| Particulars | Charges |
| Prepayment charges | Nil |
| Penal Interest | 3% p.a. |
| Security Charges |
|
| Auction charges |
|
Documents Required
Mentioned below is the list of documents required to be uploaded while applying for the Mannapuram Gold Loan:
- Two Recent passport-sized Photographs
- Proof of Identity – i) Copy of Passport
-
- Driving Licence
- Aadhar Card
- Voter ID Card
- Job Card issued by NREGA signed by the Officer of the State Government
- Permanent Account Number or Form No. 60 as per the IT Act, 1962
How is EMI calculated for gold loans?
The EMI amount on the gold loan can be calculated manually by applying a formula. The formula is as follows:
EMI Amount = [P x R x (1+R) ^ N] / [(1+R) ^ N – 1],
Wherein P is the principle,
R is the rate of interest,
And N is the number of instalments.
However, conducting manual calculations can be a bit tedious and hence, it may result in calculation errors. Instead, you can use the Manappuram gold loan interest rate calculator, which is available online for free. It will provide you with the accurate results within seconds.
Manappuram Gold Loan Interest Rates
Mentioned are the Manappuram Gold Loan Interest Rate offered by Muthoot Finance:
| Gold Loan Scheme Name | Loan Tenure | Loan Tenure Slab | Gold Loan Interest Rate (In Kerala State per annum) |
Gold Loan Interest Rate (In Other States per annum) |
| GL-DS Scheme | 90 Days | 0-30 days | 12.00% | 12.00% |
| 31-60 days | 25.00% | 25.00% | ||
| 61-90 days | 28.00% | 28.00% | ||
| GL- SY Scheme | 90 Days | 0-30 days | 18.50% | 18.50% |
| 31-60 days | 25.00% | 25.00% | ||
| 61-90 days | 28.00% | 28.00% | ||
| Privilege Loan (Available Only in Kerala) |
90 Days | 0-30 days | 20.50% | NA |
| 31-60 days | 27.50% | NA | ||
| 61-90 days | 29.00% | NA | ||
| Express Gold Loan Plus | 180 Days | 0-30 days | 21.50% | 25.50% |
| 31-60 days | 27.50% | 27.50% | ||
| 61-180 days | 28.50% | 28.50% | ||
| Super Loan Plus. | 270 Days | 0-30 days | 21.50% | 25.50% |
| 31-60 days | 27.00% | 27.00% | ||
| 61-270 days | 28.00% | 28.00% | ||
| Samadhan Plus | 365 Days | 0-30 days | 21.50% | 25.50% |
| 31-60 days | 27.00% | 27.00% | ||
| 61-365 days | 28.00% | 28.00% | ||
| SwarnaShakthi | 90 Days | 0-30 days | Applicable only in Tamilnadu, A&N, & Pondicherry | 25.00% |
| 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 | 25.50% | |
| 31-60 days | 27.50% | |||
| 61-90 days | 29.00% | |||
| 90 Days | 0-30 days | Applicable only Northern States Tier 1 Branch | 25.50% | |
| 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 | 26.50% | |
| 31-60 days | 27.50% | |||
| 61-90 days | 29.00% |
Benefits of Using Gold Loan EMI Calculator –
Below mentioned are the major benefits of using a gold loan EMI calculator:
–Quick and Accurate Results –
By using the a gold loan calculator you will get accurate data, and it will avoid mistakes that can be made manually. As a result, you will get an accurate EMI amount.
Healthy credit scores
A Gold loan applicant who calculates their EMI amount prior to taking the loan is well prepared and has less chance of defaulting on any payment of EMI. So, it helps customers maintain good credit scores.
Improve personal loan eligibility.
Lenders of loans approve loans of those loan applicants whose EMI obligation is not more than 50-60% of their monthly income. If the applicant’s EMI exceeds the given limit, the applicant should opt for a lesser loan amount to reduce his EMI. By doing this, an applicant will be in a better position to get his loan approved.
Budget Management
Since the EMI for the loan amount availed at a fixed interest rate remains the same during the tenure. It gives the benefit to the applicant to manage their expenses conveniently to fit into the EMI amount.