Blog #Manappuram Gold Loan Near Me

As much as one would like, there aren’t enough warning signs and cautionary symbols before emergencies, especially during medicinal ones. And loss or insufficient funds then is an added downturn which is why gold loans are granted immediately by the financiers.

Banks and Non-Banking Financial Companies(NBFCs) provide commercial services on a day-to-day basis for millions of customers. And loan lending is a humongous part of their service. These loans are typically classified as secured and unsecured. For example, a gold loan is secured and needs collateral(asset) pledging to avail it. The required collateral is physical gold that can be of any form. Chains, necklaces, bangles, earrings, coins, bars are accepted as collateral. The loan is granted for a certain period, known as the loan term or tenure. Till the sanctioned loan amount is paid with the owed interest, the bank or the financial institution doesn’t return the pledged collateral.

Besides, based on its security, a loan can be classified according to its usage. They are typically categorized as generic and specific-purpose loans. A specific purpose loan means the loan amount is usually availed for that purpose alone, whereas a generic loan can be used for any reason. Specific purpose loans include car loans, home loans, business loans, marriage loans, etc.

The customers usually take out the loan for a car, home, or business-related financial requirements in these loans. However, in generic loans, the loan amount can be used for any purpose, including medical emergencies. Personal loans and gold loans are some of these loans. Some gold loans provide loan up to Rs 1 crore with an LTV ratio of 90%. It can be availed using the online or offline mode and is convenient either way. By searching for a Manappuram Gold Loan Near Me, you can take out a gold loan from the nearest Manappuram Bank.

Advantages of a Gold loan

The processing of a gold loan is straightforward and convenient and unlike a medical loan or a personal loan that can also be used for medical emergencies. Gold loans are much more effective as they only require basic documents. An applicant of legal age with government authorized ID proof can avail a gold loan in a few hours without hassle. In contrast, unsecured loans like personal loans and medical loans have long lists of documentation requirements that must be validated before signing off on loans. Also, the three-digit score representing the applicant’s repayment capability is required in a gold loan. So, even with a low credit score, you can avail the loan rapidly. And income proof is not needed to avail a gold loan. These benefits make applying and approving a gold loan simple and innocuous.

Features of a Gold loan

The loan amount of a gold loan is evaluated based on the value of the collateral pledged. The gold’s value is determined by considering the purity, and the weight of the gold pledged. More the purity and the weight, the higher the loan amount. The purity of the gold must be in the range of 18 carats and 24 carats. The weight of the gold loan should be at least 10gm to avail a loan from a few banks and NBFCs. However, most authorized lenders accept gold article(s) of any weight. Additionally, banks and NBFCs also take the rate of gold on that day into consideration before deciding on its value.

The loan to value ratio of a gold loan is a maximum of 90% and is granted up to Rs 1crore in most financial institutions and banks. The interest rate of the gold loan starts from 7% per annum with a tenure minimum and a maximum tenure of 3 months and 36 months, respectively. The Gold Loan Interest Rate Calculator is available on the banks’ and NBFCs’ official websites for customers to calculate the interest rate and amount based on the required loan amount and tenure. The processing fee is charged for the processing and approval of the gold loan and is NIL in most banks and NBFCs. The prepayment charge is incurred if the borrower closes the loan account before the end of the tenure. The fee, like the processing fee, is NIL by most financiers.


Also read:- Why Gold Loans From NBFCs Are More Favored In Covid 

When it is difficult for people to afford their daily expenses, how will these people pay monthly instalments? It is difficult, and this creates a negative impact on the minds of people regarding loans. To do that, people generally take loans. In earlier times, loans were not an easy task to get through, gold loans used to require a lot of rushing and stressing but now that the times have changed, it has become more accessible for people to avail gold loans, and with the introduction of gold loans it has become even more accessible, as earlier it took weeks for people to get their gold loans sanctioned but now people can get their gold loans sanctioned in just a few minutes, they can get this done just by sitting at their homes and by the click of a few buttons. During these testing times of the pandemic, people are finding ways to get quick money to fulfil their needs and wants. Until the situation gets back to normal, the moratorium helps save people and provide them with some extra time to pay their existing loans. This helps in reducing the burden of loan repayment during hard times.

SOME BENEFITS OF MORATORIUM ARE :-

• They are distributing the accrued interest in later month’s instalments equally to decrease the burden.
  
  
• Add the interest rate amount at the end of a few monthly instalments to get the advantages of the moratorium.
  
  
• The application for a moratorium is straightforward and does not require much effort, and a person can withdraw it back as he feels it is convenient to pay back the loan amount.
  
  
• By paying additional amounts or instalments at the end of the tenure period of the gold loan.
  
  
• Several conditions need to be varied to check if the person can get the moratorium. It majorly depends on the bank to check whether the person is suitable for availing of a moratorium.

These are benefits people can get through the moratorium, apart from the many other benefits provided through the gold loans. Yet, one should check when they will get a gold loan and compare several Gold Loan Interest Rate. Therefore, such details need to be evaluated, compared and then taken care of by people to easily avail gold loans and benefit from the amount of loan without stressing out in such testing situations. All the banks and lenders have different rules for providing moratoriums. However, almost every bank and lender provides these benefits to their customers at easy terms and conditions that might vary from bank to bank; more or less, they are the same. So these are a few things to bear in mind when applying for a moratorium so that they end up with a contract that does not put them in any additional risk and makes it simpler for them to handle the loan amount rather than making it easier and more difficult for them. As they provide relaxation to the people facing monetary issues and avail loans to cover their expenses, they get comfortable with the moratorium that banks and lenders offer. Therefore, a person should be well-versed with such details that the banks easily offer them to get through challenging times.

It is easy for people to get through this period if they have a good connection with their banks and lenders as they understand their customer’s problems and try to help them. For example, suppose I want to take a gold loan. In that case, I will be suggested many options but one such option which you can search online also is Manappuram Gold Loan Near Me. They care about their customers and understand their problems to grant a moratorium to them without any difficulties quickly. They will give their customers genuine advice and always see that they are benefitted from those decisions; they have easy conditions for the moratorium related problems. It is readily available, and people can relax just by doing some simple steps so that these times don’t cost people their life’s savings.

Must Read:- Demand spike in Gold Loan