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Online gold loan faqs

  • What is OGL?

    OGL, or Online Gold Loan, is a new product launched by Manappuram Finance Limited. With OGL, you can obtain a gold loan anytime, from any place. The loan amount is instantly credited to the your savings bank account registered with us. The loan is disbursed on the basis of the value of Gold already pledged at a branch.

  • How is the loan disbursed in OGL?

    AWhen the OGL facility is used, an Online Gold Loan account is created in our books, and the loan amount is credited instantly to your saving bank account registered with us.

  • Through OGL, how many loans can a customer avail based on the security of gold kept at the branch?

    Through OGL only one loan can be disbursed at a time. However, the customer can take a new loan at any point of time after closing the old loan account. There are no restrictions on taking a new loan after closing the old loan. For example, a customer with an existing loan who desires to obtain a loan of higher amount within his overall eligibility, will be permitted the same. In this case, the system will close the existing loan account from the proceeds of the new loan of the higher amount and the difference will be credited to the customer’s bank account. In this way, each customer will have only one live loan account.

  • Is the customer given any documents at the time of availing OGL?

    Yes, customer will get a document called OGL PAWN TICKET which displays complete information about loan amount, rate of interest, duration of loan, due date and other terms and conditions along with photographs of the customer and gold ornaments. This document is generated at the time of confirmation of transaction through mail. Besides, the customer can, at any point of time, download this document through the customer eService portal.

  • What is the relevance of this document? For what purpose is it required?

    The OGL pawn ticket is a legal document which contains all the terms and conditions of the loan. The same is considered to be digitally signed by the customer who has keyed in the One-time Password (OTP) sent to the registered mobile number. The OTP is generated at the time of confirmation of OGL transaction after the customer has logged in through the customer`s User ID and Password. The OGL pawn ticket also records the date and time of the transaction, and the IP number of the system through which the customer has transacted. This document is required for releasing the Gold from the branch after settlement of all dues.

  • Is there any limit on the loan amount under OGL?

    There is no limit. The customer can avail Gold loan based on the gold deposited at his branch. He can choose a Gold loan scheme available at the branch where the Gold is deposited. Each loan scheme will have its own limits, rate of interest rate, period of the loan etc. In other words, the Loan limit will depend on the scheme selected by the customer when availing the OGL. However, there is a company wide exposure limit for loans to individuals based on the loan policy approved by the Board of the company.

  • Whether disbursement of OGL to Customer`s Bank account available 24X7?

    OGL is disbursed 24X7 using the Immediate Payment Service (IMPS) introduced by National Payment Corporation of India (NPCI). Manappuram provides this service through tie-up with leading Banks.

  • How can a customer update his bank account details for OGL?

    The customer needs to produce the following documents for registering his bank account:
    a. Copy of cancelled cheque
    b. Copy of bank pass book (along with original for verification purpose)

  • Can the customer change bank account details after One-time registration?

    A customer can change or modify his bank account details by submitting an application at the branch with the documents mentioned at (13) above.

  • Whether any physical signature is required for OGL?

    No, the loan will be disbursed without any fresh documentation. However, for registration in OGL, one-time signature on a document of terms and conditions of the OGL is required.

  • How do customers authenticate the Gold loan transaction in OGL?

    Gold loan transaction in OGL product will be authenticated by the customer by entering OTP (One-time Password) sent to the customer’s registered mobile number. The OTP is generated at the time of initiation of transaction through OGL module. The customer logs in to OGL module using his User ID and Password.

  • Can any existing online customer access OGL?

    No, existing customers have to complete the process for accessing the OGL module within the Customer Online Portal

  • What is the process to be followed to avail OGL in case of existing customer?

    a. One-time registration (Life time agreement) has to be done by the Customer
    b. Post registration,Customer will deposit the gold at the branch.

  • Whether an existing customer having a live gold loan account needs to deposit additional gold for availing OGL?

    No, the customer need not deposit additional gold for availing OGL; instead, he can settle the existing live account and take a new loan under OGL. For this purpose, the customer can also use the re-pledge facility.

  • How many times can a customer avail OGL against gold kept at a Manappuram Branch?

    No limits. The only requirement is that the customer should settle the existing account at the branch or through the online channel before taking a new loan through OGL.

  • What are the services available within the Customer eService Portal?

    Through the Customer Online Portal, eligible customers can opt for online gold loan (OGL) disbursement, i.e. avail a fresh gold loan where the loan amount is immediately transferred to his bank account.
    The other services on offer are:
    a. Make payments to gold loan account(s) through DEBIT CARD/NET BANKING
    b. View statement of account of gold loan
    c. Download the OGL Pawn Ticket
    d. Download OGL One-time Registration form

  • Who can access the Manappuram Customer eService Portal?

    All existing customers get access to Customer eService portal by entering their user ID and Password.

  • How can the customer obtain ID and Password?

    Customer can use any of the following three—mobile number, email ID or Customer ID—as his User ID. A password is generated through the customer portal by entering the following details:
    a. Customer ID
    b. Mobile Number (as given to the branch at the time of creation of customer record)
    c. Email ID

  • What is Customer ID?

    Customer ID is a system generated unique identification number issued to customers at the branch when they avail a gold loan for the first time. The Customer ID is recorded on the pawn ticket issued to customers by the branch at the time of availing the Gold Loan.

  • How to retrieve password if one forgets?

    The customer can retrieve (or change) his password anytime through the “Forgot Password” option within the Customer Online Portal.

  • How can the customer carry out online settlement of Gold Loan?

    Customer can settle the gold loan by accessing the Manappuram customer portal through his User ID and password. After entering User ID and password, the system will give complete information about the Gold Loan accounts. By selecting the appropriate loan account, the customer can remit the settlement amount through the following options:
    a. Debit Card
    b. Net Banking
    c. Mrupee Wallet

  • Are there any charges for making online payment?

    Customer will have to bear his bank’s service charge, if any, for online payments. Presently, for payments through Net banking facility, the customer has to pay Rs. 13/- plus service tax, i.e. Rs.14.82, and this is irrespective of the transaction amount. If customers choose the Debit Card option, they have to pay 1 percent of the transaction amount above Rs.2000/- and 0.75 percent of the transaction amount below Rs.2000/- (plus service tax applicable).

  • Is credit card allowed for making online payments under OGL?

    No. Credit card is not allowed for online payments under OGL.

  • What is meant by One-time registration for OGL?

    a. It is a formality to be completed merely once in the life time of the customer.
    b. When exercising this option, the customer’s KYC, Bank Details and mobile Number are verified again.
    c. We also take an agreement from the customer in the way banks take their customer’s signature for availing net banking facility.

  • How is mobile number verified at the time of OGL One-time Registration?

    At the time of OGL One-time Registration, IT system sends out a One-time Password to the mobile number furnished by the customer. This One-time Password has to be entered into the system to complete the process of registration. Accordingly, a valid mobile number is necessary for One-time Registration.

  • Can customer change the Mobile Number after registration?

    Customer can change or modify his mobile Number by submitting an application to the branch.

  • Can the customer furnish mobile number of friend/ relative for verification?

    For Online Gold loan, Customer authentication is done through One-time Password generated by the IT system at the time of confirmation of Gold loan transaction. If, at the time of registration, mobile number furnished is that of friend/ relative, the OGL One-time Password will be sent to that mobile number only.

  • What are the processes to be followed to avail OGL in case of new customer?

    a. Visit any Manappuram Gold Loan branch
    b. Become a Manappuram Customer
    c. One-time registration (Life time agreement to be executed by the Customer).
    d. Post registration, the customer has to avail a normal (i.e. offline mode) gold loan once.

  • How can I become a Manappuram Customer?

    Anyone who comes to our branch with a valid Proof of Address (POA) and Proof of Identity (POI) can become a Manappuram Customer.

  • What are the eligible documents for POA & POI?

    The following are the documents eligible for POA & POI
    Proof of Identity (POI)
    Passport
    PAN Card
    Voter ID card
    Driving license
    Ration Card with photo
    UIDAI card (Aadhaar)
    Bank Pass Book issued by public sector banks having photograph of the customer

    Proof of Address (POA)
    Passport
    Voter ID card
    Driving license
    Ration Card with photo
    UIDAI card (Aadhaar)
    Bank Pass Book issued by public sector banks having photograph of the customer
    Telephone bill
    Electricity bill
    Water bill
    Bank account / Credit card statement
    Municipal / Local/ House tax bill / receipt
    Authentic rent receipt / lease document
    Letter from reputed employer, public authority
    LPG connection receipt issued by a distributor of public sector oil companies (IOC, BPCL, HPL).
    Registered letter cover with customer as addressee (but customer should not be the sender)
    Cheque book leaf which contains the full address.
    Pass Book issued by Post Office.
    Proof of address issued by Post Office.
    Motor vehicles registration book / certificate.
    Insurance premium receipt.
    Certificate of residence issued by Government / Local authorities.

  • Will an OGL customer get similar services from the branches too?

    Yes, OGL customer will get OGL related services through branches also.

  • How can the customer get back his gold from the branch?

    a. Customer has to pay the settlement amount either online or at the branch.
    b. Thereafter, customer has to produce the latest OGL Pawn Ticket at the branch.
    c. On getting back the gold, customer has to acknowledge the receipt.

  • Is there any Interest calculator available in OGL Module?

    Yes, customers can compute the interest for a given period on particular schemes through Interest calculation Tool available within the OGL module.

  • Can customer get complete information about various Gold loan schemes?

    Yes, Customer is given all information about terms and conditions relating to the various schemes offered as part of OGL.

  • Can customer check the Bank account details before confirming the OGL transaction?

    Registered Bank details of customer will be displayed to the Customer at the start as well as end of OGL process.

These FAQ's are subjected to change(statutory and internally) as and when same becomes applicable