How do we ensure the safety of your Gold in our branches?

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Safety of the gold ornaments pledged at the gold loan companies is the resp0onsibility of the firm. NBFCs and gold loan banks must have secured systems in place to prevent any unfortunate incident like burglary, destruction due to fire, or misplacement.
Manappuram Finance, the most trusted gold loan company in India, has been offering loan against gold at a significantly lower interest rate than the other gold loan companies have. The competitive interest rates on the gold loans have been the key characteristic that attributed to our growth.
Further to offering the best schemes of loans against gold, we consider it our responsibility to assure the safe-keep of gold. With a systematically designed methodology to facilitate a secured locker system and thereby enhance the confidence of customers, we could gain widespread acceptance.
Gold loans from banks and NBFCs have been a constantly debated subject, with people divided in favour of both gold loan banks and gold loan companies. Here we are explaining how we ensure the safety of your gold in our branches. We are proud to state about our extensive safety systems in place, which distinguish us from the other gold loan companies.
Safety Features for Your Gold in Our Branches
We have deployed the latest technology for ensuring the security of the gold ornaments pledged with us for loan against gold. Our customers can also avail themselves of the Online Gold Loan (OGL) scheme for loan against gold through the mobile app or our website.
The systems laid down for safekeeping the asset you mortgaged for loan against gold is:

Tech enabled Measures – We have developed a safe methodology to prevent theft at our gold lockers. The comprehensive solution has been derived after a meticulous analysis by experts in the field. We are proud to offer the advanced facility to our clients, which may not be available at the other gold loan companies or gold loan offering banks. The gold ornament you keep as collateral for loan against gold and those meant for an online gold loan would be kept under a constant vigil at our branches.

24x7 Security Team – All our branches are under constant security around the clock. We have hired the best team of security experts that includes security guards, supervisors, and a technical reconnaissance team. They have been the mainstay in maintaining our premises secure and free from any kind of theft attempts or activities by miscreants. Although every gold loan company will have a security team, ours is a notch above the other gold loan companies and gold loan banks.

Advanced CCTV Surveillance – Our branches are equipped with an advanced CCTV surveillance system. The state-of-the-art Digital Video Recorder (DVR) offers high-resolution video images and voice recordings. Unlike the Network Video Recorder (NVR) that lacks clarity, DVR is a futuristic technology that renders excellent output. The usage of such modern equipment acts as deterrence to burglars, besides providing substantial evidence in the case of any unfortunate event.

Insurance for the Gold – All the gold ornaments and assets mortgaged with us for loan against gold are insured against loss, theft, and calamities. Assuring our clients about the pledged property for gold loan, in case there is an unfortunate occurrence in any of our branches. We guarantee repayment of 100% of the value of the gold in such cases. Many other gold loan companies or gold loan offering banks may not take responsibility for the mortgaged gold for gold loans. Instead, they would be obtaining the borrower’s concurrence to take responsibility during such unforeseen cases. We understand the client’s anxiety when the gold is held with a gold loan company or a gold loan bank. And we take complete responsibility for the gold pledged with us for the gold loan.   
Things a Borrower Must Look for Before Choosing a Gold loan company or Gold loan bank
The customer is the king. He or she can check with the gold loan companies and gold loan banks and choose the one that s/he feels right. If you are a client looking for a gold loan, there are certain points you must confirm prior to picking the gold loan company or gold loan bank.

Rate of Interest – The interest rate on a loan against gold is the first thing you must ascertain. At times, it may be difficult for you to understand the interest rate on a gold loan. The calculations by the gold loan companies and gold loan banks may confuse you. The best way is to ask the gold loan company or the gold loan bank to clarify how much would be the financial burden as interest on gold loan. The executives of the firm that offer loan against gold should provide a clear calculation of interest. Avoid the NBFC or the gold loan bank, unless you are satisfied.

LTV – Loan to value ratio (LTV) is the common concept you will come across whenever you think of gold loan. It simply means the loan amount you will get against per gram of gold. The loan against gold is approved based on the quantity and purity of gold. As per the latest directives, the Reserve Bank of India has increased the LTV. Therefore, you would be getting more money as gold loan. Nonetheless, the amount sanctioned will differ among gold loan companies and gold loan banks. Determine the gold loan amount approved. Go to the other gold loan company if you are not okay.

Processing – Gold loans are known to be the easiest finance option to pursue. Since the borrower is mortgaging gold ornament for loan against gold, the gold loan companies and gold loan banks will not ask for guarantors or complex approval procedure. The only requirements are the debtor’s identity cum address proof and confirmation on the quality of gold. Once both these things are assessed and confirmed, the gold loan company should disburse funds without any delays. Go to any other gold loan offering bank or gold loan company if you find the gold loan approval process is long-drawn.

Safety of Your Gold – The gold loan companies or the gold loan offering banks should take the responsibility of the collateral, without any strings attached. They are accountable for the gold and should handle the assets carefully. In the rare occurrence of any unfortunate incident like burglary, misplacement, fire or loss due to natural calamity, the firm should pay you according to the value of the property. The clause indicating the same should be reflected in the gold loan documents. You can ask the executives about the insurance for the gold ornament submitted for loan against gold. Everything should be available in black and white.

Auction Terms – The gold loan company or gold loan bank is authorized to auction the gold ornament if the client fails to repay the loan amount beyond the approved period. The gold loan company should have customer-oriented norms in place to help him or her with more time to arrange funds in such a scenario. It may happen that the client couldn’t arrange the money due to some unexpected expenses. The NBFC or gold loan offering bank should be lenient enough to support in such a situation.

Manappuram Finance have been client-centric since establishment. This customer friendly attitude has been the mainstay in the growth of our entity as the best gold loan company in the country.
To know more about our gold loan schemes, rate of interest on loan against gold, LTV and other relevant aspects, contact us now.

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