Maximum Annual Percentage Rate (APR) #57 PAISA PER MONTH or #6.9% PER ANNUM (MKL Scheme)* if the interest is serviced monthly.* T&C APPLY
Minimum Repayment Period is 63 days for an interest rate of 18% per annum and Maximum Repayment Period is 183 days for an interest rate of 26% per annum.*T&C APPLY
Disclaimer - This special rate scheme is applicable only as per the Manappuram Kisan Loan Scheme for customers to meet their agricultural related expenses. The processing charge is Rs 10 + Tax, and Overdue interest rate is 3% per annum. The loan tenure is 6 months.
The minimum repayment period for availing interest at 57 paisa per month or 6.9% per annum is 30 days and its maximum repayment period is 33 days (30 + 3 days grace period).
Pre-payment option without any penalty interest is charged on monthly compounding basis.
The customer needs to pay the interest within 30 days or within the next 3 days of grace period, to enjoy the low interest rates.
** The above advertised interest rate offer is applicable for Scheme MKL for a minimum loan amount of Rs 6,00,000/- for all states & union territories in India as per the effective interest rate upon proper monthly interest remittance to MAFIL. Please check with your nearest branch for this scheme availability and also confirm the minimum loan amount required with your nearest branch executive at the time of pledging your gold loan. For example: A customer avails a loan of Rs 6,00,000/- @6.9% ROI and pays back Rs 6,41,400/ - during the tenure of 365 days by considering that interest is serviced monthly.
* Rebate is applicable for prompt payment of interest in 22 days at an effective interest rate of 6.9%, applicable till the closure of loan, however, rebate is not applicable in cases where the interest payment fails in first slab within 33 days, thereby, the customer falls to the second slab and is liable to make interest payments at 18% effective interest rate , and the same interest rate will be applicable till the closure of loan.
Note: Effective interest rate of #57 paisa per month or #6.9% per annum is based upon monthly interest remittance.The regular interest rate is #26% per annum. The effective interest rate upon monthly payment is #6.9% per annum, #18% per annum for bi-monthly payment, and #22% per annum for quarterly payment, and 26% for fourth month onwards (base rate). *Terms & Conditions Apply | Interest Charged Only for the days, the loan amount is Used -| For more details read the T & C.
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