Gold Loan Eligibility
Planning to get a gold loan? If yes, the first step is to check the gold loan criteria.
Gold loan eligibility means a set of conditions you need to meet to get a gold loan. This usually includes age limit, purity standards, gold ownership, and more.
Knowing these in advance helps you prepare the necessary documents and ensure a smooth loan approval process with Mannapuram Finance.
What are the Eligibility Criteria for a Gold Loan
Below is the gold loan eligibility criteria you need to meet before applying at Mannapuram Finance:
- Age: Applicant must be above 18 years of age.
- Gold Purity: 18k to 24k
- Ownership: You must own the gold you want to pledge
- Gold Weight: No fixed limit; valuation depends on purity and weight
- Identity and Residential Proof: Applicants must have at least one identity and address proof, such as PAN, Aadhaar Card, Driving Licence or Passport.
Gold Loan Eligibility Calculator – Check Your Gold Loan Eligibility
At Mannapuram Finance, we offer an easy-to-use and accurate Gold Loan Eligibility Calculator to help you estimate your potential gold loan amount instantly.
All you need to do is enter your name, contact details, gold type and weight and click on “Calculate” to assess your gold loan eligibility.
Gold Loan Calculator
Here is how to manually calculate your potential gold loan amount using a formula:
{Gold Loan Amount = Net Weight of Gold x Maximum Lending Rate}
Suppose you have 50g of 22k gold and the per gram rate is ₹10,000. Using the above formula, your amount will be:
50 x 10,000 = ₹5,00,000 (subject to gold loan age limit and other conditions)
Documents Required for Gold Loan
- Proof of Identity: Aadhaar Card, Voters ID, Driving Licence, or Passport
- Proof of Address: Aadhaar Card, Voters ID, Driving Licence, or Passport
- One Recent Photograph
For the purpose of KYC, the applicants are required to provide the original documents at the branch.
Factors Affecting Gold Loan Eligibility at Manappuram
- Gold’s Value: Gold rates are volatile and subject to change based on market conditions. Your loan amount is calculated based on the current market price of your gold. To receive the best amount, you can apply when the gold prices are high.
- Gold’s Purity: Higher purity gold (18-24 karats) leads to a higher loan amount and vice versa.
- Loan-to-Value Ratio (LTV): This ratio is fixed by the Reserve Bank of India (RBI). It determines the loan amount to be provided against the gold. We offer a high LTV of up to 75% of your gold’s value.
- Repayment Capacity: A good and timely repayment history can also increase your chances of faster loan approvals.
Why Choose Manappuram Finance for Your Gold Loan?
Manappuram Finance has been a trusted gold loan provider for decades. With competitive rates, same-day loan approvals, flexible repayment options and a high LTV, we ensure you get the maximum value for your gold.
The best part? No need to worry about lengthy documentation and waiting weeks for loan disbursement. Simply walk into our nearest branch with your gold and ID proof and walk out with instant cash.
In addition to this, you can choose from a wide range of gold loan schemes based on your needs.
Check Your Eligibility & Apply for a Gold Loan in Minutes with Manappuram
- Check your gold loan eligibility in seconds using our easy-to-use online calculator or by visiting your nearest Manappuram Finance branch.
- With fast verification and instant approval, you can get easy access to funds when it matters the most.
- Apply today and enjoy financial freedom while we keep your valuable gold safe and secure!