Gold Loans Operational Schemes
Customers ! Please avail special rebate immediately on regular payment of interest on the loan on certain schemes only. Refer table shown below
| Scheme Name | Loan Tenure | Slab | Rate of Interest (p.a.) | Maximum amount permitted per customer | |||
|---|---|---|---|---|---|---|---|
| In Kerala State | Annualized Interest Rate | In Other States | Annualized Interest Rate | ||||
| GL-DS Scheme | 90 Days | 0 - 30 days | 12.00% | 22.03% | 12.00% | 22.03% | Minimum loan value is Rs.5,000/- and Maximum loan value is Rs. 30,000/- |
| 31- 60 days | 25.00% | 25.00% | |||||
| 61- 90 days | 28.00% | 28.00% | |||||
| GL-SY Scheme | 90 Days | 0 - 30 days | 18.50% | 24.30% | 18.50% | 24.30% | Maximum loan amount limited to Rs. 100,000/- |
| 31- 60 days | 25.00% | 25.00% | |||||
| 61- 90 days | 28.00% | 28.00% | |||||
| Privilege Loan (GL-PL)* |
90 Days | 0 - 30 days | 20.50% | 26.21% | Subject to individual exposure limit fixed | ||
| 31 - 60 days | 27.50% | ||||||
| 61- 90 days | 29.00% | ||||||
| Express Gold Loan Plus (GL-XG+) |
180 Days | 0 - 30 days | 21.50% | 28.73% | 25.50% | 29.47% | |
| 31- 60 days | 27.50% | 27.50% | |||||
| 61- 180 days | 28.50% | 28.50% | |||||
| Super Loan Plus (GL-SG+) |
270 Days | 0 - 30 days | 21.50% | 29.72% | 25.50% | 30.25% | |
| 31- 60 days | 27.00% | 27.00% | |||||
| 61- 270 days | 28.00% | 28.00% | |||||
| Samadhan Plus (GL-SA+) |
365 Days | 0 - 30 days | 21.50% | 31.09% | 25.50% | 31.52% | |
| 31- 60 days | 27.00% | 27.00% | |||||
| 61- 365 days | 28.00% | 28.00% | |||||
| Swarna Shakthi (GL-SX) | 90 Days | 0 - 30 days | (Applicable only in Tamilnadu, A&N and Pondichery) | 25.00% | 27.78% | ||
| 31- 60 days | 27.50% | ||||||
| 61- 90 days | 29.00% | ||||||
| 90 Days | 0 - 30 days | (Applicable only in Karnataka, Telengana, AP, J&K, Chandigarh, Punjab, Gujarat, Goa & Delhi) | 25.50% | 27.95% | |||
| 31- 60 days | 27.50% | ||||||
| 61- 90 days | 29.00% | ||||||
| 90 Days | 0 - 30 days | (Applicable only in **Tier 1 branches in Northern states) | 25.50% | 27.95% | |||
| 31- 60 days | 27.50% | ||||||
| 61- 90 days | 29.00% | ||||||
| 90 Days | 0 - 30 days | (Applicable only in Northern branches other than **Tier 1 branches) | 26.50% | 28.30% | |||
| 31- 60 days | 27.50% | ||||||
| 61- 90 days | 29.00% | ||||||
| GL B1+N | 90 Days | 0-30 days | 20.00% | 25.17% | 23.00% | 26.21% | Subject to individual exposure limit fixed (Minimum Loan value for B1+N : 2 Lakhs, B1-N : 5 Lakhs, B2+ : 10 Lakhs & H3+ : 25 Lakhs) |
| 31-60 days | 26.00% | 26.00% | |||||
| 61- 90 days | 28.00% | 28.00% | |||||
| GL B1-N | 90 Days | 0 - 30 days | 19.00% | 23.43% | 20.00% | 23.78% | |
| 31 -60 days | 24.00% | 24.00% | |||||
| 61- 90 days | 26.00% | 26.00% | |||||
| GL B2+ | 90 Days | 0-30 days | 17.00% | 21.36% | 18.00% | 21.71% | |
| 31-60 days | 22.00% | 22.00% | |||||
| 61-90 days | 24.00% | 24.00% | |||||
| GL H3+ | 90 Days | 0-30 days | 15.00% | 19.29% | 15.00% | 19.29% | |
| 31-60 days | 18.00% | 18.00% | |||||
| 61-90 days | 24.00% | 24.00% | |||||
| Business Loan (GL BL) | 90 Days | 0-90 days | 24.00% | 24.48% | 24.00% | 24.48% | Minimum Loan value : 50 Lakhs. |
| GL B4+ | 90 Days | 0-90 days | 15.00% | 15.19% | 15.00% | 15.19% | Subject to individual exposure limit fixed |
Rebate in Gold loan Scheme
a. For regular monthly interest paying customers, the initial interest rate will be continued during the loan tenure.
b. OGL registered customers will get attractive interest rate rebate by repledging via online mode in BL/PL/SX schemes based on the repledge frequency as follows:
i. 4 repledges in every 15 days from the inventory created date - Effective Interest Rate of 12% p.a (BL-9.9%)
ii. 3 repledges in every 15 days from the inventory created date - 6% interest Rebate (PL-5.5%)
iii. 2 repledges in every 15 days from the inventory created date - 4% interest Rebate (PL-2.5%)
iv. 2 repledge in every 30 days from the inventory created date (1st repledge in 1-15 days & next repledge in 16-30 days) - 2% interest Rebate (PL-1.5%)
v. 1 repledge in every 30 days from the inventory created date - 1% interest Rebate
Note
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Overdue interest is chargeable at 3% p.a. after loan tenure.
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Compounding in all Schemes at monthly rest.
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Processing fee of Rs. 10/- for all schemes at the time of settlement. Additional processing fee on Repledge at 0.07% of new pledge value.
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B4+ scheme is available only for high value loans of Rs. 1 crore and above.
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Individual maximum exposure limit : 25 Lakhs. Requires separate approval for additional exposure.
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* PL Scheme is available in all Kerala branches.
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** Branches in Mumbai, Mumbai City, Pune, Lucknow, Kanpur Dehat, Kanpur Nagar, Kolkata, Bhopal, Indore, Cuttack & Khordha districts in northern states are considered as Tier1 branches.
Approach for Gradation of Risk
The process of gradation of risk and interest determination is primarily based on the details/attributes of the loan scheme, say, LTV, tenure of the loan and the amount of loan extended. As a result, higher the risk perceived for a loan, based on assessment of the said factors the interest rates are likely to be higher and vice versa. For example, for the loans with lesser tenure (e.g. SX scheme) the risk perceived is higher and thus maximum interest rate is applied.
For further details contact nearest branch. For a branch near you, log on www.manappuram.com/branchlocator