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5 Top Things to Remember When Closing a Gold Loan
Summary: Closing a gold loan is simple, but you must follow key steps: Submit your pawn ticket, repay the full amount, collect your gold, and get a No Objection Certificate (NOC). This guide also explains repayment options, applicable charges, and why checking your ornaments before leaving the branch is essential for a smooth and secure gold loan closing process.
Closing a gold loan is a crucial financial step that marks the end of your borrowing journey and the safe return of your precious gold.
While repaying a gold loan seems simple, there are a few important steps you should not miss. From understanding your repayment options to depositing the outstanding loan amount, every detail matters for a streamlined and stress-free closure.
Here are the key things you should keep in mind to close your gold loan smoothly and get your gold back without any hassle.
What is the Process of Closing a Gold Loan?
Closing a gold loan with Manappuram Finance Ltd. is a simple and customer-friendly process designed to make sure you get your pledged gold back quickly and safely. Here is how it works:
Submitting the Pawn Ticket
The first step in the gold loan closure process with Manappuram Finance Ltd. is to submit your pawn ticket at any one of our branches along with a formal request to close your loan account.
Verification
Once you submit your pawn ticket, the branch staff will use the details to access and verify your account.
Next, the designated official verifies your details and lets you know exactly how much you need to pay, including any outstanding principal and accrued interest, for the gold loan closing.
Repayment
The next step in the gold loan closure process is to repay the total outstanding amount. Your loan account will be officially closed after you clear the payment.
The branch will then hand your gold ornaments back to you. Next, you will be asked to check and confirm that everything is in order before you take them home.
No Objection Certificate (NOC)
Upon repayment and gold release, Manappuram Finance Ltd. will provide you with a No Objection Certificate (NOC), stating that your gold loan account is fully settled, with no dues or obligations left with the lender.
5 Things to Remember When Closing a Gold Loan
1. Required Document(s)
When you are ready for a gold loan closing with Manappuram Finance Ltd., the most important document to submit is your original pawn ticket. It is a crucial document you receive when taking out a loan.
It contains all the details about your loan amount, interest rate, tenure, due date, terms and conditions, and even includes photographs of both you and your pledged gold ornaments.
So, keep your pawn ticket safe and always bring it with you when closing your gold loan.
2. Repayment Options
Knowing the repayment options enables you to perform a gold loan closure in the most convenient way.
With Manappuram Finance Ltd., you can clear your dues at the branch where you took the loan or at any of their 3,500+ branches across 28 states of India.
Moreover, repayments can be made in cash, by cheque, DD, or through the Manappuram Customer e-Service portal.
3. NOC/Loan Closure Letter
It is important to collect your No Objection Certificate (NOC) before you leave the branch and to keep it somewhere safe for your records.
This document protects you from any future disputes or claims regarding the loan and serves as solid proof that everything has been settled.
To avoid any post-settlement disputes, always remember to ask for your NOC or loan closure letter as the very last step when closing your gold loan.
4. Check Gold and Acknowledge
Carefully check your gold ornaments before you leave the branch after your gold loan closing. Make sure all your pieces are there and in the same condition as when you pledged them.
Once you are satisfied, you will be asked to sign a confirmation or acknowledgement slip. This simple step officially records that you have received your gold back, safeguarding both you and the lender from any future disputes about the return or condition of your ornaments.
So, take the time to check your gold and only sign the acknowledgement when you are completely sure everything is as it should be. If you notice anything amiss, immediately inform the branch staff.
5. Know Your Rights: Compensation for Delay
If your gold is not returned within 7 working days after you’ve completed the loan closure process, you may be entitled to compensation.
As per RBI guidelines, lenders must pay ₹5,000 per day for any such delay. So, make sure to keep your payment receipts and closure documents safe, and do not hesitate to raise a claim if your gold return is delayed beyond the stipulated time.
Conclusion
At Manappuram Finance Ltd., the gold loan closure process is designed to be simple and hassle-free. However, paying attention to a few key steps will help you avoid any last-minute hurdles and ensure you get your gold back safely.
By considering the points mentioned above, you can effortlessly close your gold loan and leave the branch with complete peace of mind, knowing your valuables are back in your hands.