Manipal Fintech Blog

Category: Gold Loan Repayment

Understanding Gold Loan Rate Per Gram As Per Gold Purity
A gold loan may be a dependable option in times of financial difficulty or a pressing need for cash, giving access to funds swiftly and safely. The gold purity & weight of pledged jewelry directly impact the gold loan rate per gram and ROI. To get the highest value of your gold assets, it’s important to comprehend gold loan rates per gram. This thorough book seeks to make sense of this idea and provide you with the information you need to make wise choices.

What is the rate per gram for gold loans?

When you get a loan against gold jewelry, the loan amount depends on gold’s value. Gold rates are mapped in per gram or tola. Similarly, gold loan amounts are also decided by the per-gram rate of gold at that time.

Lenders use it as a metric to calculate how much to lend you depending on the weight and purity of your gold.

For example, if you pledge 10 grams of 22K gold jewelry and the gold rate per gram is ₹ 6500 for 22K gold. According to RBI guidelines, you can only get up to 75% loan of the total gold value.

So, for 10 grams, your loan amount at 6500 per gram gold rate will be 48,750 ₹ ( 6500*10/100*75). Please note, that the quality of your gold determines the rate per gram; more purity yields a higher rate, and lower purity yields a lower rate.

Gold purity plays a significant role in determining the loan value or rate per gram. Different karatages or purities of gold have distinct rates. For example, the most common purities are 22K and 18K gold. Typically, 22K gold may fetch high rates per gram compared to 18k gold. This difference in rates of loan amount is due to the varying gold content in each purity level.

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Factors Impacting the Rates on Gold Loans
- Gold’s current market price: The gold loan rate per gram is directly dependent on market current market price for gold.
- Policies of the lender: Rates per gram may somewhat vary depending on the rules and risk assessments of various lenders.
- Area: Depending on the geographic area and state of the local market, rates may differ somewhat.
Benefits of a Gold Loan with Manipal Fintech

Getting a loan against gold with Manipal Fintech Services is easy and fast. Plus, you get a high value or rate per gram for your gold asset. Additionally, Manipal Gold Loan being India’s largest gold loan aggregator platform, offers various benefits, mentioned below-
- Lower Interest Rates: Manipal Fintech offers low interest rates on gold loans, making it an economically viable solution compared to other conventional loans.
- Multiple Bank Options: Manipal Gold Loan has partnerships with India’s best banks for gold loansmultiple banks such as HDFC, Axis, ICICI, Kotak, and more, ensuring that you have access to the best gold loan options. You can choose your preferred bank for the gold loan, enhancing your flexibility and convenience.
- Security of Gold Assets: While pledging gold assets, you are assured of the security of their valuables throughout the loan tenure.
- Quick Processing: The secured nature of a loan against gold expedites the approval and disbursal process, ensuring that borrowers can address their financial needs promptly.
- Zero paperwork: Manipal Fintech makes acquiring the loan against gold easy as the whole process is digital, with no need for any physical paperwork. For documentation, you just need your PAN, address proof, and bank account details.
- Flexible Repayment Options: Manipal fintech understands the diverse needs of borrowers and offers customized gold loan schemes. This allows individuals to tailor their repayment plans according to their financial capabilities.
- No Credit Score Requirement: Unlike other loans, Manipal Gold Loan doesn’t rely on your credit score, making it accessible to a broader spectrum of individuals.
Conclusion

A high rate per gram is a crucial factor that directly impacts the loan amount you receive against your pledged gold. Manipal Gold Loan understands the importance of this and offers high rates per gram, ensuring you get the best value for your assets. With a range of flexible options, minimal documentation requirements, and convenient services like balance transfer and refinance, Manipal Gold Loan emerges as the ideal choice for your gold loan needs. Explore their gold loan options today and experience hassle-free access to funds backed by the security of your precious gold.

If you own gold assets and are considering a loan, choosing doorstep services can provide you with a seamless and efficient borrowing experience.

Apply for a gold loan 24/7 on www.manipalfintech.com, or call at 18003098440
May 10, 2024
How To Secure Lowest Gold Loan Interest Rates – Tips & Tricks
Securing the lowest interest rate is paramount in the quest for a gold loan. Loans backed by collateral often come with more favorable terms than other types of loans. However, the interest rates can vary significantly between lenders, influenced by factors such as collateral value, credit score, and loan duration. To make a well-informed decision regarding your gold loan, it’s crucial to grasp these influencing factors.

Gold has long been regarded as a stable and reliable investment avenue, making it a favoured choice for banks and lending institutions to extend financial support to individuals. For many, obtaining a loan against gold is a primary means of acquiring additional funds.

While interest rates remain a critical consideration when seeking a loan, lenders may offer competitive rates for jewel loans with some effort on the borrower’s part. This highlights the importance of thorough research and understanding the dynamics of gold loan interest rates before committing to a financial arrangement.

Factors Impacting Interest Rates on Loans Against Gold

Gold loan interest rates are influenced by various factors that borrowers should understand before opting for such loans:
- Market Gold Rates: Fluctuations in gold prices directly affect loan interest rates. Higher gold prices lower interest rates due to reduced recovery risk for lenders.
- Gold Purity: The fineness of gold ornaments, measured in karats, affects interest rates. Higher fineness that is purity (24k, 22k gold) results in lower rates compared to lower purity (e.g.18K).
- Income Stability: Lenders consider income stability when approving loans, often charging lower rates for stable income sources.
- Demand and Supply: Gold’s status as a tradable commodity leads to price changes based on demand and supply. Higher demand can lead to lower interest rates.
- Inflation: Gold serves as a hedge against inflation, affecting interest rates inversely. High inflation can lower rates, making it a good time to consider a gold loan.
- Benchmark Lending Rate: Policies of institutions like the Reserve Bank of India influence gold loan rates. Lenders may use benchmark rates like repo rate-linked or Marginal Cost of Lending Rate (MCLR) to set rates.
- Loan-to-Value (LTV) Ratio: Higher LTV ratios increase interest rates due to increased risk for lenders.
- Repayment Frequency: Rates vary based on repayment frequency. Higher EMI payment frequency can lead to lower interest rates.
- Relationship with the Bank: Existing customers with good banking relationships may enjoy lower rates.
Precautions Before Securing a Gold Loan

Before finalizing a gold loan, consider the following:
- Research Interest Rates: Compare rates provided by different lenders to find the best deal.
- Consider Additional Charges: Besides interest rates, factor in processing fees, sign-up charges, and other costs.
- Appraisal of Gold: Get your gold appraised by a reputable organisation to determine its value accurately.
- Understand LTV: Know the maximum loan amount you can get based on your gold’s value and the lender’s LTV policy.
- Assess Financial Status: Your credit score and income level impact loan approval and interest rates.
By considering these factors and precautions, borrowers can make informed decisions and secure the lowest possible gold loan interest rates.

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Choosing the best bank for gold loans or NBFC wisely when applying for a loan. You have three options: a Bank and Non-Banking Financial Company (NBFC) or an Aggregator platform. NBFCs typically charge higher interest rates due to limited access to large deposits with minimal documentation, whereas banks offer affordable interest rates and a convenient application process. Consider these factors carefully when selecting a lender.

Review the terms and conditions related to interest rates before finalizing the loan. The interest rate significantly impacts your ability to repay, so understanding potential changes during the loan tenure is crucial. This information is usually outlined in the Terms & Conditions section of the bank’s application form.

Get The Lowest Gold Goan Interest Rate With Manipal Fintech

When it comes to borrowing funds against gold, Manipal Fintech stands out as a trusted and reliable partner offering affordable solutions for gold loans. We provide competitive interest rates, making them more attractive compared to other lenders.

With Manipal Gold Loan, you can obtain a gold loan from India’s top banks like HDFC, Axis, ICICI, etc. Additionally, Manipal gold loan offers doorstep services and 30-minute loan approval with minimum documentation. A Manipal Gold Loan Officer (SBO) will support you at every step, ensuring a seamless experience.

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Repay Your Loan As Per Your Convenience

Manipal Fintech provides various gold loan repayment options to accommodate your preferences, ensuring you can efficiently manage your financial journey with flexible repayment plans:
1. SahiMax:
– Pay only monthly interest during the loan tenure.

– Repay the principal amount at the time of loan closure.
1. SahiDelight:
– You pay both the interest and the principal amount at the time of loan closure.
1. SahiFlexi (Overdraft on Gold):
– Pay monthly interest based on your usage.

– This option provides flexibility in managing your loan.

Choose the gold loan scheme that aligns best with your circumstances.

Consider the total cost of the loan beyond just the interest rates. Lenders may levy various charges such as processing fees, Mark-to-Market charges, auction charges, SMS charges, stamp duty, and early closure fees. Be aware of these additional costs before committing to a loan.

Ensure that your gold is evaluated by a reliable appraiser appointed by the lender. You can also seek an evaluation from your trusted jeweler and use tools like the gold loan calculator on the Manipal Fintech website to estimate your eligible loan amount.

Conclusion:

In conclusion, the interest rate for a gold loan is a crucial factor for borrowers. Research the market and compare interest rates offered by different lenders before applying for a loan. Understanding these key aspects will help you make an informed decision when choosing between banks and NBFCs for your gold loan.

If you own gold assets and are considering a loan, choosing doorstep services can provide you with a seamless and efficient borrowing experience.

Apply for a gold loan 24/7 on www.manipalfintech.com, or call at 18003098440
May 7, 2024
What Is Minimum Gold Weight Required To Get A Loan Against Gold?
If you find yourself in a tight spot, you may need access to funds as soon as possible to handle a pressing financial need. In those moments, a gold loan emerges as a light of hope – a quick and secure method to arrange funds without the hassle of lengthy paperwork or credit checks. Getting a loan against gold is easy when you have the minimum required gold weight handy with you.

Gold loans empower individuals to leverage their gold assets effectively, providing a reliable solution to address diverse financial situations. Whether it’s funding your education, covering medical expenses, or operating a business, a gold loan offers the flexibility to meet various needs quickly and with ease.

At such times, having someone as a trusted partner who makes the whole process seamless is crucial for you. Manipal Fintech understands the importance of timely access to funds and offers personalized assistance & support by the Manipal Fintech Officers to borrowers across various scenarios. A borrower can use the gold loan without undergoing extensive documentation or credit checks. This helps you to experience financial challenges with confidence, understanding that Manipal Fintech is by your side to provide quick and dedicated assistance when required.

How Gold Loan Is Beneficial For You

Gold loans provide numerous benefits for individuals seeking instant and reliable financing solutions. Here are some key advantages:

1. Quick Fund Access – A Gold loan provides quick access to funds, making it ideal for addressing urgent financial needs or emergencies.
2. No Credit Score Checks – Gold loans do not require extensive credit checks like traditional loans, therefore accessible to individuals with varying credit histories.
3. Low-Interest Rate – Gold loans often have low interest rates as compared to other types of loans, making them cost-effective for borrowers.
4. Asset Security – Gold is used as collateral and therefore the owner can retain the ownership of their valuable assets.
5. Minimal Documentation – Unlike traditional loans, gold loans typically involve minimal documentation, facilitating a seamless approval process.

When considering the benefits of obtaining a gold loan, Manipal Fintech distinguishes itself from other lenders by providing multiple choices for the best banks’ gold loans, and low-interest rates with gold loan offerings. We ensure that the borrowers benefit from affordable and flexible financing. The competitive interest rate becomes cost-saving for the borrowers, which enables them to secure funds.

Minimum Gold Weight Required For A Loan Against Gold

According to RBI’s directions maximum you can get up to 75% of your gold asset value. Without incurring excessive borrowing costs, this competitive edge ensures that individuals can leverage their gold assets to secure funds. Further, maintaining a minimum loan amount of Rs. 30,000, catering to a wide range of financial needs and ensuring flexibility for borrowers.

To understand minimum gold weight requirements, suppose today’s gold loan rates are 5000/- for 22k per gram. Now you need a minimum of 8 grams of gold jewelry to get a loan against it.

What Is Gold Loan Eligibility Criteria?

Manipal Gold Loans maintains a very simple and straightforward eligibility criteria for people seeking to get themselves its Gold Loan services.

1. Age – Anyone between the ages of 18 to 70 can take an instant gold loan from Manipal Fintech
2. Citizenship – An Indian citizen or resident is eligible to borrow Manipal Gold Loans
3. Purity – The gold purity should be a minimum of 18 kcarats or more, 24 karats, being the finest type of gold.
4. Documents – You should have a valid address proof, ID proof, and a bank account along with a PAN card.

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Which Gold Items Can Be Pledged To Avail A Loan?

Manipal Gold Loan accepts various assets made of 18k to 24k gold as collateral and this flexibility allows borrowers to use a diverse range of gold assets to secure financing. Some of the assets are as follows:
including jewelry, coins, bars, and ornaments
- Gold Jewellery – This category encompasses various types of gold ornaments such as rings, chains, necklaces, rm, bracelets, earrings, and bangles.
- Gold Coins – Minted gold coins approved by banks & weigh up to 10 grams of different denominations as well as bullion coins are accepted.
However, the gold criteria followed to ensure the authenticity of collateral typically include purity, weight, market value, and authenticity.
1. Purity: The purity of gold objects is assessed using standardized methods such as carat markings or purity certificates. Gold items with a higher degree of purity are generally valued more favorably.
2. Weight: The weight of the gold pieces determines the loan amount that can be disbursed. Manipal Gold Loan uses precise scales to accurately measure the weight of the gold pieces.
3. Market Value: Based on current gold prices, the market value of gold items is assessed to determine the maximum loan amount.
4. Authenticity: As part of its authenticity verification process, Manipal Fintech verifies all gold items to ensure they are genuine and free of any alterations or tampering.
Why Manipal Gold Loans?

Manipal Gold Loans convey more than just a financial solution – A reliable supporter in the journey towards financial freedom. Whether you’re a homemaker, a small business owner, or an entrepreneur, Manipal offers a range of gold loan solutions customized to your unique needs. You can count on quick access to funds, competitive interest rates, and transparent processes, to solve life’s financial uncertainties with ease.

Take the first step towards financial freedom – explore Manipal Gold Loans today!

If you own gold assets and are considering a loan, choosing doorstep services can provide you with a seamless and efficient borrowing experience.

Apply for a gold loan 24/7 on www.manipalfintech.com, or call at 18003098440
April 16, 2024
Use An Online Gold Loan Calculator To Plan Your Gold Loan Better
Introduction

Nowadays with the dynamic economic landscape financial needs arise unexpectedly, leading to a sudden need to seek loans to fulfill various requirements.

During unexpected situations like medical emergencies or funding higher education, individuals often seek financial support through loans. Regular loan options such as personal, home, or education loans tend to carry higher interest rates, increasing the overall cost over time.

Introducing gold loans as a solution. Loans against gold offer a viable alternative with lower interest rates compared to other loan types. Additionally, having access to a gold loan calculator can be immensely beneficial. It allows you to accurately estimate your repayment amounts based on the loan amount, tenure, and interest rate. This level of transparency empowers you to make informed financial decisions and plan your repayments effectively.

How can gold loans be your perfect solution?

Loans against gold are secured loans, since they are backed by gold holdings, reducing the risk for lenders. This often results in lower interest rates compared to unsecured loans. Additionally, loans levied on gold offer faster processing times, making it an ideal choice for those facing urgent financial needs.

Manipal Fintech Gold Loan: A Trusted Companion in Financial Needs

Manipal Fintech Gold Loan stands out as a reliable and accessible avenue for those seeking financial assistance. With a streamlined process, & tech-enabled platforms we offer a solution that is not only swift but also economically viable.

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Gold Loan Calculator – AI Tool to Calculate Your Loan

A gold loan calculator helps gain a comprehensive understanding of your financial commitment. Use a gold loan calculator to better plan your loan against gold effectively, and understand the interest rates and the repayment terms. The online tool can help you to know monthly repayments and the total interest payable over the loan tenure.

Why should you use a Gold Loan Calculator?
1. Smart financial planning: Using a calculator for loans against gold helps you to make well-informed decisions by providing a comprehensive view of the loan’s financial implications ensuring the loan fits your needs and budget.
2. Calculate EMI: The gold loan EMI calculator provides an accurate estimate of your Equated Monthly Installment (EMI), helping you plan your monthly budget effectively.
3. Transparent Interest Rate Calculation: Gain insights into the total interest amount payable over the loan tenure, aiding in financial planning and decision-making.
4. Get Suitable Loan Tenure: Adjust the loan tenure to find the optimal balance between manageable EMIs and minimizing interest costs.
Manipal Fintech Gold Loan Calculator – Plan Your Loan For Better Future

Planning your loan is crucial and a tool like a loan calculator plays a vital role. To ease our customers, we have built a smart & AI-powered gold loan calculator.

What are the loan elements you can calculate with Manipal Fintech gold loan calculator?
1. Ease of Use: Using a gold loan calculator to calculate a loan amount is quite simple, so even if you lack on financial background you will be able to make decisions that benefit your financial needs.
2. Loan Amount: Begin by entering the desired loan amount, keeping in mind your specific financial requirements.
3. Interest Rate: Input the applicable interest rate offered by Manipal Fintech, ensuring transparency in your calculations.
4. Loan Tenure: Choose the suitable loan tenure, considering your repayment capacity and financial goals.
By customizing these criteria to align with your specific needs, our Gold Loan Calculator provides you with the essential information. It includes the amount of gold in grams, monthly EMI, and the overall interest accrued. This provides you with a clearer understanding, enabling you to anticipate and plan for your financial requirements more effectively.

Benefits of Getting a Gold Loan from Manipal Fintech:
1. Lower Interest Rates: Manipal Fintech offers low interest rates on gold loans, making it an economically viable solution compared to other conventional loans.
2. Multiple Bank Options: Manipal Fintech has partnerships with multiple banks such as HDFC, Axis, ICICI, and more, ensuring that you have access to the best gold loan options. You can choose your preferred bank for the gold loan, enhancing your flexibility and convenience.
3. Security of Gold Assets: While pledging gold assets, you are assured of the security of their valuables throughout the loan tenure.
4. Quick Processing: The secured nature of a loan against gold expedites the approval and disbursal process, ensuring that borrowers can address their financial needs promptly.
5. Zero paperwork: Manipal Fintech makes acquiring the loan against gold easy as the whole process is digital, with no need for any physical paperwork. For documentation, you just need your PAN, address proof, and bank account details.
6. Flexible Repayment Options: Manipal Fintech understands the diverse needs of borrowers and offers flexible repayment options. This allows individuals to tailor their repayment plans according to their financial capabilities.
7. No Credit Score Requirement: Unlike other loans, Manipal Fintech doesn’t rely on your credit score, making it accessible to a broader spectrum of individuals.
The Bottom Line

The versatility and practicality of gold loans shine with financial assistance, particularly in comparison to loans with higher interest rates. Manipal Fintech, with its streamlined and secure gold loan offerings, emerges as a trusted ally in times of financial need. This integration of the Manipal Fintech Gold Loan Calculator will add an extra layer of empowerment for borrowers. By efficiently calculating loan amounts, interest rates, and tenures, it will help you in smart financial planning and informed decision-making. With competitive interest rates, quick processing, and flexible repayment options, Manipal Fintech stands as the optimal choice for those seeking the advantages of a loan against gold without compromising on security or convenience.

If you are considering a gold loan, calculate loan terms easily with Manipal Fintech Gold Loan Calculator, or call at 18003098440
April 5, 2024
Gold Loan Repayment – 4 Ways To Make Gold Loan Payment Online
Introduction:

Gold loans have emerged as a popular financial solution, leveraging the inherent value of gold assets to meet immediate financial needs. A gold loan is a type of secured loan where borrowers pledge gold jewelry or assets to avail funds from a financial institution. It’s a convenient and quick solution for urgent financial requirements without extensive paperwork or credit checks.

If you’re considering taking out a gold loan, it’s important to understand the key factors that will impact your borrowing experience. These factors include the gold loan rate of interest you’ll be charged each month, the value of the gold you’ll be using as collateral, the estimated timeframe for receiving your loan funds and the most important factor is repayment. By having a thorough understanding of these factors, you can make informed decisions and ensure a smooth borrowing experience.

In this blog, we will discuss different gold loan repayment methods. We will dive deep into each way to repay your gold loan. Before we proceed, let us first understand what a gold loan repayment is.

What is Gold Loan Repayment?

Like every loan, when you get a loan against gold items, you agree with predefined loan time, amount, and interest rates. By the agreed time frame, you have to pay the loan amount and interest amount to the lender back. This process of paying your gold loan amount back is called gold loan repayment.

In other words, Gold loan repayment is the process by which borrowers return the borrowed amount along with interest to the lender. There are various repayment options available when it comes to lending gold. You can choose to pay monthly interest and settle the principal amount at the time of closing. Some finance companies and banks offer gold loans with different types & easy repayment plans. To find the best option and lender for your needs, it’s important to conduct thorough research before making a decision.

Before lenders usually accepted the repayment in cash only, nowadays, lenders accept repayment in the form of cash, cheques, or online transactions. The repayment period or tenure varies, and borrowers must adhere to the agreed-upon terms to reclaim their pledged gold.

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Different ways to repay a gold loan-

Paying back a gold loan can be done in different ways, and each option has its advantages based on your situation. Here are some common ways to repay a gold loan:
1. EMI (Equated Monthly Installments):
  
  When a borrower takes a gold loan, they need to repay the loan amount along with the interest charged on it. There are two common methods for repaying a gold loan based on EMI (Equated Monthly Installment).
  
  Gold Loan EMI can be paid in 2 ways-
  1. Pay Interest-only EMI – One method is paying a fixed monthly interest amount throughout the loan tenure and repaying the loan amount at the loan closure.
  2. Monthly Loan Repayment EMI – The other method involves paying a fixed amount including both the interest and principal amount monthly, which can become a burden for the borrower.
  To know more about your gold loan, repayment, and EMI you can check our gold loan calculator.
2. Bullet Repayment:
  
  Bullet Repayment, also known as a single repayment, is a suitable option for individuals with irregular incomes, as well as for MSMEs and members of the agrarian society who are investing their gold loan into their businesses to generate profits after a certain period.
  
  At the same time, farmers spend their gold loan on sowing or harvesting. Thus, the benefit for their expenditure i.e. profit is available only after completion of sales activities. So, this repayment option benefits the people who have to wait for their profit for a long time.
  
  This gold loan repayment method provides flexibility and allows borrowers to make a one-time payment at the end of the loan term, rather than having to make regular payments throughout the loan period.
  
  Bullet repayment for gold loans can be particularly beneficial for those who are seeking to invest in their business ventures and need some time for their investments to mature before being able to repay the loan.
3. Part – Prepayments
  
  When it comes to loan repayment, the Part-prepayment method can be a useful option for borrowers who have the financial capability to make partial payments of the principal and interest amount.
  
  This method allows borrowers to adjust the repayment schedule at their convenience. By paying a lump sum amount right at the beginning, the borrower can significantly reduce the total interest payout. However, it is important to note that part payment is only beneficial if a significant amount of money is paid at once.
  
  Making small part payments may not result in significant savings, particularly if the financial institution charges extra for prepayment. Therefore, it’s important to do the math and evaluate whether the Part-prepayment method is the right choice for you.
4. Foreclosure
  
  Loan foreclosure simply means to close your loan before the agreed time. When you take a gold loan, you have the option to foreclose it by paying off the entire borrowed amount in one go, before the scheduled loan closure time. This saves you money by reducing the interest payable and allows you to get your gold back sooner. Even if you have already made a few EMI payments, you can still opt for foreclosure.
  
  However, it is important to note that some lenders may charge a foreclosure fee, which can offset the savings you would have made through foreclosure. To determine the amount of interest and EMIs you would have paid if you had not foreclosed, you can use a gold loan calculator.
Manipal Fintech Gold Loan – Making Gold Loans Easy Around the Country

Manipal Fintech – India’s largest gold loan aggregator platform is well known for its one-stop solution for loans against gold. Without a top-notch tech platform and physical presence around the county, we feel proud to serve our customers on priority. While having multiple options for one need, we also cater doorstep gold loan services.

Keeping our customer-first approach we always prioritise low interest rates, minimal documentation, and quick approval for every loan against gold. Beyond these basic benefits, Manipal Fintech also offers flexible and different ways to repay a gold loan.

Beyond this, If you already have a loan against gold items with another bank or NBFC can easily transfer your gold loan to Manipal Fintech . Transferring your loan to us can help you access different benefits and flexible repayment plans.

When you have multiple choices to pay back the loan, it is easy to handle your financial situation.

Gold Loan Repayment Options by Manipal Fintech:

Manipal Fintech stands out by offering a range of flexible repayment options to provide diverse borrower needs. You can select the best suitable plan to make your gold loan repayment easy & hassle-free. Here are three key repayment methods of Manipal Fintech:
1. SahiMax:
  
  SahiMax is one of the flexible gold loan repayment options by Manipal Fintech in which:
  - You are required to pay only monthly interest.
  - You have to pay the principal amount at the time of closure.
  SahiMax – Get a loan and pay interest in monthly EMIs.
2. SahiDelight:
  
  SahiDelight gold loan plan by Manipal Fintech is a bullet repayment plan, in which:
  - You have to pay off the loan in a single go.
  - Pay the interest and principal amount at the time of loan closure.
  SahiDelight – Get the loan now and pay later!
3. SahiFlexi:
  
  Our SahiFlexi is an overdraft facility against your gold items. Which has the following features:
  - You can set up an overdraft limit to withdraw funds as per your needs.
  - Pay interest for the tenure of the overdraft amount you use.
  - You have to pay the final loan amount at the loan closure.
  SahiFlexi – Just pay what you use!
Importance of flexible repayment options for a gold loan-

Whether you take a gold loan for emergency or financial needs, it is advised that you carefully explore the repayment terms. When it comes to repaying a gold loan, it may seem like an easy option with various benefits and options available. However, it is important to remember that a gold loan must be repaid within a certain period as agreed upon when taking out the loan. Therefore, it is crucial to carefully consider and choose the right repayment option based on your financial stability. Opting for the repayment plan that suits your financial situation will benefit you in every way possible.

Conclusion:

Gold loan repayment is a crucial aspect of the borrowing process, and understanding the available options is essential for a borrower’s financial planning. Manipal Fintech’s commitment to flexibility and transparency makes it a standout choice in the gold loan market. Whether you opt for SahiFlexi, SahiDelight, or SahiMax, the goal is to provide borrowers with tailored solutions that align with their unique financial circumstances.

If you own gold assets and are considering a loan, choosing doorstep services can provide you with a seamless and efficient borrowing experience.

Apply for a gold loan 24/7 on www.manipalfintech.com, or call at 18003098440
February 14, 2024
All You Need To Know About 24k, 22k and 18k Gold Purity

Most of us are not aware of gold purity standers. Even we have probably purchased gold at some point in our lives, either for jewellery or as a potential investment. If you’ve ever bought gold, you’ve probably heard the term “karat.” Have you ever wondered what the distinction between jewellery made of 22Kt, 24Kt, and 18Kt is? Are you trying to decide which one to buy as an investment? Well, your quest ends here. We have curated a simple, go-to guide on how what these differences stand for and how they can affect you. You can thank us later!

Karat or ‘k’- What is that?

Before we get any further, let us first know what karat or kt means and stand for. It is a term that refers to how pure gold is. It is scored between 0 and 24. Thus, 24K gold is the purest gold that can be purchased.

Gold is a highly malleable or flexible metal. Thus, to make jewellery, other metals including copper, nickel, silver, and palladium are added to the formula. As a result, it can be better said that karat is a measurement of the proportion of gold to other metals or alloys.

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Different types of gold according to purity

When it comes to gold purity, there are two main types: 22k gold and 24k gold. Other variants such as 18k, 16k and 14k also exist. However, jewellery of 22k and 24k are favoured the most over the latter three. Here are the basic distinctions between these varieties:

24 Karat or 24K Pure Gold

24k or 24 karat gold is the purest form of gold. This indicates that the gold is entirely composed of pure gold with no traces of any other metals. Gold that is 24 karats pure or above is recognized to have a distinctive brilliant yellow hue.

Since 24k gold is the purest available, it is always more expensive than 22-carat or 18-karat gold. This form of gold has a far lower density than gold with a lower karat, though. With no other metal to fortify it, 24-karat gold is more malleable and softer than lower karats. Therefore, it is unsuitable for fine and delicate jewellery types.

22 Karat or 22K Gold

Jewellery marked with a 22-karat gold content often means that 22 per cent of the jewellery is made of pure gold and the remaining 2 per cent is made of an alloy of gold and another metal. Jewellery frequently uses gold that is 22 karats pure. Various metals, including silver, zinc, nickel, and other alloys, make up the remaining 8.4%. By incorporating additional metals, gold becomes harder, increasing the strength and longevity of gold jewellery. This karat of gold is also referred to as “916 gold” since it is 91.67% pure gold.

18 Karat or 18k gold

75 per cent gold and 25 per cent other metals, like copper, silver, etc., make up 18-karat gold. Typically, jewellery with stones is made of 18-carat gold. When compared to 24-carat and 22-karat gold, this type of gold is less expensive. Gold that is 18 Karat pure has a slightly dull gold hue.

24k, 22k or 18k gold- Which one should you go for?

If you are opting to buy gold as an investment option, buying 24k or 22k gold is the best option. 24k and 22k are best preferred by banks as collateral in case you want to pledge your gold to acquire a gold loan to help fund an emergency. However, certain gold loan providers like Manipal Fintech Gold loans do accept gold between the purity of 18k to 24k and provide low gold loan interest rates.

If you own gold assets and are considering a loan, choosing doorstep services can provide you with a seamless and efficient borrowing experience.

If you own gold assets and are considering a loan, choosing doorstep services can provide you with a seamless and efficient borrowing experience.

Apply for a gold loan 24/7 on www.manipalfintech.com, or call at 18003098440

February 14, 2023
9 Reasons Why You Should Take Gold Loan
Gold is an important asset class that has fascinated humans for centuries. Even the central banks hold large reserves of gold against their currency. It gives you a fair idea of the importance of gold as an investment. Gold is an appreciating asset, its value increases with time. Most people possess gold in some quantity as jewellery or coins. Gold is usually not sold unless the reasons are very compelling. How do you utilise the idle gold lying at home in an emergency? Assuming you do not have any other liquid assets to spare, can you look at gold as an option to raise funds? No, we are not talking about selling your precious jewellery. However, you can apply for an instant gold loan by using your gold as collateral.

Benefits of Instant Gold Loan

There are several reasons to consider an instant gold loan when the need for funds arises. Any Indian citizen or resident between 18 and 70 years of age is eligible to apply for an Instant Gold Loan. Let us analyze a few important ones.
- Putting idle assets to good use
- Lower interest rates
- Quick loan in minutes
- Minimal paperwork
- Flexible repayment plans
- Safety for your collateral
- Encrypted systems that provide data privacy
- No impact of low credit scores
- Great customer experience
Putting Idle Assets to Good Use

An Instant Gold Loan helps you put your idle gold to good use in the case of an emergency. The gold loan process is simple. Instead of borrowing from family or friends, you can mortgage your gold to get a loan for your business, children’s education, medical emergencies etc. Once you pay off the loan with interest, you can get back your gold.

Lower Interest Rates

As secured loans, Instant Gold Loans are available at low-interest rates. Gold Loan interest rates are quite reasonable. Hence, it becomes more appealing to go for a cheap gold loan at around 8-12% per annum compared to paying 15-24% on unsecured personal loans. If you have gold lying unused at home, this is the best way to use it. Similarly, you can resist the urge to swipe your credit card for big-ticket purchases. Credit card companies charge 2.5-3% per month when gold loans are available at as low as 0.67% per month.

However, the selection of lending partners is extremely important for a customer to not fall in the trap of jumping interest rates. These loans are available at very low interest rates (0.35 to 0.50% p.m.) but with a jumping interest rate which means the customer ends up paying something in the range of 15-24% i.e. the same as a personal loan.

At Manipal Fintech, we value our customers and offer loans without any jumping interest rate. So what you see is what you get.

Quick Loan in Minutes

Instant Gold loans are processed in quick time. Once you fill in the details on the Manipal Fintech website, an officer will visit your home. He will complete the gold valuation and documentation. Once the documents are verified the gold will be placed in a tamper-proof sealed bag and the loan disbursement will take place. The gold will then be deposited in a bank branch nearest to you.

Minimal Paperwork

Unlike other loans, gold loan processing is simple. It does not involve complicated paperwork. As gold is offered as collateral, documentation regarding valuation needs to be completed. In addition, the following documents would be needed –
- Passport size photograph
- Identification proof – PAN Card, Aadhaar Card, Driver’s License, Passport/ Voter ID/ Ration Card (Any one of them)
- Address Proof – Aadhar Card/ Voter ID/ Driving License/Utility bills not older than 3 months/ Lease Agreement
No further documents are required.

Flexible Repayment Plans

You can get the best gold loans from lenders like Manipal Fintech. They offer a slew of customer-friendly repayment plans. Depending on your convenience, you can make the interest payment on a monthly basis and repay the principal at the time of closure. Alternatively, you can repay both interest and principal in a single instalment at the end of the loan tenure. A third option is to take an overdraft gold loan where interest will be charged on a monthly basis depending on the usage.

Safety for your collateral

When you apply for an Instant Gold Loan, choose a trusted lender. Since you will be handing over your gold to them as collateral, you would need to confirm the safety precautions taken to protect your asset. At Manipal Fintech, several steps are taken, to ensure the safety of the gold and provide peace of mind to the customer. The gold is valued and sealed in your presence in a tamper-proof pack. It is stored in the strong room of your nearest bank branch. Whenever you close the loan, your gold is returned intact to you. When you book an appointment with Manipal Fintech, the picture and details of the executive are shared via SMS. You can match the same with the ID shown by the executive to confirm authenticity.

Encrypted systems that provide Data Privacy

All digital platforms need to maintain the data privacy of the customers. Gold lenders adhere to these regulations as well. Manipal Fintech has secure encrypted systems to protect the customer data which are collected via paper /digital mode. The information regarding the gold collected from customers is also stored securely.

No Impact of Low Credit Scores

Unlike personal loans, where CIBIL score plays an important role, it is not a very important parameter in case of instant gold loans. Since gold loans are secured loans, the need to have a decent credit score does not arise. The loan is backed by the gold provided. In case of a default, the gold can be sold to pay off the loan.

Great Customer Experience

Getting an Instant Gold Loan is so easy in the digital age. You can call Manipal Fintech on 1800 309 8440 or request a callback on the website. A Manipal Fintech executive will reach your home, value the gold, complete the documentation and disburse the loan after depositing the gold in the safety vault of your nearest bank branch. In case of an emergency, this could be a real saviour as you do not have to depend on anyone else. Once the loan is repaid, you can get back your gold. So, you do not have to move from your seat to get a gold loan, literally!

To Wrap Up

Instant Gold loans are a convenient mode to raise funds. They are easy to process and require minimal documentation. There are no demands of a decent credit score since the loan is backed by gold. Moreover, it gives you a good opportunity to make use of the unutilized gold lying at home when you need funds for an important purpose. Instead of opting for more expensive personal loans or credit card debts, it is prudent to obtain a loan against the gold. Manipal Fintech offers convenient instant gold loans and charges the lowest gold loan processing fees in the industry.

You can visit https://manipalfintech.com/ for all information regarding the Best Gold Loans, and we will be glad to assist you.
June 5, 2022
Fixed Vs. Jumping interest rate gold loan: Which one is better for you?
A gold loan is a great way to meet your urgent credit requirements. Whether you want to finance your education, raise working capital for your business, meet your household expenses, or tackle a medical emergency – a gold loan is a way better option than a personal loan. Minimum documentation, quick disbursal, no requirement of income proof or strong credit history – all of these features add to the allure of a gold loan.

With a wide range of gold loan options available from different companies, it’s easy to get overwhelmed and miss the important details. But before you make a final decision, you need to understand the difference between a fixed and jumping interest rate gold loan.

What is a Fixed Interest Rate?

Once you get a gold loan from a gold loan company or an NBFC (Non-bank Financial Company), you are charged a particular rate of interest on the principal amount, which is paid in the form of an EMI (Equated Monthly Installment). In the case of a fixed rate, your interest rates on a gold loan remain constant for the entire loan repayment tenure.

How is a Jumping Interest Rate different?

In case of a jumping rate gold loan, if you fail to pay your EMI on the due date then you’re charged an extra rate of interest on the overdue amount. This increase in the rate of interest is known as a jumping rate. And if you’re not careful, then this jumping interest rate can end up costing you a lot!

Fixed Vs. Jumping Interest Rate
- The interest amount of a fixed-rate gold loan is usually 1% to 2.5% higher than a gold loan with a jumping interest rate.
- Due to the fluctuating interest of jumping-rate gold loans, there is a high degree of variation in the EMI amounts as compared to fixed-rate gold loans
- If you default on a jumping-rate gold loan, you will end up paying much higher interest on a monthly basis.
Keep this in mind before you make a decision

Gold loans are becoming easier to procure day by day, with companies offering doorstep gold loans with attractive interest rates. But before you take your call, it’s very important to consider your current and future financial prospects. If you think that you’ll be able to maintain a stable and predictable cash flow in the coming future, then you can opt for a gold loan with a jumping interest rate. But if you have an unpredictable income and don’t mind paying a marginally extra interest, then you should opt for a relatively conservative and safer approach, i.e. a fixed interest gold loan.
May 23, 2022