Manappuram Finance has unveiled ‘online gold loans’ facility at its head office in Valapad near Thrissur. This is the first time that a financial institution provides online facility to avail gold loans. A customer is required to make an initial visit to the company’s branch for appraisal of his gold ornaments and handover of custody against a receipt bearing full particulars of the pledged ornaments. The company will arrange for its secure storage in its vaults, similar to the locker facility offered by banks. The company is also planning to follow up online gold loans with the launch of its pre-sanctioned gold loan cards, similar to debit cards which can be used to withdraw money from ATM counters.
In addition, Customers will get insurance cover for the full value of the ornaments. A credit limit of up to 75% of the market value of the pledged gold ornaments will be sanctioned as online gold loan. This amount can be withdrawn by the customer using a smart phone, computer, or other devices with internet connection from anywhere. This is the first time that a financial institution provides online facility to avail gold loans.
Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
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