This is a fully digital loan and you can take loan, pay installment, check the loan statement, settle the loan etc. through this mobile application itself. You do not have to visit the branches for these purposes. Moreover, you are free to take loan whenever you need and also you can perform the loan settlement before the loan tenure.
This is an app for a fully digital loan where the eligibility is based on the applicant’s repayment track record in Manappuram Online Gold Loan. You can take a loan, pay the instalment, check your loan statement, settle the loan etc. through this mobile application itself, without having to visit our branch. Moreover, you are free to take a loan whenever you need it and also settle the loan at your convenience even before the due date.
• 100% Online process.
• No Bank Credit Card or CIBIL bureau score required.
• Minimum documentation and completely digital service.
• Get 24*7 access to an instant, hassle-free loan anytime, anywhere.
• Become eligible for higher credit limits by repaying existing loan on time.
• As a compliance requirement, your payment record will be shared with credit rating agencies. Based on your record, your credit score may increase /decrease.
• Minimum and maximum period for repayment: 12 Months - 36 Months (Foreclosure permissible without any penal charges)
• Maximum Annual Percentage Rate (APR): 35.03 % (Including processing fee of 2%)
Sample Loan Calculation:
Loan amount: Rs 10,000 at interest rate of 17 % p.a.
Loan Tenure : 12 Months
Total Interest = Rs.945 /-
Processing fees (PF) + GST = Rs 200/- + Rs 36/- = Rs 236 /-
In-Hand Amount: Loan Amount - Total Deductibles ( (PF) + GST ) = Rs 10,000 – 236 = Rs.9,764 /-
Total repayable Amount: Rs 10,945/-
Monthly EMI Repayable: Rs 912 /-