Muthoot vs. Manappuram: Interest Rates, Loan Amounts & Eligibility Compared
Gold loans have become one of the most preferred ways to get quick cash without selling your gold. Whether it's for an emergency, a business need, or a personal expense, pledging gold ornaments is a hassle-free way to borrow money. Two of the biggest gold loan providers in India are Muthoot Finance and Manappuram Finance. Both companies have a strong reputation and offer attractive gold loan schemes, competitive interest rates, and simple application processes. But which one should you choose? Let's compare their loan features, eligibility criteria, interest rates, required documents, and repayment options to help you make an informed decision.
Muthoot Finance Gold Loan
Loan Amount and Interest Rates
Muthoot Finance
offers gold loans starting from ₹5,000 up to ₹5 crores, depending
on the value of your gold. The interest rates range from 10.5% to 22% per
annum, depending on the scheme you choose.
Gold Loan Schemes by Muthoot Finance:
- Muthoot
One Percent Loan – Loan
amount: ₹1,500 to ₹50,000, interest rate: 12% p.a.
- Muthoot
Ultimate Loan (MUL) – Loan
amount: ₹1,500 onwards, interest rate: 22% p.a. (with a 2%
rebate for monthly interest payment)
- Muthoot
Delight Loan – Loan amount:
₹50,000 to ₹5 crores, offers low interest rates
- Muthoot
Mahila Loan – Available in South
India, loan amount: ₹1,500 to ₹1 lakh, interest rate: 11.9% p.a.
- Muthoot
High Value Loans – Loan
amount: ₹1.9 lakh to ₹5 crores, interest rates start from 14% p.a.
- Muthoot
Big Business Loans – Loan
amount: ₹5 lakh to ₹500 lakh, interest starts from 10.5% p.a.
Eligibility Criteria for Muthoot Finance Gold Loan
- Any Indian resident who is 18 years or
older is eligible to apply.
- The gold ornaments pledged should be
18 to 24 karat purity.
- No need for income proof or credit
score.
Documents Required for Muthoot Finance Gold Loan
- Identity
Proof: Aadhaar Card, PAN Card,
Passport, Driving License, or Voter ID.
- Address
Proof: Utility bills, rent
agreement, or bank statement.
- Passport-size
photographs.
How to Apply for a Muthoot Finance Gold Loan?
- Visit the Muthoot Finance website
or download the iMuthoot mobile app.
- Use the gold loan calculator to
check your loan eligibility.
- Select a suitable gold loan scheme.
- Submit the application online or
visit the nearest branch.
- Complete the documentation and get
instant loan disbursal.
Manappuram Finance Gold Loan
Loan Amount and Interest Rates
Manappuram Finance offers gold loans starting from ₹3,000, with a maximum Loan-to-Value (LTV) ratio of 75% and an interest rate of 21.20% per annum.
Gold Loan Schemes by Manappuram Finance:
|
Scheme Name |
Minimum Loan Amount |
Loan Tenure |
LTV Base |
Interest Rate |
|
SL |
Rs. 3,000 |
365 Days |
75% |
21.20% |
|
TMA 2 |
Rs. 2 lakh |
365 Days |
75% |
21.20% |
|
TMA 3 |
Rs. 3 lakh |
365 Days |
75% |
21.20% |
|
TMA 4 |
Rs. 5 lakh |
365 Days |
75% |
21.20% |
|
TMA 5 |
Rs. 10 lakh |
365 Days |
75% |
21.20% |
|
TMA 6 |
Rs. 20 lakh |
365 Days |
75% |
21.20% |
|
SS2-1 |
Rs. 1 lakh |
365 Days |
65% |
21.20% |
|
SA+1 |
Rs. 1.95 lakh |
365 Days |
60% |
21.20% |
Eligibility Criteria for Manappuram Finance Gold Loan
- Any Indian resident who is 18 years or
older is eligible to apply.
- Gold ornaments should be 18 to 24
karat purity.
- No credit score or income proof
is required.
Documents Required for Manappuram Finance Gold Loan
- Identity
Proof: Aadhaar, PAN Card,
Passport, Voter ID, or Driving License.
- Address
Proof: Utility bills, rent
agreement, or bank statement.
- Passport-size
photographs.
How to Apply for a Manappuram Gold Loan?
- Visit a Manappuram branch or enquire now online with
your gold.
- The gold will be valued for purity
and weight.
- Submit the loan application with
documents.
- Loan amount is disbursed instantly
after approval.
Comparison: Muthoot Finance vs. Manappuram Finance Gold
Loan
|
Features |
Muthoot Finance |
Manappuram Finance |
|
Minimum Loan Amount |
₹5,000 |
₹3,000 |
|
Maximum Loan Amount |
₹5 crores |
₹20 lakhs (higher
for select schemes) |
|
Loan Tenure |
12 months |
12 months |
|
Interest Rate |
Starts at 10.5%
p.a. |
21.20% p.a. |
|
LTV Ratio |
Varies by scheme |
75% |
|
Processing Time |
Instant |
Instant |
|
Application Mode |
Online &
Branch Visit |
Branch Visit |
Which Gold Loan is Best?
- If you need a lower interest rate,
Muthoot Finance is a better option.
- If you need a higher loan amount,
Muthoot Finance offers loans up to ₹5 crores.
- If you prefer online application and
doorstep services, Muthoot Finance provides better digital solutions.
- If you need a quick gold loan with
minimal documentation, both lenders are good choices.
Public FAQs
1. Does Muthoot and Manappuram report to CIBIL?
Yes, both Muthoot Finance and Manappuram Finance report gold loan transactions to credit bureaus like CIBIL. If you repay your gold loan on time, it can have a positive impact on your credit score. However, if you default or delay payments, it can negatively affect your CIBIL score, just like any other loan.
2. How to repay a gold loan?
Gold loans can be repaid in multiple ways, depending on the lender’s terms. Common repayment options include:
- Bullet Repayment: Pay the entire principal and interest amount at the end of the tenure.
- EMI Repayment: Pay monthly installments, which include both principal and interest.
- Interest-Only Payment: Pay only the interest regularly and settle the principal at the end.
- Part-Payment: Make partial payments towards the principal whenever possible.
You can repay the loan through online banking, mobile apps, UPI, bank transfers, or by visiting the lender’s branch.
3. Is my gold safe with Muthoot?
Yes, Muthoot Finance follows strict security measures to safeguard pledged gold. Your ornaments are stored in high-security vaults with surveillance, and they are insured against risks such as theft, fire, or loss. This ensures that your gold remains safe until you repay the loan.
4. Is Manappuram gold loan safe?
Yes, Manappuram Finance provides secure storage for pledged gold. The company uses advanced security systems, CCTV surveillance, and insurance coverage to protect gold deposits. Since Manappuram is a well-established NBFC, it operates under strict regulations set by the Reserve Bank of India (RBI), ensuring customer protection.
5. Can I sell my gold to Manappuram or Muthoot?
No, you cannot directly sell your gold to Manappuram or Muthoot Finance, as they do not buy gold from customers. They only provide loans against gold as collateral. If you want to sell your gold, you may need to visit a jeweller or gold-buying company instead.
Click here to use our Gold Loan Calculator
My Thought
For lower interest rates, online application, and higher loan amounts, Muthoot Finance is the better choice. However, if you are looking for a quick loan without focusing on interest rates, Manappuram Finance is also a good option.
Before making a decision, it is always best to compare the latest gold loan schemes, interest rates, and LTV ratios offered by both lenders and choose the one that best fits your financial needs.
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