25 Oct 2015 16:32 IST

Manappuram Finance launches online gold loans

A credit limit of up to 75 per cent of the market value of the pledged gold ornaments will be sanctioned as online gold loan

As part of extending innovative services, Manappuram Finance Ltd has launched “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, V.P.Nandakumar, MD & CEO said.

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.

Customers will additionally get insurance cover for the full value of the ornaments. A credit limit of up to 75 per cent 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 This amount can be withdrawn by the customer using a smart phone, computer, or other devices with internet connection from anywhere.

The company has also plans 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, he added.

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