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As part of extending innovative services, Manappuram Finance has launched the “online gold loans” facility at its head office in Valapad near Thrissur. This is the first time that a financial services institution is providing online facility for gold loans, VP Nandakumar, MD and CEO, said.
A customer is required to make an initial visit to the company’s branch for appraisal of his gold ornaments and handover the same 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 also 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 This amount can be withdrawn using a smart phone, computer, or other devices with Internet connection from anywhere.
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