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Manappuram OGL Online Gold Loan Facility

Organization : Manappuram Finance Ltd
Service Name : OGL Online Gold Loan
Applicable State: All India
Website : https://online.manappuram.com/

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Online Gold Loan

OGL, or Online Gold Loan, is a new product launched by Manappuram Finance Limited. With OGL, you can obtain a gold loan anytime, from any place. The loan amount is instantly credited to the your savings bank account registered with us. The loan is disbursed on the basis of the value of Gold already pledged at a branch.

Related / Similar Facility :
Manappuram Finance ePayment

Joyalukkas Easy Gold Scheme

Frequently Asked Questions:

How is the loan disbursed in OGL?:
When the OGL facility is used, an Online Gold Loan account is created in our books, and the loan amount is credited instantly to your saving bank account registered with us.

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Through OGL, how many loans can a customer avail based on the security of gold kept at the branch?:
Through OGL only one loan can be disbursed at a time. However, the customer can take a new loan at any point of time after closing the old loan account. There are no restrictions on taking a new loan after closing the old loan. For example, a customer with an existing loan who desires to obtain a loan of higher amount within his overall eligibility, will be permitted the same.

In this case, the system will close the existing loan account from the proceeds of the new loan of the higher amount and the difference will be credited to the customer’s bank account. In this way, each customer will have only one live loan account.

Is the customer given any documents at the time of availing OGL?:
Yes, customer will get a document called OGL PAWN TICKET which displays complete information about loan amount, rate of interest, duration of loan, due date and other terms and conditions along with photographs of the customer and gold ornaments. This document is generated at the time of confirmation of transaction through mail. Besides, the customer can, at any point of time, download this document through the customer eService portal.

What is the relevance of this document? For what purpose is it required?:
The OGL pawn ticket is a legal document which contains all the terms and conditions of the loan. The same is considered to be digitally signed by the customer who has keyed in the One-time Password (OTP) sent to the registered mobile number.

The OTP is generated at the time of confirmation of OGL transaction after the customer has logged in through the customer`s User ID and Password. The OGL pawn ticket also records the date and time of the transaction, and the IP number of the system through which the customer has transacted.

Is there any limit on the loan amount under OGL?:
There is no limit. The customer can avail Gold loan based on the gold deposited at his branch. He can choose a Gold loan scheme available at the branch where the Gold is deposited. Each loan scheme will have its own limits, rate of interest rate, period of the loan etc.

In other words, the Loan limit will depend on the scheme selected by the customer when availing the OGL. However, there is a company wide exposure limit for loans to individuals based on the loan policy approved by the Board of the company.

Whether disbursement of OGL to Customer`s Bank account available 24X7?:
OGL is disbursed 24X7 using the Immediate Payment Service (IMPS) introduced by National Payment Corporation of India (NPCI). Manappuram provides this service through tie-up with leading Banks.

How can a customer update his bank account details for OGL?:
The customer needs to produce the following documents for registering his bank account:
a. Copy of cancelled cheque
b. Copy of bank pass book (along with original for verification purpose)

Can the customer change bank account details after One-time registration?:
A customer can change or modify his bank account details by submitting an application at the branch with the documents mentioned at (13) above.

Whether any physical signature is required for OGL?:
No, the loan will be disbursed without any fresh documentation. However, for registration in OGL, one-time signature on a document of terms and conditions of the OGL is required.

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