Manappuram Finance has launched an “online gold loans” facility recently, reports say. It also marked the foray of any financial institution to offer an online gold loan facility, as per the company, reports add. To avail this facility, a customer needs to pledge the gold ornaments at the company’s branch, by visiting the branch to appriase the ornaments, submit them to the office against a receipt. The company would store the ornaments in a vault. The customer gains an insurance cover full value of the ornaments. The credit limit is of up to 75 per cent of the market value of the respective gold ornaments given as online gold loan.

The customer can withdraw the amount through a smart phone, or any other digital device like a computer or others with a net connection.

This service is part of the company’s strategies to reach out to its customers. The facility is launched at the company’s head office in Valapad near Thrissur, reports add.