MGNL Your Reliable Investment Partner
32+ Years
2000+ Customer
Best In Class Deposit Schemes
Hassle-Free Loans
Welcome to MGNL
Midson Group Nidhi Limited has been contributing to the financial well-being of the common man for more than 32+ years now. Our services include providing Fixed Deposits and Loan Against Jewellery on extremely easy and attractive terms and conditions to people of each segment of society. We are committed to uplifting and empowering the common man by maximizing his savings and providing him a helping hand whenever he feels stuck in life's myriads. A prominent example of this is our financial inclusion policy that has been specially designed keeping in mind the needs of a commoner that he can practically invest in and reap maximum benefits out of it.
Fixed Deposit
MGNL offers Fixed Deposit plans with attractive returns than any other saving plan. Our FD investments come with many benefits such as long term deposits, better and consistent savings, compounding interest, safe deposits, etc. You can plan your long term financial goals with us and be financially assured to fulfill them.
Best in class Interest Rates
Yearly Compounding Benefits
Flexible Tenures Available
Deposit Starts from as low as 50000/-
Backed up by 32 years of Trust
More than 2000+ satisfied customers
Fixed Deposit Plans
MGNL Silver Plan
-
A 3-years Fixed Deposit plan
- Interest amount compounds annually
- Gives an additional 1.5% more interest rate at maturity
MGNL Gold Plan
- A 5-years Fixed Deposit plan
- Interest amount compounds annually
- Gives an additional 3.25% more interest rate at maturity
FAQs
Yes, but 2% penal interest will be deducted from the original rate.
Yes, all the account details will be taken while filling the FD form and at the maturity amount will be credited automatically.
A Hard copy of Fixed Deposit Advise will be provided to the customer.
Nomination (Form DA1) is applicable for FD.
Rs. 50,000/-
Yes, TDS is deductible on the interest earned but if a person provides separate Form 15G/H then TDS is not deductible.
Loan Against Jewellery
MGNL provides loans against all kinds of jewellery - Gold (Jewellery and coins up to 50-grams), Silver, Diamond, etc. It helps your jewellery work for you in terms of a financial emergency or to provide additional financial support in case of need. MGNL’s jewellery loan options can be used in multiple ways whether it is to support your child’s education, marriage, house renovation, buying a home appliance, buying a motor vehicle, starting a small business, planning a foreign trip and so on. Our plans have been specially crafted to financially empower you economically.
Hassle Free Loans
Minimum Documentation
High Loan to Value Ratio
Loan against Silver, Gold & Diamond Jewellery
Loan against Gold coins up to 50 grams
Schemes
Bullet Repayment Scheme
In our Bullet Repayment Loan Scheme, customers can pay only monthly interest payments and make the principal amount repayment at the end of the loan tenure.
6 Months Easy Installment Scheme
In this scheme, customers can pay their loan amount in 6 easy installments including the principal amount as well as interest payments.
12 Months easy Installment Scheme
In this scheme, customers can pay their loan amount in 12 easy installments including the principal amount as well as interest payments.
FAQs
As the name suggests this is the loan given against Jewellery. It’s a secured loan that enables borrowers to pledge their Jewellery in lieu of a cash loan. It enables people to utilize their jewellery assets instead of storing them in lockers. Customers usually go for this loan for a short period to meet the requirements like- their children’s education, marriage and other financial requirements in the family.
For a jewellery loan, applicants should be aged above 18 years and should have jewellery that needs to be mortgaged with MGNL.
The interest rate on your Jewellery loan depends on the person's eligibility and loan to value ratio.
The maximum loan amount which can be disbursed against Jewellery loan with MGNL is INR 2.0 Lac per person.
The loan approval process for Jewellery loans is very fast. If your application meets all the requirements, it gets disbursed on the same day.
Repayment Tenure is 1 Month to 12 Months.
A nominal processing fee is levied on your Jewellery loan. The processing fee charged varies but generally does not exceed 2% of the loan amount. In addition to the processing fee, you are expected to pay a Jewellery validation charge which MGNL will incur.
Loan foreclosure charges range from 0%-3% and are applicable on the outstanding amount of your Jewellery loan.
It’s very simple to reclaim deposited Jewellery. Plan your loan repayment efficiently and ensure you do not default. Failure to repay the loan in the stipulated time will result in auctioning of your Jewellery ornaments.
The loan can be repaid via any money transfer medium such as Cash, Cheque, Demand Draft or Online Fund Transfer.
MGNL usually levies an annual penalty between 1% to 6%. This is in addition to the rate of interest that you would be paying to service your loan.
Documents required for approval of your Jewellery loan are:
Individual’s Id proof, such as:
- Driving License,
- Pan Card,
- Form 60/61,
- Passport, and
- Voter ID card.
Address proof such as House Registration Documents and Utility Bills.
A Jewellery loan can be repaid partially at any point in time. However, your deposited Jewellery will only be returned once the entire loan amount has been repaid.
MGNL takes a lot of precaution while storing your Jewellery and keeps it safe until the loan amount is returned. We understand the sentimental value attached to Jewellery ornaments and act as custodians while the Jewellery remains with us.
Testimonials
- Mr. Jaspal Singh Jubbal
This is such a good place to invest your money. When I was looking for options to invest the money that gives me good returns a friend suggested to me about MGNL’s Invest Plans. Upon some personal research and analysis and through checking, I realized that they are not only reliable but also provide competent and even better returns than banks. So that was it and the next day, I called MGNL and got my FD started. With MGNL, I got to enjoy higher interest rates, with the help of which I am today able to enjoy my retirement without a pension, but with peace.
- Mr. Anil Narula
I applied for a gold loan with MGNL twice for my child’s dream college admission. With the increasing inflation and the rate of quality education and with my meager income it seemed like a distant dream to make my only child study in a prestigious college. But thanks to MGNL, today I am able to fund my child’s education for a better future.
- Mr. Laksh Kad
I was looking for a reliable fixed deposit scheme to secure the future of my child and to support his education and dreams. That’s when I came across MGNL’s FD plans and after talking to a couple of people and researching, I realized that these are way better than the market. I have opted for a 5-year plan and it's been more than 2 years now that we have been associated with MGNL and I have been getting good returns. I also get a great sense of relief by looking at the investments for my child's future. Thanks, MGNL, you’re our saviour.