Federal Bank Gold loan is the quickest way to meet your financial needs. The gold loan offered by allows the customers to take care of their financial requirements with ease. The bank offers instant finance once the gold is pledged to them. The applicant is not required to open a savings bank account for the loan amount up to Rs.2 lakhs.
You can find details about Federal Bank gold loan on Loanbaba.com, so keep a check on this page for further updated information.
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Federal Bank Gold Loan Details Updated on 2nd July 2020 |
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Loan Amount
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Rs. 1,000 to Rs. 75 lakhs
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Loan Tenure
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Up to 12 months
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Interest Rate
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11.75% to 13.25% onwards
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Why Choose Federal Bank Gold loan?
The Federal Bank has attractive offer on gold loan. It charges nominal rate of interest. The loan amount can be used for desirable purpose. Loan tenure is flexible and one can get maximum amount as per the gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfill their financial needs with loan against gold.
Features of Federal Bank Gold Loan
- The loan repayment period of 12 months will be provided by the bank in which the loan can be repaid with a lump sum or in installments.
- The bank will not charge any heavy penalties.
- It only provides loan against 22-carat gold ornaments, jewelry, and coins.
- They offer competitive interest rates along with flexible tenures.
Why Apply for Gold loan on Loanbaba.com?
At Loanbaba, you can compare and apply for gold loans online. You can check out several gold loan schemes go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. The application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Federal Bank Gold Loan Interest Rates
The Federal Bank Gold Loan interest rate charged is related to various factors. The interest rate per year starts at 11.75% to 13.25%. The bank has the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate.
Federal Bank Gold Loan Eligibility Calculator
Gold loan eligibility may differ from one candidate to another. You can also use free-of-cost gold loan eligibility calculator at Loanbaba.com
Types of Federal Bank Gold loans
The bank has gold loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
- Apna Gold 24*7 by Federal Bank:
This type of gold loan scheme comes with an overdraft facility and a debit card. The borrower can access his/her loan via the debit card that comes with an overdraft facility against the gold pledged. A secured credit card also comes with this scheme which the borrower can use it for shopping or any other purpose. The borrower can also enjoy the facilities like free insurance cover and locker facility. The bank will pledge only 22-carat gold which will also act as collateral.
Who can apply? – Anyone who is above 18 years of age.
How to apply? – By visiting the nearest Federal Bank Branch.
Interest Rate – 13.75% per annum
- Instant Cash against Loan by Federal Bank:
Who can apply? – Anyone who is above 18 years of age.
- Special Gold Loan by Federal Bank
Under the Special Gold Loan Scheme, one can avail the minimum loan amount of Rs.1000/- to the maximum loan amount of Rs.75 lakhs. Not only this, the borrower by availing this scheme can enjoy higher amount per gram of their gold. The bank will pledge only 22-carat gold which will also act as collateral. It includes jewelry, ornaments, and coins.
Who can apply? – Anyone who is above 18 years of age.
Gold loan Federal Bank FAQs
Below provided is important Federal Bank Gold Loan FAQs.
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- What are the documents needed for a loan against gold?
- Address proof (electricity/water/telephone bill, passport, sales tax agreement, trade license, and recent passport size photographs).
- Identity proof (driving license, Voters ID, PAN card, etc).
- What are the repayment terms and charges for Apna Gold 24x7 scheme?
One year will be the loan repayment period and the borrower can opt to repay the loan in installments or in a lump sum, whichever he/she finds suitable, the bank will not charge any heavy penalties for paying off the loan in a lump sum. The interest is payable only on the used amount and the borrower can go for the partial withdrawal of loan.
- Which important details you must know about the special gold loan scheme by the bank?
180 days will be the holding period for the Special Gold Loan scheme and the borrower is free to repay the loan as per his/her convenience. That is, he/she can choose to repay the loan in installments or in a lump sum. The bank will not charge any heavy penalties for paying off the loan in a lump sum.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Federal Bank.
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