Federal Bank Gold Loan
Federal Bank Ltd is a most renowned firm in India and largest private bank in India. It is headquartered at Kochi, Aluva, Kerela, India. If you are going through financial sevices and need immediate funds to fulfill your personal needs, medical emergencies, wedding parties, business expansion and for education, Federal Bank is there to help you. Loan sanctioned against Gold is known as Gold Loan. If you have Gold with you lying in a safe at your home, then use it and get the maximum funds from Federal Bank Gold Loan. It is the easiest process of sanctioning Gold Loan from Federal Bank Ltd. Use the Power of Gold and get immediate funds. It avails you the maximum funding at a very low rate of interest.
Different forms of Gold accepted by the Federal Bank for Gold Loan
Gold ornaments acceptable by the Federal Bank Gold Loan are Gold jewelry such as ( Gold bangles, Gold ring, Gold mangal sutra, Gold necklace) Gold bar, Gold biscuits and Gold coins up to 50 (grams) are acceptable. But it should be having the Purity of Gold 18karat -22karat.
Benefits of Gold Loan
- Federal Bank provides you the Gold Loan at a very low rate of interest
- It also avails the maximum funding to the customer
- Federal Bank also provides safe and secure custody to your Gold
- Moreover, it also provides a Gold loan at a very low rate of interest
- Uniquely it also requires a minimum processing fee
- Bank also requires Low documentation for the sanctioning Gold Loan
- This Bank provides Gold Loan quickly after approval
- Additionally it also offers quick disbursals
Federal Bank Gold Loan Scheme
Bullet Repayment Scheme
To apply for Gold Loan, you must be:
- Firstly, A citizen of India.
- Secondly, Gold should be of more than 10 grams.
- Moreover, A farmer, trader, salaried or self-employed professional, or businessman can apply for gold loan.
- After that, The applicant must be between 18 to 65 years.
- Gold should be a minimum of 18 to 22 carrots.
- Also, The minimum loan amount is Rs.18000.
Gold Loan Documentation
Basic KYC documents required for the approval of Gold Loan in Federal Bank Gold Loan
Identity proof: PAN card, Driving license, passport & Voters ID card can be accepted for Identity proof. Anyone of them can be accepted.
Address proof: Electricity bill, Ration card, telephone bill, and passport, lease agreement, sales tax certificate, Trade license can be accepted as Address proof, Recent passport size photograph. Anyone of them can be submitted by the customer for the approval of Gold Loan.
Interest Rate and Processing Fees
- Repayment period is 6 months in Federal Bank Gold Loan
- Maximum Loan to Gold Value Ratio offered by Federal Bank is Up to 75%
- Maximum Loan Tenure in Federal Bank is 12 months
- Lowest EMI Per Lakh is Rs. 8,873 in Federal Bank for Gold Loan
How to apply for Gold Loan in Federal Bank in India on bookmyloans.in
It is very easy to apply for the Gold Loan. It can be done with the 2 process one is Online and Offline too. In the offline method, you have to visit the branch of the bank and need to fill up the application form. There you need to provide your information and need to visit till the sanctioning of Loan. In online processing, you need to visit our online site that is bookmyloans.in. There you need to provide your information. Just after that customer representative of Federal Bank Ltd will contact you and confirm some of your details from the application form you filled and let you know the eligibility. If you are eligible then they will fix your appointment with the banker.
The banker will come to your doorsteps and collect your required documents. You need to visit the Bank once with the Gold against which you want to sanction the loan. You get inside with the Gold and came out of the bank with the sanctioned loan. It is a quick process of approving and sanctioning Loan. So don’t wait and apply now on bookmyloans.in and get cashback.
FAQs About Gold Loan
- How does Gold Loan work?
It is straightforward to understand Loan on Gold. The Banks /NBFC provide you with funds against your gold ornament. The amount depends upon the gold weight.
- Is gold loan secured?
Yes, it is essential to note that the loan on gold is secured. Because while taking Gold Loan, the applicant put his/her gold jewelry into the bank’s locker as collateral.
- What consequences can happen when you don’t repay a Gold Loan?
If an applicant is not able to return the gold loan on time, then the bank is liable to sell his gold ornaments.
- Is it necessary to have a co-applicant to get Gold Loan?
No, there is no need for any co-applicant to get Gold Loan.
- Is there any fee to pay for the Gold Loan?
It is necessary to pay the loan processing fee as well as Valuation fee.