- Instant Cash Against Loan
- Apna Gold 24*7
Updated: 01-02-2018 08:22:52 AM
Federal Bank, initially it was known as Travancore Federal Bank, has it’s headquarter at Aluva in Kerala. This bank is giving its services before independence. It is a customer centric bank and offers very simple and innovative products as per the need of the customers. Federal bank works in every segment i.e. deposits, loan, cards, insurance and other banking services. It is the most trusted bank among the customer.
Gold loan is the easiest way to get instant finance to execute your immediate/urgent needs. Federal bank provides you with easiest and instantaneous gold loan at very low rate of interest.
Types of Gold Loan Offered by Federal Bank
Instant Cash against Gold Loan
Federal Gold Loan:
Maximum Loan Amount | 75 lac |
Repayment Period | 12 months |
Now it is very easy to get immediate cash whenever it’s needed. Federal Gold Loan is available at more than 1000 branches You can avail this at very lower rate of interest. Loan amount up to Rs 75 lac can be availed under this scheme. Processing of loan is very fast and prompt. Entire process is hassle free and you will get the loan in few minutes. There are no hidden charges.
For loan amount up to Rs 2 lakh no saving bank account is required. Your 22 carat gold ornament will be kept as security to avail this loan. Repayment period of 1 year will be provided. You can also repay your loan in lump sum amount as well in instalments as per the convenience. No heavy penalties will be charged.
Who can apply: Any individual can apply for this loan.
How to apply: To avail Federal Gold loan you can directly visit your nearest branch.
Documentation:
Identity proof: PAN card, Driving license, passport & Voters ID card can be accepted for Identity proof.
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
Special Gold Loan:
Maximum Loan Amount | 75 lac |
Repayment Period | 6 months |
You will get higher amount per gram by availing Special Gold loan. Now it’s very simple to get desired amount in your time of need. This loan is available at more than 1000 branches. You can avail this at very lower rate of interest. Maximum Loan amount up to Rs 75 lac can be availed under this scheme. You can avail minimum of Rs 1000/- under special gold loan scheme. Processing of loan is very fast and prompt. As they have their own in house gold valuation expert at their branches they will calculate the valuation of your gold ornaments instantly. Therefore the entire process is hassle free and you will get the loan in few minutes. There are no hidden charges.
For loan amount up to Rs 2 lac no saving bank account is required. Your 22 carat gold ornament will be kept as security to avail this loan. Gold coins can also be kept as security, but bullions are not allowed. Repayment period of 6 months will be provided. You can also repay your loan in lump sum amount as well in instalments as per the convenience. No heavy penalties will be charged.
Who can apply: Any individual can apply for this loan.
How to apply: To avail Federal Gold loan you need to log on to Paisabazaar.com.
Documentation:
Identity proof: PAN card, Driving license, passport & Voters ID card can be accepted for Identity proof.
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.
Apna Gold 24*7
This is a very unique plan. In Apna Gold 24*7 loan you will be provided with a debit card with overdraft facility. You will be able to withdraw your loan amount through debit card which has a overdraft facility against your pledged gold.
Maximum Loan Amount | 75 lac |
Repayment Period | 12 months |
You will be provided with a secured credit cardalong with loan, which can be used for shopping purpose or also you can withdraw cash at any point of time from different channels. Facility of locker and free Insurance cover will also be provided for proper safety. Your 22 carat gold ornament will be kept as security to avail this loan. Gold coins can also be kept as security. Repayment period of 12 months will be provided. You can also repay your loan in lump sum amount as well in instalments as per the convenience. You need to pay the interest only on the used amount for actual days of use. Partial withdrawal is also allowed. That means no need to withdraw the full amount at one time.
As they have their own in house gold valuation expert at their branches they will calculate the valuation of your gold ornaments instantly. Therefore the entire process is hassle free and you will get the loan in few minutes
Who can apply- Any individual can apply for this loan.
How to apply: To avail Federal Gold loan you can directly visit your nearest branch.
Documentation:
Identity proof: PAN card, Driving license, passport & Voters ID card can be accepted for Identity proof.
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
Interest Rates on Gold Loans:
- 9.95 % (Base rate) + 3.80% = 13.75% per annum
Repayment Options:
Repayment can be done either in lump sum or customer can pay it in equated monthly Instalments.
- Lump Sum Repayment - Here you have to pay the interest amount every month & the principal loan amount can be paid in lump sum at the time of maturity.
- EMI Repayment - Here you will have to pay an equated monthly instalment every month which is comprise of principal amount along with interest reducing balance basis.