Purpose
To purchase gold coins/ingots – ‘Federal Bank Pure Gold’ sold by our Bank.
Loan Amount
Up to Rs 75 Lakhs.
Eligibility
Individuals having adequate income to repay the installments.
Quantum of finance
Upto 80% of the Gold price excluding VAT.
Margin
20% of security value plus VAT.
Period
Maximum 60 months.
Rates & Interest
Please refer rates & charges page
Repayment
Equated Monthly Instalments.
Security
Pledge of Federal Pure Gold coins/ingots retailed by our Bank, which are 24-carat, imported from M/s PAMP, Switzerland and carries a fineness of 999,9 with Assay certification.
Other conditions
Partial Release of gold permitted once in a calendar year against part payments provided repayment is regular & adequate security is available after release to cover the balance outstanding in the account with accrued interest, duly maintaining specified margin.
Features
- Best mode of investment especially for marriage purposes
- Insulation from any future price hike
- Down payment requirement is only 20%
- No processing fee
- Easy documentation – No stamp paper required
- Repayment by easy installments up to 60 months
- Repaying capacity – Assessment by Manager
- No depreciation on resale or exchange for ornaments