What is a Gold Loan?
It is a loan secured against the gold ornaments/bank coins acceptable as per RBI guidelines, which a customer pledges with the bank. The loan amount can be utilized for personal/business/agriculture & any other non-speculative purposes. It’s a loan which can be availed quickly and easily instead of going to pawn broker with higher rate of interest.
What are the benefits of Federal Gold Loan?
Gold loans from Federal Bank offers you following benefits:
- Instant sanction and hassle free processing
- Low rates of interest
- Minimal Paper work and quick disbursement
- Convenient repayment and flexible tenure
- Higher Per Gram Rates
- No Hidden Charges
- Security for the loan will be pledge of 22 ct. gold ornaments
What is the Eligibility for Gold Loan?
For a gold loan, applicants should be individuals aged above 18 years and should have gold that needs to be pledged with the bank.
What is the interest charge on gold loan?
The interest rate on your gold loan varies depending upon the gold loan scheme. To view the interest rates on Gold loan, please click here.
What is the maximum amount that can be sanctioned under the gold loan scheme?
You can avail maximum Rs.150 Lakhs under Gold loan scheme.
Can I foreclose or prepay my Gold Loan?
Yes, you can foreclose or prepay your gold loan
Can I partially repay the Gold loan amount?
Yes, you can make part-payment. However, the gold ornaments pledged with Bank will be released only after the entire outstanding amount is repaid.
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