Federal Bank Gold Loan  – Benefits, Eligibility, and How To Apply

Federal Bank Gold Loan

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Federal Bank is Indian private sector bank which provides various banking facilities to its customers. The bank has 1,336 branches spread across different states in India. It also has representative offices abroad in Abu Dhabi, Kuwait, Oman, and Dubai.

Federal Bank Gold Loan

Federal Bank Gold Loan can be obtained against gold ornaments. It comes with various benefits and special features. Gold loan helps you to overcome your financial problems. On availing gold loan from Federal Bank is considered one of the best which comes with competitive interest rates, minimal documentation and hassle-free application process.

Also Read: SBI Gold Loan

Benefits of Gold Loan

• If you are in urgent need of cash then you can avail for a gold loan against your gold jewellery or ornaments by keeping as a security in bank
• It can be availed for the education of your child
• For medical emergencies
• To get urgent fund while going for a trip etc.

Features of Federal Bank Gold Loan

• It tends to help you in any urgent financial needs
• Tends to help extend a business
• It can be taken for educational purpose
• Hassle-free application process
• Instant sanction
• Minimal Documentation
• Flexible Repayment
• Lower rate of interest
• Different types of loan schemes

Types of Federal Bank Gold Loan Schemes

Federal Bank provides three types of gild loan schemes – General Gold Loan Schemes. Federal Bank Gold Loan Overdraft Scheme, Agriculture Gold Loan

1. General Gold Loan Scheme

2. Federal Bank Digi Overdraft Gold Loan Scheme

With this scheme the loan amount is provided as an overdraft facility. It comes with various facilities such as ATM card, Mobile Banking, NET Banking. You can release or replace your gold ornaments during the loan tenure.

3. Kisan Gold Scheme/ Agricultural Jewel Loan Scheme

Kisan Gold Scheme is for the agriculture people who seeks to avail for a gold loan. This scheme comes with various benefits and features such as no processing fees is required for up to Rs 25,000, no prepayment charges are levied

Federal Bank Gold Loan Interest Rate and Other Charges

Eligibility Criteria

Anyone whose age lies between 18 and 75 years can apply for the loan. An applicant who has a good source of income having sufficient means to repay the loan amount can avail for the loan. The loan can be availed for personal, business, and agricultural purpose.

Documents Required

To apply for gold loan certain documents are required to submit by the applicants –

• Id proof
• Address proof
• 2 passport size photographs
• Income proof
• Dully filled application form
• Witness letter in case of illiterate borrowers

Note: If you are an existing customer, no extra documents are required. Any other documents requested by the Bank shall be duly submitted by the new customers.

How to Apply for Gold Loan in Federal Bank

To apply for a gold loan, you need to visit any of the Federal bank branch and have to complete the application process, and submit the necessary documents as charged by the bank and your gold loan will be sanctioned.

To apply online you need to follow the below steps:

• Visit the website
• Click on the gold loan
• Click on the application form
• Enter all the required details like phone number, email id, loan amount etc.
• Click on continue
• Submit the form

Gold Loan EMI Calculator

Gold Loan EMI Calculator is an online tool where one can calculate their EMI against the gold loan they have planned to avail from the bank. To use this EMI calculator is very simple, all you need to enter the details of loan amount, tenure, gold weight etc., and the bank will provide you the loan amount you are eligible for and how much amount you will have to pay on the given tenure. To calculate your monthly EMI you can follow the below mentioned steps –

• Click on the EMI calculator
• Enter all the details
• You will be able to see the EMI amount on the right side of the screen

How to Repay your Gold Loan

Your Gold loan can be repaid in the following three steps:

• Standing Instruction: Through Standing Instruction your EMI amount will be debited automatically at the end of the monthly cycle from your account

• Electronic Clearing Service: This mode is useful for the one who have a non-federal bank account and would like your EMI to be debited at the end of the month

• Post-Dated Cheque: You can also submit post-dated EMI cheque at your nearest bank branch.

You can follow the below mentioned steps to repay your EMI –

• Visit the official website of Federal Bank
• Click ‘Quick EMI’
• Enter the OTP received on the registered mobile number. You will be able to see the loan amount and respective amount due
• Select the preferred payment mode from the list of different payment options from the list of different payment options and complete the payment process.

FAQs

1. What is gold loan?

Ans: Gold loan is a loan provided by the bank against your gold ornaments.

2. What is the maximum gold loan tenure for Federal Bank?

Ans: Maximum gold loan tenure for Federal Bank is up to 12 months.

3. How much gold loan can I avail from Federal Bank?

Ans: You can get up to Rs 1.5 crore gold loan.

4. Is my jewellery safe at Federal Bank?

Ans: Yes, your jewellery is completely safe at Federal Bank.

5. How long does it take for the disbursement of loan amount?

Ans: The loan amount will get disbursed in your account at the same day of your loan application.

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.