As future is uncertain, we never know when we face an urgent need of some more financial resources. There is nothing bad or wrong about facing situations like that, as one said when nothing goes right turn left and in situation to meet financial emergency Gold Loan service is the left turn for you, this way meets your financial emergency and reaches you out to your right destination. Federal Bank Gold Loan is here to provide helping hands to you so that you can reach your final destination. Gold Loan in Fedreal Bank comes with a lot of benefits and special features. Thus, make use of your gold in your bad time, and overcome the financial problems. Though, There are a lot of financial banking and non-banking companies that provide you with a gold loan, but Federal Bank is considered one of the the best.

Know More - What happens when you don’t pay a Gold Loan?

What is Federal Bank Gold Loan?

Gold loan is a type of secured service, where you will get value against your gold ornaments; Gold Loan is Gold deposits where you get a value in monetary terms, and after repayment of the amount your gold ornaments will return to you in its same shape.  Gold Loan is one of the best utilization of your personal asset like Gold. Thus, one should choose Gold Loan rather than selling their gold to meet their financial emergency.

Read More - About Gold Loan

Features of Federal Bank Gold Loan

  1. Firstly, Federal Bank Gold Loan is straightforward to apply. One can apply for the gold loan online within a few minutes.
  2. Secondly, if a borrower is eligible, the loan can be approved within 5 minutes.
  3. Next, after the approval of the gold loan, if the borrower has its complete documents, it can be disbursed quickly.  One can say it can be disbursed within a few hours.
  4. Also, the responsibility of the Gold is all at the Bank’s end. Borrower’s gold assets will be kept under very tight and fireproof security.
  5. Besides, the rates of interest provided by the Bank are quite affordable.
  6. Moreover, the documentation process is straightforward.
  7. Finally, the Bank will not ask the reason behind the gold loan; one can use this loan amount according to their needs.

Know More -  Gold Loan Features and Benefits

Who can get a Federal Bank Gold Loan?

The borrower has to qualify some eligibility criteria; so that he will be able to apply for Gold Loan.

  1. First of all, the interested candidate must be an Indian citizen to avail Gold Loan.
  2. After that, the minimum age of the candidate should be 18 years.
  3. Furthermore, the applicant should have a minimum of 10 grams of Gold.

Know More - Gold Loan Per Gram

Form of Gold that is acceptable

Not every type of Gold is accepted by the banks to provide the Gold Loan. There are various restrictions regarding the valuation Gold.

  1. First of all, the purity or quality of the Gold should be in between 18 Karats to 22 Karats.
  2. Besides that, the raw form of Gold is not acceptable.
  3. Furthermore, gold coins that weight less than 50 Grams are accepted.

Know More - Top Reasons why Gold Loan is the best borrowing option

Documentation for Federal Bank Gold Loan

  1. Identity Proof: The document for proof of identity should be specifically from one of the following:
  2. Adhar Card /Pan Card/Valid Driving License/Ration Card/ Utility Bills on the name of the applicant/ Rental Agreement of applicant/ Voter ID card.
  3. Signature Proof: The documents considered for proof of signature are namely, Bank’s Verification document/ Valid Passport.
  4. Besides the above requirements, the applicant needs two passport size colored photographs.

Eligibility of Federal Bank Gold Loan

  1. First of all, the age of the applicant should lie between 18 years to 70 years.
  2. Secondly, the applicant should be a citizen of India.
  3. The quality of Gold should be from 18 Carat to 22 Carat to get a loan.
  4. Other equally important criteria are the weight of Gold, which should be more than 10 grams. That is, the amount of Gold Loan per gram starts from 1,900 Rupees.
  5. Anyone can apply for a gold loan whether you are a salaried applicant or self-employed.

Know More - Gold Loan: Factors to Remember

Federal Bank Gold Loan Interest Rates

In general loan on gold, the credit is available at a low interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal loan or any other kind of loans. Though the gold loan rate keeps on changing time to time as well as person to person. 

  1. The gold loan is available at 1% PM interest rate.
  2. Gold Loan Interest rate - 10.70%.
  3. Moreover, offer low processing fee that is  0.85%.
  4. Further, pre-closer charges range from  0 – 2 %.

How to Apply?

Through our site the applicant gets the opportunity to avail the service of a gold loan at the comfort of their home. Just follow the following steps:

  1. First of all, visit Dialabank.com.
  2. Secondly, fill an application form with all required fields.
  3. Thirdly, our Relationship manager, will call you back to assist through the entire process.
  4. Next, you will have to submit documents in the Bank.
  5. Finally, your loan will be approved in just some minutes.
  6. Apart from the above process, you can directly call us at 95920-46860.

Know More -  Five mistakes to avoid while applying for a Gold Loan

FAQs About Federal Bank Gold Loan 

1. How does Gold Loan work?
 Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.

2. Is Gold Loan secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.

3.What happens when you don’t repay a Gold Loan?
 If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.

4.Do I need a co-applicant to get a gold loan?
 No, to avail Gold loan you don’t need any co-applicant 

5.Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.

6.What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.

7.Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.

8.Is gold loan a good option?
A gold loan is an excellent choice because:

  • Minimal Documentation
  • Disbursal in 30 minutes
  • Flexible Loan Tenure
  • Wide-ranging Repayment Options
  • Pre-payment option
  • Negligible Processing Fees

9.How can I avail a gold loan?
You can avail the service of a gold loan in a few clicks.

  • Fill in your expected details in the web-form on Dialabank.
  • Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
  • We will suggest you the loan which meets your requirements, in your specific region.
  • Submit the required documents with our representative, who will be in touch with you.
  • Accept the loan amount in just 30 minutes.

10.Is Gold Loan better than a personal loan?
Yes, a gold loan is far better than a personal loan. Reasons being:

  •  A gold loan does not require a CIBIL score or any proof of your income.
  • Gold loans are less time-consuming and hustle free in comparison with Personal Loans. 
  • A gold loan is a secured loan and therefore, is the most opted loan nation-wide.Gold Loan Interest Rate of Different Banks - Updated on 2019

11.What is the benefit of gold loan?

Gold loans have various benefits, which are why it is the most opted loan in the country. Some of the benefits are listed below:

  • Proof of your income is not needed Loan
  • Disbursal in just 30 minutes
  • CIBIL score is not required
  • Less Documentation 
  • Maximum Funding
  • It is a Secure Loan
  • Instant  Approval

Best Gold Loan Providers

Bank  Gold Loan Rate 
HDFC Bank 10.70%
Yes Bank  10.85%
Axis Bank 10.90%
SBI Gold Loan 11.50%
ICICI Bank 11.75%
IIFL Gold Loan 11.75%
Allahabad Bank Gold Loan 11.75%
Muthoot Gold Loan 12.00%
Federal Bank Gold Loan 12.00%
Manappuram Gold Loan  12.25%
IDBI Bank 12.25%
PNB Gold Loan 12.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* For any assistance regarding Gold Loan, call us on 95920-46860, our trained Relationship Managers will solve all your queries.