Private sector lender Federal Bank has introduced a gold loan access facility for customers through the use of their debit card. The product ‘Easy Gold’ enables customers to withdraw or use loan amount through any ATM or at POS (point of sale) terminals.
Level of finance goes up to 75% of the market value of gold with an upper limit of Rs. 75 lakh. An interest rate of 14.75% will be charged on the amount utilised or withdrawn by the customer.
Mr. D Sampath, Head Retail Banking, Federal Bank said,. “The loan, which amounts to 75%of the total gold pledged with the bank, is offered by opening a separate overdraft account & can be availed through an ATM debit card according to the requirement of the customer. The gold loan will be sanctioned for a period of up to 3 years. In addition, a customer can utilise their pledged jewellery for personal use for up to five times a month. However, they will have to maintain a balance with the bank which is equivalent to the value of the gold being used."
The prices of gold are all time high and it is easily accepted as collateral to get money against it. Manappuram Gold Loan is a deal that offers the cheapest rates in market. Apply for it now at the website or dial 600 11 600.
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