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Saturday, September 8, 2012

Federal Bank’s gold loan access facility

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 per cent of the market value of gold with an upper limit of Rs 75 lakh. An interest rate of 14.75 per cent will be charged on the amount utilised or withdrawn by the customer.

The loan will be sanctioned for a period of up to 3 years, “The loan, which amounts to 75 per cent of the total gold pledged with the bank, is offered by opening a separate overdraft account and can be availed through an ATM debit card according to the requirement of the customer,” said D Sampath, Head Retail Banking, Federal Bank. 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.


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