In india Federal Bank is offering gold loan for their customers under the scheme “Ashwas Gold Loan” at very low rates of interest in a quick and speedy process with simple and easy documentation.
Purpose: To provide credit against security of gold ornaments to distressed poor, farmers, and artisans etc. to prepay their debt to informal sector for a maximum period of 12 months.
Eligibility: Individuals indebted to informal sector.
Loan Amount: Loan amount is decided based on the per gram rate fixed by the Bank from time to time maximum of Rs.100000/-
Documents Needed: Application denoting quantum of amount indebted to informal sector and Gold Loan Pledge Card.
Repayment: Lump sum on due date with interest i.e. expiry of 3/6/12 months.
Security: Pledge of gold ornaments of 22 carat fineness (Gold coins permitted, Bullion not allowed)
