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Kerala-based Federal Bank will offer a new Gold Loan Product, Akshaya Gold, with the added feature of free insurance cover of up to Rs 1 lakh.
“Under the scheme, customers will get an insurance cover up to Rs 1 lakh absolutely free. The product is available at competitive rates across all branches pan India,” the old private sector lender said in a statement.
Customers can avail this loan from any branch in India irrespective of the home branch. Those not holding an account can also avail the loan after submitting the required KYC documents.
Federal Bank also offers Apna Gold 24*7, a premium gold loan product with the convenience of multichannel withdrawal facility like Debit card, Internet, Mobile Banking, POS etc, the bank said.
Babu K A, DGM & Head Retail Business, Federal Bank, “This is the first time any bank has come out with a free insurance cover for gold loans customers...Akshaya Gold is a special offer to our customers to meet their personal financial requirements, needs of their children for education or for buying any house hold items or even for going for a trip within India or abroad.”
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