Federal Bank Gold Loan
A gold loan at Federal Bank starts at an interest rate of 8.50% p.a. that can be repaid in a tenure ranging from 6-12 months. With instant sanction and hassle-free processing, this Federal Bank gold loan facility is widely preferred by borrowers.
Apply for Federal Bank Gold Loan @ 8.50% Interest Rate
Federal Bank Gold Loan Interest Rate
Federal Bank interest rates start from 8.50% per annum and vary according to your required loan amount and overall profile. We are providing some important details in the table given below, which you can go through and make a responsible financial decision.
Federal Bank Gold Loan Fee and Charges
Federal Bank interest rates start from 8.50% per annum and vary according to your required loan amount and overall profile. We are providing some important details in the table given below, which you can go through and make a responsible financial decision.
| Loan Elements | Details |
|---|---|
| Minimum Loan Amount | INR 1,000 |
| Maximum Loan Amount | INR 1.5 Crores |
| Interest Rate | 7.99% Onwards |
| Repayment Tenure | 6-12 months |
| Processing Fee | 0.50% + Taxes of the limit, subject to a minimum of Rs 500 |
| Part prepayment/ Foreclosure Charges | As per the sanctioned loan amount |
| Credit Assessment Charges | Nil |
Federal Bank Gold Loan Eligibility
Any individual can opt for a Federal Bank Gold Loan for personal, business, and agricultural purposes, provided below two prime conditions:
- The applicant must be an Indian citizen with a stable source of income.
- The purity of gold must be 22 carats.
Federal Bank Gold Loan as Compared to Other Lenders
In case you are wondering about the lowest gold loan interest rate in which bank, there are other banks as well that are giving lucrative deals on gold loans, and the gold loan interest rate that you can compare from the table below.
| Parameters | Federal Bank | Manappuram | Muthoot | SBI | HDFC |
|---|---|---|---|---|---|
| Gold Loan Interest Rate | 7.99% onwards | 12% to 29% | 11.5% to 24% | 8% onwards | 9% to 15% |
| Processing Fee | 0.50% + Taxes of the limit subject to a minimum of Rs 500 | Rs 10 to be paid at the time of settlement | Rs 50 with free registration for NACH | 0.25% of the loan amount, minimum Rs 500 | 0.50% of the loan amount |
| Loan Amount | Rs 1000 to Rs 1.5 Crores | Rs 1000 to Rs 1.5 crores | Rs 1000 to Rs 8 lakhs | Rs 20,000 to Rs 50 lakhs | Rs 25000 to Rs 10 lakhs |
| Loan Tenure | 6 - 12 months | 1 day to 3 months | 7 days to 36 months | 3 months to 36 months | 3 months to 24 months |
| Lowest per Lac EMI | Rs 8698 | Rs 3120 | Rs 3100 | Rs 3120 | Rs 4570 |
| Foreclosure Charges | Nil | Nil | Nil | Nil | Zero prepayment charges post 6 months |
| EMI scheme | Yes | No | Yes | Yes | No |
| Bullet Payment Scheme | Yes | Yes | Yes | Yes | Yes |
| Overdraft Scheme | Yes | No | Yes | Yes | Yes |
Federal Bank Gold Loan Schemes
There are 3 types of gold loan schemes offered by the Federal Bank
General Gold Loan
With a general gold loan scheme, you can get a maximum amount of gold loan per gram rate, which can be up to 85% of the value of gold.
Features of General Gold Loan
- Interest Rate - 7.99% onwards
- Loan Amount- Minimum: Rs 1,000; Maximum: Rs 1.5 crore
- Tenure- From 6 months to 12 months
- Processing Fee can be 0
- Security- Security for the loan will be a pledge of 22-carat gold ornaments
Digi Gold Loan
With the Digi Gold Loan Scheme, you can withdraw up to 75% of the value of the gold whenever you require any financial assistance in case of an emergency.
Features of Digi Gold Loan
- Interest Rate - 8.50% onwards
- Loan Amount- Minimum: Rs 1,000; Maximum: Rs 1.5 crore
- Tenure - From 6 months to 12 months
- Processing Fee can be up to 0.25% of the limit
- Security- Security for the loan will be a pledge of 22-carat gold ornaments
- You can release/Replace Gold Ornaments during the loan tenure
- You can Shop Online, transfer funds, and make Bill Payments directly from the loan amount.
- Overdraft Facility available.
Agriculture Gold Loan
This gold loan scheme by the Federal Bank is exclusively for Farmers, where they can get a loan against gold ornaments.
Features of Agriculture Gold Loan
- Interest Rate- 8.50% onwards
- Loan Amount- Minimum: Rs 1,000; Maximum: Rs 1.5 crore
- Tenure- From 6 months to 12 months
- Processing Fee - Rs 250 to Rs 1,500
- PF / Admin Fee - Rs 100 to Rs 1,300
- Prepayment options and charges - Nil
- Penalty for Delayed Payment- 2% applicable on all overdue accounts above Rs 25,000
How to Apply for a Federal Bank Gold Loan
There are a few steps that you need to follow, which are mentioned below.
- Go to the nearest Federal Bank branch and ask for a Gold Loan Application Form
- Choose the scheme you want and mention the same in the form along with other details
- Submit the form along with your documents and the gold ornaments.
- The bank will assess the value of your gold, and after the whole authentication process, you will get the loan amount in your bank.
Federal Bank Gold Loan Customer Care
In case you have any queries about Federal bank gold loan then you can call the pan India toll free number 1800-425-1199 or 1800-420-1199. The customer care executives will be available 24*7 to resolve any of your queries.
FAQs
The gold loan rate per gram at Federal Bank starts from 8.50%
Yes, you can get a gold loan without producing the bill for jewellery, as Federal Bank does not require this document for gold loan processing.
You can get a gold loan from Federal Bank by following the procedure below -
- Step 1 - Go to the nearest Federal Bank branch and ask for a Gold Loan Application Form
Choose the scheme you want and mention the same in the form, along with other details - Step 2 - Submit the form along with your documents and the gold ornaments.
- Step 3 - The bank will assess the value of your gold, and after the whole authentication process, you will get the loan amount in your bank.
Yes, it is absolutely safe to take a gold loan from the Federal Bank.
You can do so by using the Quick EMI portal at the Federal bank website where you will be required to put in you loan account details and make the payment.
The total interest to be paid on your gold loan of Rs 1 lakh will be Rs 4381. Provided the rate of interest stays at 7.99% and tenure is for 12 months.
Overdraft facility in Gold Loan works like a credit card. When you deposit your gold with a lender as collateral for an overdraft, the lender opens a specific overdraft account. The account is credited with the loan. Depending on the lender, the overdraft account could be a new account, or the bank can link it to your existing savings bank account
With digital gold, you can invest in digital gold, get 24K (995 purity) gold, and do away with your worries of security and storage.
Assuming the gold that you have is 22k pure, then its market value will be somewhere around Rs 46,550. When you pledge this gold for a loan, the bank can give you around Rs 30,000 as a loan.
Yes, you can pay a gold loan in monthly EMIs.