Federal Bank Gold Loan Interest Rate

Federal Bank gold loan interest rate today starts from 8.49% p.a. Onwards. You can choose from fixed and floating interest rate-based gold loans. Here are the details of the current Federal Bank gold loan interest rate:

• Floating Rates Loans (Interest Rates on Retail portfolio linked to RBI Repo Rate of 5.40% p.a.): 8.49% p.a.
• Retail Loans with Fixed Interest Rates: 8.50% p.a. onwards.

Below is the comparison of the Federal Bank gold loan interest rate with the gold loan interest rates of other lenders. You can check the interest rates of top lenders to see which is the best gold loan bank available in India before you apply for the loan.

Following are the main features of Federal Bank gold loan:

• Multipurpose loan: Gold loan from Federal Bank can be availed for personal, business and agricultural purposes
• Minimum loan amount: You can avail of a minimum loan amount of Rs. 1,000. 
• Maximum loan amount: The maximum gold loan amount available if up to Rs. 1.5 Crores.
• Rate of interest: The bank offers gold loans at floating interest rates as well as fixed interest rates starting at 8.49% p.a. and 8.50% p.a., respectively.
• Security: You will be required to pledge 22-carat gold ornaments to avail of the loan.
• Processing fees: Up to 0.80% of the sanctioned loan amount.
• Prepayment: You can partially prepay your gold loan or foreclose it completely without any additional charges. However, the gold ornaments pledged with the bank will be released only after the entire outstanding amount is repaid.
• LTV: The maximum amount per gram is up to 75% of the gold’s price for General Gold Loans.

Below are the benefits of gold loans offered at Federal Bank:

• Get the money when you need for any financial requirements. 
• Federal Bank gold loan interest rates are low. 
• Federal Bank offers you instant cash against gold at low interest rates.
• The bank provides instant sanction and hassle-free processing.
• You can choose from convenient repayment options (such as Lumpsum or EMI) and flexible tenure.
• The bank does not levy any hidden charges.
• The bank offers a higher gold loan per gram rate today.
• Any individual can avail of a Federal Bank gold loan.
• Minimal paperwork involved. 
• Quick disbursement of the loan amount.

Apart from the General Gold Loan scheme as mentioned above, Federal Bank also offers the following types of gold loans:

Doorstep Gold Loans

• Federal Bank offers gold loans with hassle-free disbursement and release from the comfort of your home.
• Federal Bank, in association with multiple partners, offers doorstep delivery of gold loans.

Digi Gold Overdraft

• With the Digi Gold Overdraft scheme, you can pledge your gold with the bank, which will be stored safely, and you can then withdraw up to 72% of the value of your gold whenever you are in need of funds.
• It is an Overdraft Facility, wherein the interest is charged only on the amount utilized.
• The minimum loan amount available is Rs. 1,000, and the maximum is Rs. 150 Lakhs
• This gold loan comes with an ATM card, Mobile Banking, Net Banking, and an alternate locker with free insurance coverage for your gold ornaments.
• Funds can be used round the clock, even on holidays, for shopping online, fund transfers, and bill payments.
• You can release or replace your gold ornaments during the loan tenure.

Fed Smart Saver Gold Loan

• It is the lowest interest rate gold loan scheme among all of the Federal Bank’s gold loan schemes.
• Interest rate for this scheme is capped at MCLR and starts at 8.15% p.a. only.
• No monthly interest is required to be paid.
• Repayment through bullet repayment on the due date.
• No penal interest applicable.
• Processing fee of 0.50% + taxes on the limit sanctioned, subject to a minimum of Rs. 500.

Loan against Sovereign Gold Bond

• This loan is offered against Sovereign Gold Bond and can be used to meet all your personal or other lawful needs.
• The bank accepts the pledge of Sovereign Gold Bond in both demat as well as a physical form as security.
• The loan amount available under this scheme ranges from Rs. 20,000 to Rs. 25 Lakhs.
• The interest rate for this scheme is fixed at 12.50% p.a.
• The repayment tenure is up to 24 months for the Overdraft facility and 48 months for the Term Loan.
• Processing fee of 0.50% (subject to a minimum of Rs. 1,000) + taxes will be charged.
• This facility is available at all Federal Bank branches. 
• Resident individuals, HUFs, charitable institutions, trusts, and universities can apply for this loan.
• This loan can be availed of as an Overdraft or Term Loan.
• Margin of 35% to 50% is required by the bank.

Kisan Gold Scheme or Agricultural Loan Against Gold Ornaments

• This gold loan scheme is for individual farmers. 
• The gold rate of interest for this scheme starts from 8.50% p.a.
• You can avail of a minimum of Rs. 1,000 and a maximum of Rs. 1.5 Crore as the loan amount.
• Tenure for this scheme ranges from 6 months to 12 months.
• A processing fee of Rs. 250 to Rs. 1,500 and an admin fee of Rs. 100 to Rs. 1,300 will be charged.
• There are nil prepayment charges.

The Federal Bank gold loan calculator is an online tool provided by several platforms. For availing of a gold loan, you are required to pledge your gold ornaments as surety. However, before pledging your valuable gold, you should know beforehand how much money you might have to pay and then decide on options. This is where a gold loan EMI calculator can help you. The gold prices are constantly changing, making it difficult to do an accurate calculation. The gold loan calculator will provide you with the most precise answer.

• Rate of interest: 8.49% p.a. Onwards.
• Processing charges:
  • Digi Gold Overdraft: Up to 0.25% of the limit
  • General Gold Loan: Rs. 165 to Rs. 250
  • GL Graded Interest Rate Scheme: 0.35% of the limit; minimum Rs. 350
  • Kisan Gold Scheme: Rs. 490 to Rs. 1,600
  • ISS KCC GOLD: 0.80% of the sanctioned limit 
  • MSME Gold Loan: Rs. 165 to Rs. 250
  • MSME Gold Loan OD: Up to 0.35%
  • KGL Limited: 0.50% of the sanctioned limit
  • GGL Limited: 0.50% of the sanctioned limit

• Issue of duplicate loan passbook or gold loan token: Rs. 50 per item.
• Prepayment charges: Nil.
• Penalty for delayed repayment: 
  • Agri Gold Loans: 14.50% from the due date
  • Non-Agri Gold Loans: 16.50% from the due date
• Inspection charges:
  • Loan up to Rs. 25,000: Nil.
  • Loan above Rs. 25,000 and up to Rs. 2 Lakhs: Rs 200 or the actual cost incurred for conducting inspection + GST, whichever is higher.
  • Loan above Rs. 2 Lakhs and up to Rs. 10 Lakhs: Rs. 350 or actual cost incurred for conducting inspection + GST, whichever is higher.
  • Loan above Rs. 10 Lakhs: Rs. 1,000 or actual cost incurred for conducting inspection + GST, whichever is higher.
• Appraiser charges:
  • Loan up to Rs. 25,000: Nil
  • Loan above Rs. 25,000 to Rs. 50,000: Rs. 125
  • Loan above Rs. 50,000 to Rs. 1 Lakh: Rs. 180
  • Loan above Rs. 1 Lakh to Rs. 2 Lakhs: Rs. 195
  • Loan above Rs. 2 Lakhs to Rs. 3 Lakhs: Rs. 275
  • Loan above Rs. 3 Lakhs to Rs. 5 Lakhs: Rs. 390
  • Loan above Rs. 5 Lakhs: Rs. 125 Per Lakh

*Note: GST as applicable will be charged additionally on all the above charges 

To meet the gold loan eligibility criteria for a gold loan in Federal Bank, applicants should be aged above 18 years and have gold that is to be pledged with the bank. Apart from this, the applicant must furnish the following documents:

• Existing customers are not required to provide any extra documents required for gold loan.
• A new customer must provide the following documents:
  • Recent Passport size photograph
  • Identity proof: Aadhar Card/ Passport/ Voter’s ID Card/ Driving License/ PAN Card.
  • Address proof: Aadhar Card/ Ration Card/ Telephone Bill/ Electricity Bill/ Lease Agreement/ Passport/ Trade License/ Sales Tax Certificate.

You can visit any of the branches of Federal Bank to avail of its gold loan. Federal Bank offers doorstep delivery of gold loans in association with Rupeek Fintech Pvt Ltd, wherein your gold ornaments are valued at home and then safely taken to the bank. The gold loan service is available in the following select cities only: 

• Mumbai
• Chennai
• Coimbatore
• Bangalore
• Hyderabad
• Pune
• Ahmedabad
• New Delhi
• Kolkata