Federal Bank Gold Loan

Federal Bank interest rates start from 7.99% 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 interest rates start from 7.99% 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.

If you are an existing customer of Federal bank then, no extra documents are needed. 

If you are a new customer, then following documents are required: 

• Proof of Identity (Aadhar card/Passport / Voters ID card/ Driving License/PAN Card)
• Recent Passport size photograph
• Address Proof (Aadhar card/Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales tax certificate)

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.

In case you are wondering about the lowest gold loan interest rate in which bank, there are other banks as well who are giving lucrative deals on gold loans and the gold loan interest rate which you can compare from the table below.

There are 3 types of gold loan schemes offered by Federal bank

• General Gold Loan
• Digi Gold Loan
• Agriculture Gold Loan

General Gold Loan

With a general gold loan scheme, you can get a maximum amount of gold loan per gram rate which can be upto 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 pledge of 22 Carat gold ornaments

Digi Gold Loan

With 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 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 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 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

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 to 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.

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.