Federal Bank Gold Loan Highlights |
|
|---|---|
| Interest Rate |
|
| Loan Amount | Rs 1,000 to Rs 1.5 crores |
| Loan Tenure | 1 year to 3 years |
| Gold Loan Repayment Facility | EMI, Lumpsum |
| Collateral | Pledge of 22 carat gold ornaments |
Federal Bank Gold Loan Interest Rate
Federal Bank offers gold loan interest rates starting from 8.15% per annum. The interest rates provided by the bank are both floating and fixed in nature.
| Particulars | Interest Rates (p.a.) |
|---|---|
| Fixed interest rates | 9.79% onwards |
| Floating interest rates | 8.99% onwards |
| Fed Smart Saver Gold Loan | 8.15% onwards |
Federal Bank Gold Loan Rate Per Gram/Gold Loan LTV Ratio
Here are the gold loan rates per gram for various schemes offered by Federal Bank:
| Scheme | Maximum rate per gram |
|---|---|
| Agri Gold Loans | Up to 90% of market value of gold |
| Non Agri Gold Loans | Up to75% of market value of gold |
| General Gold Loans | 75% of market value of gold |
| MSME Gold Loans | 75% of market value of gold |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Types of Federal Bank Gold Loan
Fed Smart Saver Gold Loan
The Fed Smart Saver Gold Loan offers a bullet repayment facility. This means that borrowers do not need to service the interest component at monthly intervals. Instead, they can repay both the interest and principal components on the date of loan maturity.
General Gold Loan
Federal Bank provides gold loans against the security of 22-carat gold jewelry or ornaments. Applicants can utilize this loan for various personal purposes such as car purchase, marriage, education, or other expenses, excluding speculation.
Loan amount
Applicants can avail loans for amounts up to Rs 1.5 crores.
LTV Ratio
Borrowers can withdraw an overdraft facility for up to 72% of the value of the gold pledged as collateral.
Repayment Facility
Applicants can repay the interest on their gold loans either through the EMI scheme option, i.e., on a monthly basis, or as a lump sum.
Digi Gold Overdraft
Borrowers can utilize Digi Gold Overdraft for various personal purposes including online shopping, fund transfer, and bill payments directly from their loan account.
Additional Facilities
Federal Bank offers the following additional facilities along with its gold loan services:
- Alternate locker facility
- Free insurance coverage on gold ornaments
- Access to ATM card, Net Banking, and Mobile Banking facilities
- Option to replace or release gold ornaments during the loan tenure
Also read: Best Gold Loan EMI Calculator
Federal Bank Gold Loan Processing Fees & Other Charges
Gold loan Processing Fees
| Schemes | Charges |
|---|---|
| General Gold Loan | Rs 180 to Rs 270 |
| Kisan Gold Scheme | Rs 530 to Rs 1700 |
| MSME Gold Loan | Rs 180 to Rs 270 |
| ISS KCC GOLD | 0.80% of sanctioned limit |
| Digi gold | 0.25% of the loan amount (Minimum Rs 500) |
| GL Graded Interest Rate Scheme | 0.35% of the loan amount (Minimum Rs 350) |
| Fed Smart Saver Scheme | 0.50% of the loan amount (Minimum Rs 500) |
| Digi Gold NRI Variant | 1% of the loan amount (Minimum Rs 500) |
Safe Custody Charges for Gold loans
| Sanction Limit | Safe Custody Charges |
|---|---|
| Above Rs.5 lakh | Rs 200 |
| Above Rs.3 lakh to Rs.5 lakh | Rs 150 |
| Above Rs.25,000 to Rs.3 lakh | Rs 100 |
| Up to Rs.25,000 | Nil |
Security Operation fee
| Product | Charges |
|---|---|
| Other Permitted Gold loan schemes | Rs 250 for each security operation |
| OD-Digi-Gold & OD-Digi-Gold-NRI | Nil for the first 2 security operations in a month |
Penalty Charges for delayed repayment for Gold loans
| Loan Type | Charges |
|---|---|
| Agri Gold Loans | 14.50% applicable from the due date |
| Non-Agri Gold Loans | 16.50% applicable from the due date |
Appraiser Charges for Gold Loans
| Sanctioned Limit | Appraiser Charges |
|---|---|
| Above Rs 5 lakh | Rs 140 per lakh |
| Above Rs 3 lakh to Rs 5 lakh | Rs 430 |
| Above Rs 2 lakh to Rs.3 lakh | Rs 300 |
| Above Rs 1 Lakh to Rs 2 Lakh | Rs 220 |
| Above Rs 50,000 to Rs 1 Lakh | Rs 200 |
| Above Rs 25,000 to Rs 50,000 | Rs 140 |
| Up to Rs. 25,000 | NIL |
Eligibility Criteria for availing Federal Bank Gold Loan
Federal Bank provides gold loans against 22 carat gold ornaments to applicants aged 18 years and above, including NRIs.
Also read: Best Gold Loan Eligibility
Documents Required for Federal Bank Gold Loan Application
Here is the detailed list of documents required for availing a Federal Bank Gold Loan:
- Latest Passport size photograph
- Proof of Identity: PAN Card, Aadhar card, Voters ID card, Passport, or Driving License
- Address Proof: Aadhar card, Lease agreement, Sales Tax certificate, Passport, Trade license, Ration card, Electricity or Telephone Bill.
Also Read : Best Gold Loan Documents Required
Features and benefits of availing a gold loan from Federal Bank
Here are the features and benefits of availing a gold loan from Federal Bank:
- No hidden charges
- Hassle-free process
- Low rate of interest
- Higher per gram rates
- Flexible repayment tenure
- Instant sanctioning of gold loan
- Minimal paperwork required and quick disbursal of loan amount
- You can avail a gold loan by pledging at least 22-carat gold as security
Federal Bank Gold Loan FAQs
1. How much gold loan can I get from Federal Bank?
Federal Bank offers a maximum gold loan of ₹1.5 Crore. However, the amount you can receive depends on the purity and weight of your gold items, as well as the loan-to-value (LTV) ratio.
2. What is the minimum amount I can borrow from Federal Bank with a gold loan?
The minimum loan amount for gold loans from Federal Bank is Rs. 1,000.
3. What is the Federal Gold Loan customer care number?
You can contact Federal Bank customer care by dialing +91-484-2630994.
4. Can I get some of the jewellery back if I make a partial payment?
Yes, with the part release facility, you can retrieve some of the mortgaged jewelry by paying an amount equivalent to its value.