Federal Gold Loan Overview
Federal Bank offers various personal finance products to its customers, one of which you can avail is a gold loan. You can avail a gold loan from Federal Bank by pledging gold as collateral. You can avail a gold loan of up to Rs.1.5 crore with interest rates starting at 9.50%. You can avail the gold loan to meet your various financial needs.
Federal Bank Gold Loan Key Features – Apply Now
| Federal bank Gold Loan Interest Rate | 5.88% per annum |
| Federal bank Gold Loan Rate Per Gram | ₹ 2,900 to ₹ 3,450 |
| Federal bank Gold Loan Processing Fee | 0.5% or ₹1000 whichever is higher |
| Federal bank Gold Loan Amount | Up to Rs. 1 Crore (With Income Proof) |
| Federal bank Gold Loan Prepayment Charges | 0-1% |
| Federal bank Gold Loan Repayment Tenure | Up to 12 months |
| Federal bank Gold Loan Repayment Scheme | Bullet Payment Scheme, Overdraft Scheme |
- Low rate of interest
- Instant sanctioning of gold loan
- Hassle free process
- Minimal paperwork required and quick disbursal of loan amount
- Higher per gram rates
- The repayment tenure is flexible
- No hidden charges
- You can only avail a gold loan if you pledge at least 22 carat Gold as security
gold loan from Federal Bank purpose
Given below are the purposes for which you can avail a gold loan from Federal Bank:
- You can avail a gold loan from Federal Bank to meet various financial needs of yours
- You can avail a gold loan not only to meet your personal needs but also for business and agricultural purposes.
Details about Federal Bank Gold Loan
- The minimum loan amount is Rs 1,000 and the maximum is Rs 150 Lacs.
- Flexible reimbursement options
- The maximum cost per gram is 75% of the gold price.
- Lower rate of interests and processing fees
- 0-1% processing fees is to be paid.
| Federal Bank Gold Loan Rate | 5.88% per annum |
| Processing Fee | 0.5% or ₹1000 whichever is higher |
| Loan Reimbursement Tenure | Up to 12 months |
| Loan Amount | Up to Rs. 1 Crore (With Income Proof) |
| Processing Charges | 0.5% or ₹1000 whichever is higher |
| Gold Loan Scheme | Bullet Repayment Scheme |
Advantages of Federal Bank Gold Loan
- A gold loan is a fast loan as compares to other loans individuals get cash within a day
- The gold loan can be taken for educational purpose
- It tends to help extend a business or working capital requirement
- To enhance agribusiness by purchasing apparatus for the water system and different needs
- At the point when a healing crisis strikes, a gold loan can be a friend in need.
- To get urgent money while going on a trip
- Gives the feeling of utilizing a possess advantage to fund your requirements
- Federal Bank charges a borrower up to .50% on the principal outstanding in case of a Gold Loan per gram Foreclosure.
Documents required
Given below is the list of documents you will have to submit in order to avail a gold loan from Federal Bank:
- If you are an existing customer, then you won’t be required to produce any document whatsoever.
- If you are a new customer, then the following document will have to be submitted by you:
- Identity proof such as Aadhaar, Passport, etc.
- Recent passport size photograph
- Proof of address such as Aadhaar, Passport, utility bills, etc.
Repayment option
There are two repayment options through which you can repay the loan:
- EMI
- Lumpsum amount
Loan amount
- Minimum loan amount: Rs.1,000
- Maximum loan amount: Rs.1.5 crore
Federal Bank Gold Loan Interest Rate, Fees and Charges
Federal Bank Gold Loan can fulfil all your urgent short-term and long-term monetary requirements. The rate of interest that you will be charged depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the Bank. Federal Bank Gold Loan interest rates offered by the Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Federal Bank start at 5.88% per annum.
The Bank also charges some additional fees along with the rate of interest in some cases, which are :
| Federal Bank Gold Loan Interest Rate | 5.88% per annum |
| Processing Fee | 0.5% or ₹1000 whichever is higher |
| Prepayment/Foreclosure Charges | 0-2% |
How to apply for a gold loan from Federal Bank
Offline
You can visit the nearest branch of Federal Bank along with the necessary documents if you wish to apply for a gold loan. If you are an existing customer, then you won’t be required to submit any documents as the bank will have all the necessary documents in order to help you avail a gold loan. If you are a new customer, then you will have to submit the necessary documents in order to avail a gold loan.
Regardless of whether you are an existing or a new customer, you will have to pledge at least 22 carats of gold as security in order for the bank to allow you to avail a gold loan from them.
Online
You can also apply for a gold loan from Federal Bank by visiting the official website of federal bank. All you have to do is provide the necessary information and upload the required documents. Once done, you will have to pledge gold as security. The bank will then review all the documents and information provided by you. If all the information provided by you is correct, the lender will disburse the loan amount to your bank account.
Federal Bank Agricultural Jewel Loan Scheme
| Scheme | Federal Bank Agricultural Jewel Loan Scheme |
| Interest Rate | Starting from 5.88% per annum (depends on the sum of the loan |
| Least amount of Loan | Depends on the value of the jewel which is being kept as security |
| Loan period | Adjustment of advance sum inside 2 months from the date of reap of yields |
Benefits of Federal Bank Agricultural Jewel Loan Scheme
- No processing fee is required for up to ₹ 25,000.
- 0.30% of the total loan amount, ₹ 300 down payment applies to amounts ranging from ₹ 25,000.
- 0.28% of total debt, subject to at least Rs.1500 applies to more than Rs.5 lakh yet less than Rs.1 crore.
Federal Bank Gold Loan Overdraft Scheme
Federal Bank offers an Overdraft Scheme. With this, the loan amount is provided as an overdraft facility. It functions as a Credit Card, where you can spend your Gold Loan Amount as per your wishes, anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Federal Bank Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.
What type of gold is used to secure the Bank of India Gold Loan
Gold jewellery with a karat value of 18 to 24 can be used. You may use gold bars or gold coins. Digital gold is the third alternative. To ensure the security of your loan, the digital gold must first be exchanged for cash or jewellery.
Federal Bank Gold Loan Apply Online
Applying for the Federal Bank Gold Loan service is a simple and hassle-free process that can be done from the comfort of your home. You can do it online by visiting the Bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail yourself. You will then need to visit the branch with the required documents and your gold.
You can also apply with National Info by following the below-mentioned steps to get a Gold Loan as per your need.
- Attend National Info digital platform , where you will have to fill a piece of information without any booking.
- Our Connection Director will reach you and help you during the Gold Loan method and escort you in satisfying your monetary requirements.
- You will get personalized help, granting you the alternative of analyzing and getting the best chance according to your wants without any extra costs.
- With National Info, you can analyze the various offers and plans from multiple banks based on funding granted and the rate of interest required for determining the best loan deal for yourself.
Federal Bank Gold Loan EMI Calculator
| Rate of Interest | 6 months | 1 Yr | 2 Yrs | 3 Yrs |
| 7.00% | 17008 | 8652 | 4477 | 3088 |
| 8.00% | 17058 | 8699 | 4523 | 3134 |
| 8.50% | 17082 | 8722 | 4546 | 3157 |
| 9.00% | 17107 | 8745 | 4568 | 3180 |
| 9.50% | 17131 | 8678 | 4591 | 3203 |
| 10.00% | 17156 | 8791 | 4614 | 3227 |
| 10.50% | 17181 | 8815 | 4637 | 3250 |
| 11.00% | 17205 | 8838 | 4661 | 3274 |
| 11.50% | 17230 | 8861 | 4684 | 3298 |
| 12.00% | 17254 | 8885 | 4707 | 3321 |
| 12.50% | 17279 | 8908 | 4731 | 3345 |
| 13.00% | 17304 | 8932 | 4754 | 3369 |
| 13.50% | 17329 | 8955 | 4778 | 3393 |
| 14.00% | 17354 | 8979 | 4801 | 3418 |
| 14.50% | 17378 | 9002 | 4825 | 3442 |
| 15.00% | 17403 | 9026 | 4845 | 3466 |
- Gold Loan EMI Calculator is an online tool that can be accessed by individuals to calculate the EMI against the gold loan they plan to avail against the self-owned gold.
- The gold ornaments have to be kept as security with the lender until the loan is fully reimbursed.
- Gold Loan EMI calculator can help the applicant to get approx.
- EMI Calculator can try different rates of interest and reimbursement tenure offered by financial institutions
How to Pay Your Federal Bank Gold Loan EMI?
Your Federal Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If the person is a current account owner with Federal Bank, Standing Instruction is the most reliable way of repayment. Your EMI amount will be credited automatically near the end of the month to month cycle from the Federal Bank account you designate.
- Electronic Clearing Service (ECS): This method can be employed if you have a non-Federal Bank account and might want your EMIs to be imposed consequently toward the close of the month to month cycle from this account.
- Post-Dated Checks (PDC): You can offer post-dated EMI checks from a non-Federal Bank account at your closest Federal Bank Loan Branch. A new transcription of PDCs should be conferred on time. It will be excellent if you note Post Dated Checks will be handled non-ECS fields as it were.
Federal Bank Gold Loan Contact Number
Federal Bank offers loans against gold at the lowest Interest rate. Being one of the significant gold loan suppliers, Federal Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.