Federal Bank’s Gold Loan is an excellent option for those looking for a quick, secure, and flexible way to access funds by leveraging their gold assets. With competitive interest rates, minimal documentation, and a transparent process, it stands out as a preferred choice among borrowers. Whether for personal needs or business purposes, a Federal Bank Gold Loan can be a reliable financial solution.
Highlights of Federal Bank Gold Loan
Here is an overview of the Federal Bank Gold Loan:
| Interest rate | Based on the Gold Loan Scheme |
| Collateral | Pledging 22 ct. gold ornaments |
| Loan Amount | ₹3,000 to ₹150 Lacs. |
| Gold Loan Repayment Facility | Demand Loan & Bullet Repayment Facility |
| Processing Fees | Up to 1% of the loan amount |
Federal Bank Gold Loan Interest Rates & Charges
Federal Bank Gold Loan Interest Rates & Charges
You can get gold loans from the Federal Bank at a lower interest rate. The interest rate on your gold loan varies depending on the gold loan scheme. For more information, you need to visit your nearest Federal Bank branch.
Federal Bank Gold Loan Processing Fees
| Schemes | Charges |
|---|---|
| General Gold Loan | ₹180 to ₹270 |
| Digi Gold NRI Variant | 1% of the loan amount (Minimum ₹500) |
| Digi gold | 0.25% of the loan amount (Minimum ₹500) |
| GL Graded Interest Rate Scheme | 0.35% of the loan amount (Minimum ₹350) |
| Kisan Gold Scheme | ₹530 to ₹1700 |
| ISS KCC GOLD | 0.80% of sanctioned limit |
| MSME Gold Loan | ₹180 to ₹270 |
| Fed Smart Saver Scheme | 0.50% of the loan amount (Minimum ₹500) |
Appraiser Charges for Federal Bank Gold Loans
| Sanctioned Limit | Appraiser Charges |
|---|---|
| Up to Rs. 25,000 | NIL |
| Above Rs 25,000 to Rs 50,000 | ₹140 |
| Above Rs 50,000 to Rs 1 Lakh | ₹200 |
| Above Rs 1 Lakh to Rs 2 Lakh | ₹220 |
| Above Rs 2 lakh to Rs.3 lakh | ₹300 |
| Above Rs 3 lakh to Rs 5 lakh | ₹430 |
| Above Rs 5 lakh | ₹140 per lakh |
Safe Custody Charges for Federal Bank Gold Loans
| Sanction Limit | Safe Custody Charges |
|---|---|
| Up to ₹25,000 | Nil |
| Above ₹25,000 to ₹3 lakh | ₹100 |
| Above ₹3 lakh to ₹5 lakh | ₹150 |
| Above ₹5 lakh | ₹200 |
Security Operation Fee for Federal Bank Gold Loan
| Product | Charges |
|---|---|
| OD-Digi-Gold & OD-Digi-Gold-NRI | Nil for the first 2 security operations in a month |
| Other Permitted Gold loan schemes | ₹250 for each security operation |
Penalty Charges for Delayed Repayment of 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 |
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Features & Benefits of Federal Bank Gold Loan
Federal Bank Gold Loan offers you convenience, flexibility, and competitive rates. Here are the key features and benefits:
- Fast and Efficient Processing: You can enjoy instant sanction and hassle-free processing.
- Transparent Interest Rates: You can benefit from low interest rates with no hidden charges.
- Simplified Documentation: You can experience minimal paperwork and quick disbursement.
- Flexible Repayment Solutions: You can choose convenient repayment options (lump sum, EMI) and flexible tenure.
- Competitive Gold Valuation: You can take advantage of higher per gram rates.
- Loan Amount Flexibility: You can access loan amounts ranging from ₹3,000 to ₹150 Lacs.
- Secure Loan Options: You can secure your loan by pledging 22 ct. gold ornaments.
- Versatile Use Cases: You can utilize the loan for personal, business, and agricultural purposes.
Federal Bank Gold Loan Interest Rates vs. Other Banks
The table below shows the gold loan interest rates of top banks and NBFCs.
| Bank/NBFC | Gold Loan Interest Rate % p.a. |
|---|---|
| SBI Gold Loan | 9.05% |
| IIFL Finance Gold Loan | 11.88% – 27% p.a |
| Bajaj Finserv Gold Loan | 9.50% – 28% p.a. |
| Kotak Mahindra Bank Gold Loan | 8.00% to 24.00% |
| HDFC Bank Gold Loan | 8.30% to 16.55% |
| Central Bank of India Gold Loan | 8.45% to 8.55% |
| Uco Bank Gold Loan | 8.50% |
| Indian Bank Gold Loan | 8.65% to 9.00% |
| Union Bank Gold Loan | 8.65% to 9.90% |
| IndusInd Bank Gold Loan | 8.75% to 16.00% |
| Bandhan Bank Gold Loan | 8.75% to 19.25% |
| 8.75% to 19.25% | 8.85% |
| Bank of Baroda Gold Loan | 9.15% |
| Punjab National Bank Gold Loan | 9.25% |
| Bank of Maharashtra Gold Loan | 9.30% |
| Federal Bank Gold Loan | 9.49% |
| City Union Bank Gold Loan | 9.50% |
| Canara Bank Gold Loan | 9.60% |
| J & K Bank Gold Loan | 10.00% |
| ICICI Bank Gold Loan | 10.00% |
| Karur Vysya Bank Gold Loan | 10.25% |
| South Indian Bank Gold Loan | 10.01% |
| Karnataka Bank Gold Loan | 11.21% |
| Axis Bank Gold Loan | 17.00% |
| Muthoot Finance Gold Loan | 22% p.a. with a 2% rebate if 100% interest is paid monthly |
| AU Small Finance Bank Gold Loan | Up to 24.00% |
Note: The interest rates mentioned above are subject to change at the lender’s discretion.
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Federal Bank Gold Loan Eligibility Criteria
These are the requirements for qualifying for a Federal Bank gold loan:
- Age: To apply for a jewelry loan, individuals must be at least 18 years old.
- Gold Purity: The gold item offered as collateral must have a minimum purity of 22 carats.
Documents Required for Federal Bank Gold Loan
To apply for a gold loan at Federal Bank, you need to submit certain documents based on the type of customer:
- Existing customer: No extra paperwork needed.
- New customer: Required documents include:
- Identity Proof: Aadhaar card, passport, Voter ID, or PAN card.
- Address Proof: Electricity bill, ration card, passport, lease agreement, or Aadhaar card.
- Recent Passport Photo.
Federal Bank Gold Loan Interest Rate Calculator
Federal Bank provides an online gold loan interest rate calculator that helps prospective borrowers estimate the interest rate they might have to pay. The calculator takes into account factors like the principal loan amount, the interest rate, and the loan tenure to give an estimate of the interest rates. You can use this tool to check the eligible loan amounts based on the gold you own. Adjust with the interest rates to find the most suitable option for your financial needs.
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Federal Bank Digi Gold Overdraft
Digi Gold Overdraft combines the security of gold with the flexibility of an overdraft, offering instant solutions for those in need of immediate funds without selling their gold assets.
Here are the key features of Federal Bank Digi Gold Overdraft:
- Overdraft Facility: Access funds as an overdraft against your gold, allowing flexible withdrawals up to the approved limit.
- Gold Loan with ATM Card, Mobile Banking & Net Banking Facilities: Manage your loan conveniently through various digital banking platforms.
- Alternate Locker Facility with Insurance: Enjoy a locker facility with free insurance coverage for your gold ornaments, ensuring their safety.
- Minimum and Maximum Loan Amount: Avail loans ranging from ₹3,000 to ₹150 lakhs, catering to both small and large financial needs.
- 24/7 Fund Utilization: Access your funds round the clock, even on holidays, providing you with constant financial flexibility.
- Interest Charged Only on Utilized Amount: Pay interest only on the amount you actually withdraw, making it a cost-effective solution.
- Instant Sanction and Hassle-Free Processing: Benefit from quick loan approval and minimal paperwork, leading to fast disbursement.
- Security: The loan is secured by pledging 22-carat gold ornaments, ensuring the safety of your assets.
- Shopping and Bill Payments: Use the overdraft amount for online shopping, fund transfers, and bill payments, adding convenience to your financial transactions.
- Gold Ornament Release/Replacement: Flexibility to release or replace your gold ornaments during the loan tenure.
- Higher Per Gram Rates: Benefit from competitive rates per gram, maximizing the value of your pledged gold.
- Eligibility: Any individual can avail of the Digi Gold Overdraft for personal purposes, making it accessible to a wide range of customers.
Steps to Apply for a Federal Bank Gold Loan
Here are the steps to apply for a gold loan through Federal Bank:
Step 1: Visit the Federal Bank’s Website and locate the Gold Loan Section.
Step 2: Click on the “Apply Online” button for gold loans.
Step 3: Provide your personal information, such as name, address, contact details, and occupation.
Step 4: Specify the desired loan amount and the repayment tenure that suits your needs.
Step 5: Prepare and upload the necessary documents:
Step 6: Review the application details carefully and submit it.
Step 7: Federal Bank will review your application and documents. If everything is in order, you’ll be contacted for further verification or a visit to a nearby branch.
Step 8: Once your application is approved, you’ll need to visit a Federal Bank branch to have your gold jewelry appraised and valued.
Step 9: After the valuation, the loan amount will be disbursed to your account based on the value of your gold.
Check out more on other gold investment & deposit schemes from the links below:
Check out more on sovereign gold bonds from below:
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