Federal Bank Gold Loan Interest Rates
Federal Bank gold loans offer a reliable and hassle-free solution for securing funds to meet immediate financial needs. With competitive interest rates and a quick approval process, these loans are ideal for purposes like education, weddings, or business expansion.
Federal Bank Gold Loan Details
The gold loans from Federal Bank come with key features that cater to diverse customer needs:
- Interest rate: Starts at 8.99% per annum.
- Loan amount: A flexible range starting from as low as Rs. 1,000 with no upper limit.
- Gold loan tenure: The tenure options range from 6 months to 36 months.
- Processing fees: Nominal charges ensure affordability.
- Eligibility: Open to any creditworthy individual, ensuring accessibility for a broad audience.
Features of Federal Bank Gold Loan Schemes
- Minimum loan value: The minimum loan value from Federal Bank is Rs. 1000. This makes them accessible for smaller financial needs.
- Maximum limit: No upper cap as it is a secured loan backed by gold.
- Secure storage: Your pledged gold is safely stored and returned upon loan repayment.
Types of Gold Loans from Federal Bank
Federal Bank offers various types of gold loan schemes tailored to meet different customer needs.
- General gold loan: A standard gold loan suitable for family or personal needs, with a simple application process and competitive interest rates.
- Digi gold loan: A fully digital gold loan that enables customers to apply for and manage their loans entirely online.
- Digi gold NRI variant: A special variant designed for non-resident Indians, combining convenience and specific benefits to NRIs.
- GL graded interest rate scheme: Offers a graded interest rate structure, ensuring flexibility in repayment and lower interest for smaller amounts.
- ISS KCC gold loan: Targeted at farmers under the Kisan Credit Card scheme, this loan supports agricultural activities with tailored repayment terms.
- Kisan gold loan Federal bank: Another agricultural-focused loan providing farmers with funds for cultivation or related activities.
- MSME gold loan: Tailored for Micro, Small, and Medium Enterprises, helping them meet working capital or expansion needs.
- Fed Smart Saver scheme: Combines a gold loan with a unique saving advantage, offering flexibility and financial benefits.
Federal Bank Gold Loan Rate Per Gram
The rate of gold per gram varies on gold purity and market rates. The per gram loan also depends on the scheme you have chosen:
- Federal Bank General gold loan: Up to 75% of the current market value.
- Federal Bank Agriculture gold loan: Up to 90% of the market value, specifically for agricultural needs.
- Federal Bank Non-Agricultural gold loan: Up to 75% of the current market value.
- Federal Bank MSME gold loan: Up to 75% of the gold’s value.
Federal Bank Gold Loan Interest Rate
Federal Bank offers both floating and fixed interest rates, ensuring options for every borrower:
- Floating rates: Start at 8.99% per annum, fluctuating with market conditions.
- Fixed rates: Start at 9.97% per annum, providing predictable repayment terms.
- Fed Smart Saver gold loan rates: Begin at an attractive 8.15% per annum, ideal for cost-conscious borrowers.
The interest rate of gold loans is comparatively lower than Federal Bank personal loans. You can also use the Fed Gold loan calculator to identify the EMI amount you need to pay. You just need to input the principal loan amount, interest rate and loan tenure to get the approximate amount you have to pay per month.
Federal Bank Gold Loan Maximum Limit
Federal Bank offers a maximum gold loan of up to Rs. 150 lakh. It provides substantial financial assistance for personal, agricultural, or business needs.
Federal Bank Gold Loan Processing Fee
Processing Fees by Schemes:
- General gold loan: Rs. 180 to Rs. 270
- Digi gold loan: 0.25% of the loan amount (Minimum fee is Rs. 500)
- Digi gold NRI variant: 1% of the loan amount (Minimum fee is Rs. 500)
- GL graded interest rate scheme: 0.35% of the loan amount (Minimum fee is Rs. 350)
- ISS KCC gold: 0.80% of the loan amount
- Kisan gold scheme: Rs. 530 to Rs. 1,700
- MSME gold loan: Rs. 180 to Rs. 270
- Fed Smart Saver scheme: 0.50% of the loan amount (Minimum fee is Rs. 500)
Security Operations Fee by Scheme
- OD-Digi-Gold loan scheme, OD-Digi-Gold-NRI loan scheme: Rs. 250 + GST after the third operation in a month
- Other gold loan schemes: Rs. 250 for each additional operation
Penalty Charges for Delayed Repayment
- Agricultural gold loan schemes: 14.50% from the due date
- Non-agricultural gold loan schemes: 16.50% from the due date
Federal Bank Gold Loan Eligibility
To get eligible, you must meet:
- Age: You must be at least 18 years old.
- Gold purity: The pledged gold must have a minimum purity of 22 carats.
Documents Required to Avail Federal Bank Gold Loan
- Existing clients: No additional paperwork is required.
- New clients: Need to submit-
- Identity proof: Aadhaar card, PAN card, or passport
- Address proof: Utility bills, ration card, or lease agreement
- Recent photograph
How to Apply for Federal Bank Gold Loans
You can apply for the gold loans through both an online and offline process.
Online Process:
- Visit the Federal Bank’s gold loan application page.
- Submit the required details and documents.
- Visit the branch with gold for valuation.
- Upon approval, receive the funds directly in your bank account.
Offline Process:
- Visit a nearby Federal Bank branch with the necessary documents and gold.
- Fill out the application form and provide gold for evaluation.
- Post verification, the loan amount is credited to your account.
How to Pay Gold Loan Interest in Federal Bank Online
Abide by these steps to pay your gold loan along with the interest:
- Log in to the FedMobile app.
- Select “Loan Repayment” in the Bill Payment section.
- Enter loan details and verify the amount.
- Complete the payment using your account.
This online facility ensures convenience and timely payments.
How to Close a Gold Loan in Federal Bank
To close your loan, follow these steps:
- Visit the branch with the required documents and repayment amount.
- Submit a loan closure application.
- Clear outstanding dues and collect the No Dues Certificate (NDC).
- Retrieve your pledged gold.
Conclusion
Federal Bank’s gold loan offerings cater to diverse needs with flexible schemes, competitive interest rates, and high loan limits. From minimal processing fees to transparent charges, their customer-centric approach ensures accessible and secure financing. These features make Federal Bank a reliable choice for leveraging your gold assets efficiently.
