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Federal Bank gold loans are considered one of the easiest and fastest ways to secure funds for your immediate needs at attractive interest rates. If you apply for a Federal Bank gold loan, you will be able to get it quickly with minimal documentation and a lower gold loan interest rate. Moreover, the bank also offers secure storage, and the funds you secure from this gold loan can be used for weddings, education, business expansion and other similar purposes.
Keep reading to know everything about the Federal Bank gold loan interest rate and how to apply for it.
The starting rate of interest on a Federal Bank gold loan is 8.99% p.a. A Federal Bank gold loan offered by the bank is both floating and fixed in nature. A detailed overview of the rates is given in the following table:
| General Gold Loan Interest Rates | |
| Particulars | Interest Rates (p.a.) |
| Floating interest rates | 8.99% onwards |
| Fixed interest rates | 9.79% onwards |
| Fed Smart Saver Gold Loan Interest Rates | |
| Particulars | Interest Rates (p.a.) |
| Fed Smart Saver Gold Loan | 8.15% onwards |
The following table provides the Federal Bank gold loan per gram rate:
| Gold Loan Scheme | Per Gram Rate of Gold |
| General Gold Loan Scheme | 75% of the current market value |
| Agri Gold Loan Scheme | 90% of the current market value |
| Non-Agri Gold Loan Scheme | 75% of the current market value |
| MSME Gold Loan Scheme | 75% of the current market value |
The Federal Bank Agri Gold Loan is a specialised loan scheme designed specifically for farmers. Under this scheme, farmers can avail of a loan ranging from a minimum of Rs. 1,000 to a maximum of Rs. 150 lakh. The Federal Bank's Agri Gold Loan interest rates start at 8.99% annually.
Federal Bank offers a range of gold loan schemes to meet the diverse needs of borrowers. Here are the details of the various Federal Bank Gold Loan schemes available for all.
Under this scheme, borrowers can avail a loan amount of up to 75% of the value of their gold items. The interest rate for this loan starts at 8.99% per annum, and it may vary based on the purpose of the loan.
This scheme is specifically designed for farmers, offering a loan amount of up to 90% of the market value of their gold items. Borrowers can obtain a loan corpus of up to Rs. 150 lakh at an interest rate starting from 8.99% per annum.
With the DIGI Gold Overdraft scheme, borrowers can pledge their gold items with the bank and withdraw up to 72% of the value of these items whenever they need immediate funds. It is important to note that the gold will be safely stored with the bank throughout the tenure.
This gold loan scheme from the Federal Bank offers the lowest gold loan interest rate among all other schemes, starting at 8.15% per annum. Additionally, borrowers have the option to choose bullet repayment, where they can repay the entire corpus at the end of the tenure without any monthly interest payments.
As a top financial institution in India, Federal Bank offers a maximum gold loan of Rs. 150 lakh.
Following are the processing fees charged by Federal Bank for their gold loan schemes:
| Gold Loan Schemes | Fees |
| General Gold Loan | Rs. 180 to Rs. 270 |
| Digi Gold NRI Variant | 1% of the whole loan amount (Minimum fee is Rs. 500) |
| GL Graded Interest Rate Scheme | 0.35% of the loan amount (Minimum fee is Rs. 350) |
| Digi Gold Loan | 0.25% of the loan amount (Minimum fee is Rs. 500) |
| 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) |
| Gold Loan Schemes | Charges |
| For OD-Digi-Gold Loan Scheme and OD-Digi-Gold-NRI Loan Scheme | Rs. 250 + GST from the 3rd operation in a month |
| Other Gold Loan Schemes | Rs. 250 for every operation |
| Gold Loan Schemes | Charges |
| Agriculture Gold Loan Schemes | 14.50% from the due date |
| Non-Agriculture Gold Loan Schemes | 16.50% from the due date |
Here are the gold loan appraiser charges of Federal Bank Gold Loans:
| Loan Amount | Appraiser Charges |
| Up to Rs. 25,000 | NIL |
| More than Rs. 25,000 and less than Rs. 50,000 | Rs. 140 |
| More than Rs. 50,000 to less than Rs. 1 lakh | Rs 200 |
| More than Rs. 1 lakh to Rs. 2 lakh | Rs. 220 |
| More than Rs. 2 lakh and lakh less than Rs. 3 lakh | Rs. 300 |
| More than Rs. 3 lakh and less than Rs. 5 lakh | Rs. 430 |
| More than Rs 5 lakh | Rs. 140/ lakh |
Federal Bank offers a convenient online gold loan interest calculator on its website. This tool enables you to input your desired loan amount, Federal Bank gold loan interest rate (select between floating and fixed rates), and tenure (in months) to estimate the total interest payable and EMI amount.
Here are the eligibility criteria for applying for a Federal Bank gold loan:
Federal Bank offers a streamlined process for applying for a gold loan, with two main methods available. They are discussed in detail below.
Step 1: Visit the Federal Bank gold loan application webpage.
Step 2: Provide the necessary information and click ‘Submit’.
Step 3: A bank representative will contact you.
Step 4: Submit the required documents and provide gold as collateral by visiting the bank branch.
Step 5: The bank will review the submitted materials. The loan amount will be deposited into your bank account if all information is accurate.
Step 1: Visit the nearest Federal Bank branch with the required documents. If you are an existing customer, no additional documentation is needed as the bank already has your information. If you are a new customer, you will need to provide the necessary paperwork.
Step 2: Fill out the gold loan application form and provide the required documentation.
Step 3: Provide at least 22 carats of gold as security.
Step 4: The bank will review the submitted materials. The loan amount will be deposited into your bank account if all information is accurate.
When applying for a gold loan from Federal Bank, the paperwork required varies depending on whether you are an existing or new client. Here is a breakdown of the same.
Here is a step-by-step guide on how you can close a gold loan in Federal Bank:
Step 1: Go to the closest Federal Bank branch. Carry all the necessary documents and your chequebook or cash to pay the outstanding balance of your loan account.
Step 2: Write an application letter to the bank representative regarding the closure of the loan account.
Step 3: Pay your outstanding amount and submit all the documents to the bank representative.
Step 4: To get a confirmation regarding the repayment of the loan, collect an NDC or No Dues Certificate from the lender.
After you complete all the pre-closure formalities, the bank will close your loan account.
To pay your Federal Bank gold loan interest online, follow these steps:
Step 1: Log in to the FedMobile app.
Step 2: Navigate to the ‘Bill Payment’ section under services on the Home screen and select ‘Loan Repayment’.
Step 3: Choose your service provider.
Step 4: Enter the loan account details requested by your lender.
Step 5: Verify the loan instalment amount automatically fetched or enter it manually if necessary.
Step 6: Complete the payment using your bank account.
By following these steps, you can conveniently pay your Federal Bank gold loan interest online using the FedMobile app.
For Federal Bank personal loan customer care, you can call 1800 425 1199 or 1800 420 1199. These toll-free numbers are available 24x7, assisting the bank's customer care team. Customers outside India can dial 0484 2630994, 0484 2630995, or 080 61991199 for the same services.
Nowadays, having quick access to emergency funds can be crucial. Federal Bank's gold loan options provide a secure and flexible solution, leveraging the value of your gold assets to meet your financial needs. With competitive Federal Bank gold loan interest rates, personalised schemes, and a streamlined process, Federal Bank offers a compelling solution for individuals and farmers alike.
Also Read
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