- Is Federal Bank Gold Loan the Best?
- You can decide better by reading about its interest rates and loan to value ratio here
Struck with a financial emergency? Do you know that the gold sitting idle in your home can help you overcome the same? Yes, with the help of a Federal Bank Gold Loan, you can easily get the required loan amount against your gold ornaments and also bank-minted gold coins. As one of the leading private sector banks, Federal Bank provides this gold loan at affordable interest rates and with minimal documentation.
You just need to submit gold to the bank, and after the due assessment of your gold, the lender will decide what loan amount you will get. With instant sanction and hassle-free processing, this Federal Bank loan facility is widely preferred by borrowers. Keep reading to know Federal Bank Gold Loan details.
Table of Contents
- 1 Federal Bank Gold Loan Interest Rate January 2022
- 2 Federal Bank Gold Loan Highlights
- 3 How to Apply for Federal Bank Gold Loan?
Federal Bank Gold Loan Interest Rate January 2022
Federal Bank interest rates start from 10.99% per annum and vary according to your required loan amount and overall profile. We are providing some important details in the table given below which you can look at.
Federal Bank Gold Loan Interest Rate and Other Details
|Minimum Loan Amount||INR 1,000|
|Maximum Loan Amount||INR 150 lakh|
|Interest Rate||8.50% Onwards|
|Minimum Tenure||6 months|
|Part prepayment/ Foreclosure Charges||Customized|
|Credit Assessment Charges||Nil|
Federal Bank Gold Loan Highlights
After knowing the interest rate and other important details related to the Federal Bank Gold Loan, it’s important to know about some of the Federal Bank Gold Loan highlights. Check out the same below.
- With the help of a Federal Bank Gold Loan, you could opt for a loan amount as low as INR 1,000 and it can go up to a maximum of INR 150 lakh. You must remember that this amount depends on the weight and purity of your gold against which you want to take the loan.
- Federal Bank mainly provides three different gold loan schemes – Agri Gold Loans, Non-Agri Gold Loan and MSME Gold Loans. The loan amount tends to vary from one gold scheme to another.
- If you are worried about the tiring documentation process, you don’t need to as the Federal Bank gold loan comes with a hassle-free documentation process.
- With the help of this gold loan facility, you would get flexible repayment options to repay the loan dues comfortably. You can either choose the lumpsum repayment method or the EMI method according to your convenience.
- Federal Bank also provides doorstep gold loan facility in select cities like Mumbai, Chennai, Coimbatore, Hyderabad, Pune, Ahmedabad and New Delhi in association with RUPEEK; which is a gold loan company authorized by Reserve Bank of India (RBI).
How to Apply for Federal Bank Gold Loan?
After knowing so much about the Federal Bank Gold Loan, you may want to know about the application process so that you can get the required loan amount as soon as possible. Well, you can apply for Federal Bank Gold Loan by visiting any of the branches. There are a few steps that you need to follow which are mentioned below.
- Go to the nearest Federal Bank branch and ask for a Gold Loan Application Form
- Choose the scheme you want to and mention the same in the form along with other details
- Submit the form along with your documents and the gold ornaments.
- The bank will assess the value of your gold, and after the whole authentication process, you will get the loan amount in your bank.
If you want to apply online, you can do it by downloading the Rupeek application available for both Android and iPhone.
How Much Loan Can You Get from the Federal Bank?
This is the common question that an individual asks while applying for a gold loan. The maximum loan amount varies according to the weight and overall value of your gold as stated earlier. But there is a fixed limit defined by the Federal Bank on the maximum loan amount and it varies from one scheme to another. You can look at the below-mentioned details.
- For Agri Gold Loan, you can get a maximum of 82% of the market value of the gold. It means that if the overall market value of your gold is INR 10 lakh, then the maximum loan amount you can get is INR 8.2 lakh.
- Similarly, for the Non-Agri and MSME Gold Loans, you can get a maximum of 75% of the market value of the gold.
Documents Required for Federal Bank Gold Loan
For successful authentication, it is necessary to submit proper documents. However, if you are an existing customer of the Federal Bank, you don’t need to provide any documents to apply for a gold loan.
But if you are a new customer, you will have to provide the following documents.
- Recent Passport-size Photographs
- Address Proof – Voter’s ID Card/Aadhar Card/ Electricity or Telephone Bill/ Lease Agreement/Trade License
- Proof of Identity- Aadhar Card/ Passport/ Valid Driving Licence/ PAN Card
- Proof of Signature
Eligibility Criteria for Federal Bank Gold Loan
- Any individual can opt for a Federal Bank Gold Loan for personal, business, and agricultural purposes.
- The applicant must be an Indian citizen with a stable source of income.
- The purity of gold must be 22 carats.
How can you Contact Federal Bank Customer Care?
In case you have questions about any of the gold loan schemes provided by the Federal Bank, you just need to call the PAN India toll free number 1800-425-1199 or 1800-420-1199. The customer care executives will be available 24*7 to resolve any of your queries. Feel free to contact anytime!