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Federal Gold Loan Per Gram

Federal Gold Loan Calculator

Last Updated 18th Feb 2021
Eligibility Criteria Federal Gold Loan
Gold Loan per gram ₹ 2,495 to ₹ 3,049 depending on the purity of gold
Age of Borrower 21 - 75 years
Maximum Loan Amount ₹ 75 Lakh
Maximum Loan to Gold Value Ratio Up to 75%
Purity of Eligible gold 18 carat to 22 carat gold
Maximum Loan Tenure 12 months
Lowest EMI Per Lakh ₹ 8,722
Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

Federal Gold Loan Per Gram

Federal Bank gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get loan on the basis of the purity and gold price of your jewelry adjusted for loan to value ratio.
As per the latest gold prices, Federal Bank offers a gold loan per gram of ₹ 2,495 to ₹ 3,049. Highest Federal Bank gold loan rate per gram today is ₹ 3,049 for 22 carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of last 30 days in 2021 is ₹ 4,517 of 22 carat.

Gold Loan Calculator Federal

MyLoanCare’ s Federal Gold Loan Calculator gives you an estimate of the amount of gold loan you can avail basis the following factors.

  • Purity and net weight of gold used in jewelry: The bank will use their in-house valuer to assess the purity and net weight of gold in your jewelry. Gold used in the jewelry should be of a purity of 18 to 24 carats. Federal Bank will also reduce the weight of gems and stones from the jewelry to calculate the net weight of jewelry. The valuer will give his findings in writing.
  • Price of gold: Once the valuer estimates the purity and net weight of gold in your jewelry, Federal Bank will multiply it with the price of gold to calculate the value of gold. RBI has instructed banks to apply the past 30 days average price of 22 carat gold adjusted for purity of gold. So, if the gold is of 20 carat purity, Federal Bank will apply the 30 days average of 22 carat gold multiplied by a factor of 20/22 to adjust the value of gold.You can also check today's gold rate at MyLoanCare.
  • Loan to Value Ratio: Once the value of jewelry is calculated, Federal Bank will apply a LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, Federal Bank may offer you a lower interest rate.

Federal Gold Loan Rate Per Gram by Gold Purity

The following table gives an approximate estimate of gold loan per gram Federal Bank will offer against gold jewelry of different purity levels at a maximum LTV of 75% and lower LTV of 65%.

Gold Purity Gold rate per gram- average of past 30 days Federal Bank best Gold Loan per gram Federal Bank lowest Gold Loan per gram
22 carat₹ 45,173₹ 3,049₹ 2,643
20 carat₹ 41,066₹ 3,049₹ 2,402
18 carat₹ 36,959₹ 2,495₹ 2,162

The above table shows the method by which Federal Bank will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram in Federal Bank offer for 22 carat jewelry will be between ₹ 2,643 to ₹ 3,049
  • Federal Bank gold loan per gram offer for 20 carat jewelry will be between ₹ 2,402 to ₹ 3,049
  • Gold loan per gram offer of Federal Bank for 18 carat jewelry will be between ₹ 2,162 ₹ 2,495

Tips to Get Best Gold Loan Amount Per Gram from Federal

  • Federal Bank accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get highest gold loan per gram for hallmark jewelry, as it reduces the chances of under-valuation by the valuer. Also, some banks charge a lower processing fees on hallmarked gold jewelry.
  • Federal Bank adjusts the price of 22 carat gold for purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for gold loan.
  • Federal Bank will calculate the net weight of jewelry to calculate the amount of loan against gold you can get. Always, try to choose jewelry which has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from total weight of jewelry. Federal Bank will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in lower amount of jewel loan you can are eligible to get Further, Federal Bank will not accept diamond jewelry if the gold used is of less than 18 carat purity. Most of the diamond jewelry is made in 16 carat to 18 carat gold and hence, will result in very low gold loan per gram.
  • Always try to get the maximum LTV on the value of gold. Federal Bank is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr. A and his two friends Mr. B and Mr. C own different amounts of gold with varying purity. Mr. A has 50 gram of gold with a purity of 22 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 70 grams of gold with a purity or 22 carat. They approach Federal to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.

Carats / Weight of gold Gold Weight (in gm) Purity of Gold (in carat) Gold Loan Eligibility
Mr. A 50 22 ₹ 2.03 Lakh
Mr. B 60 20 ₹ 2.22 Lakh
Mr. C 70 18 ₹ 2.33 Lakh

As noted in the illustration above, despite having the highest weight of gold, Federal Bank will offer the lowest gold loan rate of ₹ 2.03 Lakh due to lower purity of gold at 22 carat.

In the same illustration, Federal Bank will offer the highest gold loan amount to Mr. A at ₹ 2.33 Lakh, despite having the lowest weight of gold. Hence, clearly one can improve the gold loan amount eligibility from Federal Bank by opting to pledge a high purity gold jewelry.

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FAQs

What is the age limit required for gold loan from Federal?

The minimum age should be 21 years and maximum age should be up to 75 years.

What is the maximum loan amount that I can avail on gold loan from Federal Bank?

The maximum loan that you can avail is up to 75% of the market value of the gold depending on the quality of the gold.

What is the loan tenure of Federal Bank gold loan?

Federal Bank gives gold loan to the applicants for a maximum tenure of 12 months. So, the borrower should be sure about the repayment capacity of the loan.

What kind of gold items are accepted and rejected as a security?

Gold ornaments with carats in the range of 18 to 24 and weight of more than 50 grams are accepted by Federal Bank. Federal does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

How much processing fee is applicable in Federal Bank gold loan?

Federal Bank charges a processing fee of Nil on gold loan.


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Federal Gold Loan News - Mar 2021
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-07-16 : Federal Bank Q1 net profit up 4.3%
    Federal Bank net profit backed by retail loans like home, personal, gold, car and two-wheeler along with business and mudra loans rose by 4.3% to Rs 400.77 crore in Q1 June 2020 over Q1 June 2019. Further, The Bank total deposits which include fixed and recurring deposits reached Rs 1,54,937.74 crore in Q1 June 2020, registering a 16.9% growth from Q1 June 2019.
  • 2020-07-06 : Federal Bank focuses on gold loans amid Covid-19
    Federal Bank is targeting the safer gold loans amid the Covid-19 and economic woes. The bank is hoping to grow faster than last year in this credit option as demand for other loan option seems to reduce and Businesses are opting for gold loans to tide over COVID-induced liquidity crunch.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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