Federal Gold Loan Interest Rate

Federal Bank Gold Loan Interest Rate Mar 2017

Last Updated 29th Mar 2017
Interest Rate 11.75% - 13.50% Check Special Offer
Repayment Options Bullet Repayment Scheme, Overdraft Scheme
Loan Tenure 6 months to 12 months
Minimum and Maximum Loan Amount Rs. 1,000 and Rs. 7,500,000
Processing Fee Nil
Prepayment Charges Nil
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Federal Gold Loan

Federal Gold Loan Interest Rate Calculator
Federal Gold Loan Interest rate calculator works on various inputs like
  • Loan Amount – Generally banks offer lower interest rates for higher amount. However, Federal offers loan between Rs. 1,000 and Rs. 7,500,000 amount.
  • Relationship with the Bank – Federal Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low gold loan interest rates from the bank.
  • Repayment Capacity – Before giving loan to the borrower, Federal Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Federal Gold Loan Eligibility Calculator
Eligibility of gold loan in Federal relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing gold loan.
  • Gold loan rate per gram: Federal Bank will value the jewelry based on price of 22 carat gold adjusted for purity. Federal Bank use thirty days average rates of 22 carat gold prices. You can also check today gold rate at Myloancare.
  • Form of gold pledged: You can get gold loan from Federal Bank against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for gold loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
  • Purpose for which loan is used: You can use the gold loan from Federal Bank for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Federal Gold Loan EMI Calculator
Gold Loan EMI of Federal Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by Federal Bank is Rs. 8,873 per lakh loan amount. Gold loan EMI of Federal Bank depends upon:
  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from Federal Bank at interest rate of 11.75% per annum, EMI will be Rs. 8,873 per Rs. one lakh loan amount. At interest rate of 13.50% for the same loan, the EMI will be Rs. 8,955
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 11.75% per annum, the EMI would range from Rs. 17,242 to Rs. 8,873 for loan tenure ranging from 6 months to 12 months

Documents Required for Federal Gold Loan

The documentation process of Federal Bank is smooth. Here is a list of documents which are required to apply for home loan from Federal Bank:
  • Identity proof: Passport, Driving License, PAN Card, Aadhar Card, Voter's ID Card
  • Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy

Compare Gold Loan Interest Rates of Federal with other banks

Frequently Asked Questions

What is the maximum loan tenure I can opt under Federal Bank jewel loan?

Federal Bank offers you tenure of upto 12 months to repay your gold loan.

Can I prepay my gold loan? What are the charges applicable?

Yes, you can prepay your gold loan. Applicable prepayment charges - Nil.

What is the maximum gold loan amount available?

You can avail gold loan up to Rs. 7,500,000 from Federal Bank
Federal Gold Loan News - Mar 2017
29th Mar 17 Indian gold jewelry exports down 47 percent in February, 2017
Exports of gold jewellery from India have dropped by more than 24 percent in January and 47 percent in February 2017. The gold exports have been adversely impacted due to the 10 percent import duty levied on imported gold used for making jewellery and 5 percent import duty levied by UAE on import of gold jewellery from India. According to SBI, people manufacturing gold jewellery are migrating from India to UAE due to loss of business arising from the declining exports.
20th Mar 17 ICICI Bank launches Mera iMobile app for rural customers
ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
18th Mar 17 Manappuram Finance plans to sell stake, stock rises by 2 percent
Promoter of the gold loan NBFC, Manappuram Finance is planning to sell his stake in the company from its current stake holding of 28.2 per cent. The news resulted in a rise in the stock price of the gold loan NBFC by 2 percent at Rs. 95 per share.
17th Mar 17 Manappuram Finance launches new ad campaign with Maxus for Online Gold Loan
Manappuram Finance has launched a new ad campaign with an ad agency named Maxus to promote its newly launched gold loan product, Online Gold Loan. The ad campaign highlights the utility of Manappuram Finance gold loan products in terms of providing easy liquidity and convenience to its customers to be able to lead a contemporary lifestyle. The Online Gold Loan allows the customers to avail gold loans via the company’s mobile app.
17th Mar 17 Muthoot Finance to raise Rs. 2,000 crore via NCDs
Muthoot Finance is planning to raise funds worth Rs. 2,000 crore via non convertible debentures through a public issue. The leading Gold Loan NBFC expects to utilise the funds for lending activities and other business purposes. The issue is being managed by Edelweiss Financial Services and AK Capital Services.
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