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Fincare Bank Gold Loan Interest Rate

Fincare Small Finance Bank Gold Loan: Details 2022

Last Updated 24th May 2021

Fincare Small Finance Bank Gold Loan Interest rate starts at 10.99% with a loan tenure of 3 Months to 9 Months. Fincare Small Finance Bank jewel loans offer low interest with multiple repayment options including EMI Scheme, Bullet Repayment Scheme. Fincare Bank also offers agriculture gold loans with interest rates lower than the rates for regular customers Check Best Offers.

Fincare Bank Gold Loan Rate 10.99% onwards
Processing Fee Upto 0.5%
Loan Tenure 3 Months to 9 Months
Loan Amount ₹ 10,000 to ₹ 40 Lakh
Prepayment Charges NIL
Gold Loan SchemeEMI Scheme, Bullet Repayment Scheme

With Fincare you can avail upto 90% of the value of gold.

Apply for Gold Loan @ 9.00%* Get upto ₹ 500* Cashback

Fincare Bank Gold Loan

Fincare Bank gold loan can be availed by pledging your gold ornaments for meeting urgent personal expenses like children's education, marriage and other financial emergencies in family or business. The gold mortgaged acts as a security to the loan. Taking a loan from Fincare Small Finance Bank has the following benefits:

Current Fincare Bank Gold Loan Interest Rate

Fincare Bank gold loan interest rate currently starts at 10.99% and goes up to 24.99%. The lowest interest was decreased by 2% on 24 May, 2021. You can avail jewellery loans for any purpose for a maximum tenure of 9 Months. Fincare Bank offers a gold loan at the cheapest rates as it is a secured loan and has multiple repayment options like the gold loan EMI Scheme, Bullet Repayment Scheme.

Fincare Small Finance Bank Gold Loan Details

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewellery
  • Type of Gold Accepted: Gold jewellery of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: Fincare Bank offers jewel loans to all individuals above 18 years of age, including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • Fincare Bank gold loan interest rates starts from 10.99% to 24.99%
    • Fincare Small Finance Bank charges a processing fee of Upto 0.5%
    • Loan Tenure of Gold Loan ranges from 3 Months to 9 Months
    • The lowest EMI per lakh on Gold Loan from Fincare Small Finance Bank is offered at the lowest gold loan interest rate and at the longest loan tenure.
    • Fincare Bank allows prepayment of jewel loans with NIL charges

Documents Required for Fincare Small Finance Bank Gold Loan

The documentation process of Fincare Small Finance Bank is smooth. You need to submit one proof of identity and one proof of address to get a Fincare Small Finance Bank gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

Comparison of Fincare Small Finance Bank Gold Loan with other Banks

Gold loan interest rates in Fincare Small Finance Bank are very affordable. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Fincare Small Finance Bank SBI HDFC Bank
Current Interest Rate 10.99% - 24.99% 7.50% - 7.50% 9.00% - 15.00%
Previous Lowest Interest Rate 0.00% 0.00% 0.00%
Lowest Rate Difference 10.99% 7.5% 9%
Processing Fees Upto 0.5% 0.25% of the loan amount, minimum-₹ 500 0.20% of the loan amount
Loan Tenure 3 Months to 9 Months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 10,000 to ₹ 40 Lakh ₹ 20,000 to ₹ 50 Lakh ₹ 25,000 to ₹ 10 Lakh
Foreclosure Charges NIL Nil Zero prepayment charges post 6 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 11,626 per lakh ₹ 3,111 per lakh ₹ 4,568 per lakh

How can I get a Gold Loan from Fincare Bank?

You can apply for a gold loan with Fincare Small Finance Bank directly through branch walk-in or by filling an online application form.

  • To get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare.
  • MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan.
  • Customer representatives of the bank will instantly contact you to fix up an appointment for a branch visit.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

You can get a gold loan in a single branch visit, during which Fincare Small Finance Bank will do an appraisal of your jewellery in terms of its purity and weight. If the jewellery meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewellery.

Fincare Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Fincare Small Finance Bank is 10.99%. The factors that affect the Fincare Small Finance Bank gold loan interest rate are loan amount, loan tenure and loan required as a percent of the value of gold jewellery. Fincare Small Finance Bank’s existing account holders get a gold loan at the best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail from Fincare Small Finance Bank depends on the weight of jewellery you can pledge with the bank. Fincare Small Finance Bank offers a loan per gram of gold which differs by the purity of gold and loan to value ratio offered. The Bank offers loans between ₹ 10,000 and ₹ 40 Lakh. The gold loan interest rate Fincare Small Finance Bank is lower for higher loan amounts.
  • Relationship with the Bank: Fincare Small Finance Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can benefit from a low gold loan interest rate from Fincare Small Finance Bank.
  • Loan tenure: Fincare Small Finance Bank offers gold loans for a tenure of 3 Months to 9 Months. The interest rate is higher for short tenure gold loans.
  • Loan to Value ratio: Maximum gold loan to value ratio on gold jewellery has been fixed at 90% by RBI. However, Fincare Small Finance Bank also offers loans at lower LTVs. The interest rate on loans with lower LTV will be lower compared to loans with higher LTV. The maximum LTV offered by Fincare Small Finance Bank is 90% calculated on the net weight of gold in your jewellery.
  • Purpose of Loan: All banks, including Fincare Small Finance Bank, also offer gold loans for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. Fincare Bank's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Fincare Small Finance Bank Gold Loan Charges

In addition to interest rates, Fincare Small Finance Bank also carries some other charges while offering gold loans which includes:

  • Processing fees – Fincare Small Finance Bank charges minimum processing fees of Upto 0.5%. To get the lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loans and typically levy prepayment or foreclosure charges i.e. NIL.
  • Stamping charges - Stamping charges are charged for the transference of ownership of tangible assets. The charges are as per the respective State's Stamp Act.

FAQs

Has Fincare Small Finance Bank reduced the interest rate on the gold loan?

Yes, Fincare Small Finance Bank has reduced the lowest interest on gold loans as effective from 24 May, 2021. Presently, Fincare Small Finance Bank offers gold loans starting at 10.99%, which is a decrease of 2% from the previous rates of 12.99%.

How much gold loan can I avail from Fincare Small Finance Bank?

You can get upto ₹ 40 Lakh as a gold loan from Fincare Small Finance Bank. However, the maximum loan amount depends on the value of the gold you pledge. Fincare Small Finance Bank funds upto 90% of the gold value as a loan.

How can I check my Fincare Small Finance Bank gold loan status?

You can check the loan status of Fincare Small Finance Bank gold loan by visiting the website and log in to the Fincare Small Finance Bank net banking. Once logged in, go to the track loan application in the loans section. If you have applied for a gold loan through MyLoanCare website, log in to your MyLoanCare account, and the status of your loan will be shown on the homepage of your account. However, if you are concerned about the loan approval status, then in the case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan Fincare Small Finance Bank available online? Is there a Fincare Small Finance Bank gold loan online payment facility?

Yes, you can apply for a gold loan online in Fincare Small Finance Bank to get a quick loan. Fincare Small Finance Bank offers a gold loan online payment facility. For online payments, you can use the netbanking facility. Apart you can also prompt automated payments of EMI from your regular savings or current account.

Are there any prepayment charges on Fincare Small Finance Bank gold loan?

Yes, you can prepay your jewel loan after paying prepayment charges. The applicable prepayment charges to foreclose loan from Fincare Small Finance Bank are NIL. Before enclosing your gold loan in advance, ensure that foreclosure of Fincare Small Finance Bank gold is beneficial in managing financial burden and does not hamper your debt to income ratio.

Does Fincare Small Finance Bank offer Agricultural Gold Loan?

No, Fincare Small Finance Bank does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.

What is the procedure for a gold loan in Fincare Small Finance Bank?

To apply for a gold loan in Fincare Small Finance Bank visit the nearest bank branch or log in to the official website. Also, you can apply with MyLoanCare to get the best offers. Before applying ensure you meet the Fincare Small Finance Bank gold loan eligibility criteria and keep your documents handy. Most importantly, be informed of the purity check of your gold.

Does Fincare Small Finance Bank offer an additional discount on gold loan interest rates for women?

No, Fincare Small Finance Bank offers the same gold loan interest rate to all the borrowers, they do not offer lower interest to women borrowers. However, the interest rate is lower for people who take loans for agricultural purposes.

Can Fincare Small Finance Bank gold loan interest rate be negotiated?

Yes, gold loan rate of Fincare Small Finance Bank can be negotiated. There are chances that banks will lower the interest rate if you already have an account with the bank or you have a stable source of income. Further, a larger loan amount can help you grab a gold loan at lower interest rates.

How long does it take to process Fincare Small Finance Bank Gold Loan?

The gold loan can be disbursed quickly within a few hours. It takes around 90 to 120 minutes to process a loan. Further, it depends upon your eligibility and the quality of the pledged gold.

What are the benefits for Fincare Small Finance Bank account holders while getting a Gold loan?

Fincare Small Finance Bank account can avail a gold loan for a maximum of 90% of the value of the gold at the lowest rate starting at 10.99%. The bank also provides gold without any income proof and CIBIL requirements.

What happens if Fincare Small Finance Bank Bank gold loan is not paid?

If you do not repay your Fincare Small Finance Bank Bank gold loan, you will have to pay a late payment penalty of 2.00%. Further, you may lose all your pledged gold if you skip your loan payment entirely. Also, even when CIBIL score is not a criteria to avail gold loan, yet, prepaying loan on time, can boost your credit score and vice versa.

Will Fincare Small Finance Bank gold loan affect CIBIL score?

Yes, if you default on repaying your Fincare Small Finance Bank gold loan EMI, it will affect your CIBIL negatively and similarly, paying the dues on time will improve your CIBIL.


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Fincare Bank Gold Loan News - Jan 2022
  • 2021-03-09 : Fincare expecting 10-20% growth in 2020-2021
    Despite the pandemic, Fincare Small Finance is expecting a 10% -20% growth in 2020-2021. The Small finance bank serves over 25.6 lakh customers in 19 states/territory with a workforce of 7,910 people.The size of the deposits is around Rs 5, 200 crore and the loan asset size is around Rs 5, 400 crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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