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Compare Gold Loan - Yes Bank vs Federal

Bank
Parameters
Interest Rate
Interest Rate
9.99% - 14.50%
8.50% - 11.95%
Processing Fees
Processing Fees
0.75% or Rs 500 to 799, whichever is higher
Nil
Loan Amount
Loan Amount
₹ 25,000 to ₹ 50 Lakh
₹ 1,000 to ₹ 75 Lakh
Loan Tenure
Loan Tenure
6 months to 36 months
6 months to 12 months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,226
₹ 8,722
Foreclosure Charges
Foreclosure Charges
1%
Nil
EMI Scheme
EMI Scheme
Y
N
Bullet Repayment Scheme
Bullet Repayment Scheme
N
Y
Overdraft Scheme
Overdraft Scheme
Y
Y
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.7/5.0
4.7/5.0
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Compare EMI of Yes Bank and Federal Gold Loan

Loan Amount Yes Bank Federal Bank
₹ 50,000 ₹ 5,867 ₹ 6,752
₹ 1 Lakh ₹ 11,733 ₹ 13,503
₹ 5 Lakh ₹ 58,666 ₹ 67,515
₹ 10 Lakh ₹ 1,17,331 ₹ 1,35,031

Which bank offers lower interest rate on Gold Loan – Federal Bank or Yes Bank?

As per the current rates, Federal Bank offers a lower interest rate of 8.50% on Gold Loan when compared to Yes Bank which offers a Gold Loan at 9.99%.

How does Federal Bank Gold Loan compare with Yes Bank Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing Federal Bank and Yes Bank for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

  • Lowest Federal Bank Gold Loan interest rate is 8.50%, which is lower than the lowest interest rate of Yes Bank at 9.99% and hence, Federal Bank is offering a cheaper loan option.
  • When compared on other Gold Loan charges such as processing fees, Yes Bank charges a processing fee of 0.75% or Rs 500 to 799, whichever is higher while Federal Bank charges a processing fee of Nil.
  • Federal Bank offers Gold Loan upto an amount of ₹ 75 Lakh while Yes Bank offer Gold Loan upto an amount of ₹ 50 Lakh. Federal Bank can be a better option if you are looking for a high value amount.
  • Yes Bank allows prepayment facility on gold loan to close the loan before the tenure at 1% while Federal Bank offers prepayment facility at Nil charges. You can choose the option with lower charges to close high value amount.
  • Federal Bank with an average customer rating of 4.7 is equally comparable to Yes Bank with an average customer rating of 4.7, and hence, the customer can expect the same kind of service levels from these banks.

You must select the bank of your choice after evaluating the advantages and disadvantages of Yes Bank and Federal Bank.

What are the best repayment options available on Gold Loan – Federal Bank or Yes Bank?

  • Yes Bank offers EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.
  • Federal Bank offers bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however the amount is to paid at the end of term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.
  • One unique feature of Federal Bank and Yes Bank is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.
  • How can I choose the best bank for Gold Loan?

    You can choose the best bank for a Gold Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Gold Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Gold Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

    Which type of Gold Loan is the cheapest?

    The cheapest Gold Loan is the one that is offered at the lowest Gold Loan interest rates. This is because the lowest Gold Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Federal Bank offers the cheapest Gold Loan at 8.50%.

    How do I check my eligibility for Yes Bank and Federal Bank Gold Loan?

    You can check your eligibility for Yes Bank and Federal Bank Gold Loan by using MyLoanCare Gold Loan eligibility calculator. You have to enter details like required loan amount and weight of gold to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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    Gold Loan News - Feb 2021
    • 2021-02-25 : SBI offered customers to apply for the gold loan via call or SMS
      Customers can now apply for the gold loan from SBI by giving a missed call on 7208933143 or SMS GOLD at 7208933145, and the bank will then respond with a callback. A minimum loan amount of Rs 20,000 up to a maximum of Rs 50 lakh is sanctioned by the bank.
    • 2021-02-19 : Loan growth is back to pre covid levels
      Credit bureau TransUnion Cibil and MSME lender SIDBI reported that the loan growth is again back to pre covid levels. The revival was mainly due to the Emergency Credit Line Guarantee Scheme by public sector banks.
    • 2021-02-08 : RBI keeps the policy rate unchanged
      The RBI has decided to keep the policy repo rate unchanged at 4.0%. The reverse repo rate remains unchanged at 3.35% and the MSF rate and the Bank Rate at 4.25%. Further, it decided to continue with the accommodative stance to revive growth and mitigate the impact of COVID-19, while keeping a check on the inflation. The stance of keeping the repo rate unchanged will impact retail loans retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans.
    • 2021-02-08 : PNB reported net profit of 506 crores
      PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
    • 2021-02-05 : Punjab and Sind Bank reported a loss of Rs. 2375 crores
      Punjab & Sind Bank net loss in December quarter 2020-21 spiralled to Rs 2,375.53 crore on higher provisions for bad loans. Total income fell to Rs 1,982.52 crore from Rs 2,077.01 crore in the same period of 2019-20. Further, Net income fell 9.1% to Rs 1,763.10 crore and income on investments was down 12.1% to Rs 455.42 crore.
    *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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