Federal Bank gold loan interest rate starts at 11.75% to 13.50%. The rate applies to both new as well as existing customers. The interest rates applicable shall differ depending on the purity of the gold pledged, loan value and the loan to value ratio. A loan against gold can be used for several activities just like a personal loan. Many utilize the fund for medical emergency, travel, home repair, education, business expansion, working capital, etc.
At Loanbaba, you will get all details about Federal Bank loan against gold.
Details of Federal Bank jewel loan interest rate are as follows:
Federal Bank Gold Loan
Federal Bank Gold Loan Rate
Starts from 11.75% to 13.50%
6 - 12 months
Rs. 1000 to Rs. 150 lakhs
Gold Loan Scheme
Bullet Repayment Scheme
As per lowest rate of 11.75% offered by the bank, the EMI amount for Rs. 1 lakh is Rs. 8,873 for a period of 12 months. To get the best offer on rates, check how well you match the eligibility criteria by the bank. The more number of conditions you fulfil, higher chances of getting the loan of required amount and interest rate.
Below-given are features of Federal Bank loan against gold.
The calculation of rate of interest for jewel loan depends on the following factors:
The value of the loan depends on the weight of jewellery that you pledge to the bank. The bank offers an amount considering per gram of gold. This may differ depending on the purity and loan to value ratio. A higher amount attracts a lower rate of interest. The loan value may be anywhere between Rs. 1000 to Rs. 150 lakhs.
The tenure is another big factor determining the interest rates. Higher interest rates may be charged for shorter tenures, also implying to the vice versa.
A healthy relationship with the bank can also get you loans at attractive interest rates. For instance, a person who made the right repayment of debts and has gained enough trust, the Bank is likely to offer loans at lower interest rates.
You can get your jewellery loan at low rates, if the bank trusts you on your repayment capacity. The interest rate determination is more of a trust game. So a good credit history leads to lower interest rates.
Below are the eligibility criteria for gold loan by the bank.
To apply for jewel loan with the bank, you can either apply offline or online.
Below-given are documents you need to apply for gold loan Federal Bank.
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Below-given are FAQs about Federal Bank Gold Loan and Rate of Interest.
You can definitely prepay your jewel loan without incurring any additional charges.
The bank provides quick loans online. Thus, you can avail online and also opt for their online payment facility.
This bank has Agri gold loan schemes, where you can get up to 82% of market value of gold as rate of gold per gram.
You can get a maximum of Rs. 150 Lakhs as gold loan at the bank.
You can either repay the amount in lump sum or make equated monthly instalments.
This loan schemes is based on debit card and overdraft facility. You can access the loan via debit card that is provided on overdraft facility against collateral gold. The bank will accept only 22 carat gold in this scheme, as collateral. You will also receive a secured credit card in this scheme. You can use the card for any purpose, including shopping. You can even enjoy facilities such as locker facility and a free insurance cover.
In this scheme, you can get a loan amount up to Rs. 75 lakhs starting at Rs. 1000. You can even get higher rate for per gram gold on a secured asset of 22 carat, be it coin or jewellery. If you are over 18 years of age, you can apply for this loan scheme.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Federal Bank.
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