Canara Bank Gold Loan
Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906. Canara Bank is one of the largest Indian government owned banks.
| Name | Canara Bank[1] |
| Type | Public |
| Industry | Banking Financial Services |
| Headquarters | Bangalore, India |
| Founded | 1 July 1906 |
| Owner | Government of India |
| Website | www.Canarabank.com |
Canara Bank Gold Loan
Canara Bank offers gold loan scheme to its customers called Swarna Loan which can be availed by keeping your own gold as a security, primarily designed to meet any financial emergencies. Avail gold loan from Canara Bank with MCLR interest rates starting from 7.25% p.a. with a maximum loan amount of Rs 30 lakh. In this article we will have a closure look on the interest rates, eligibility criteria, documents required to avail gold loan from Canara Bank. We will also discuss the use of EMI Calculator to calculate your monthly EMI.
Also Read: Federal Bank Gold Loan
Benefits of availing Gold Loan
- If you are in urgent need of cash then you can avail for a gold loan against your gold jewellery or ornaments by keeping as a security in bank
- It can be availed for the education of your child
- For medical emergencies
- To get urgent fund while going for a trip etc.
Benefits and Features of Canara Bank Gold Loan
- Hassle-free application process with instant loan disbursal
- Gold loan can only be availed on gold ornaments
- Competitive interest rates
- Higl loan amount
- The gold ornaments you kept as a security is in complete safety and security
- Low processing fee
- Flexible repayment tenure
- This loan does not require a guarantor.
Canara Bank Gold Loan Interest Rate and Other Charges
| Interest Rate | 7.25% p.a. onwards |
| Loan Amount | Rs 20,000 to Rs 30 lakh |
| Loan Tenure | Up to 2 years |
| Processing Fees | 0.25% of the loan amount + GST (minimum of Rs 500 and maximum of Rs 5000) |
Gold Loan Eligibility Criteria
- Anyone whose age lies between 18 and 75 years can apply for the loan.
- An applicant who has a good source of income having sufficient means to repay the loan amount can avail for the loan.
- Applicants should have an existing savings account with Canara Bank. Individuals without an account need to be introduced by trusted customers.
Documents Required
With a minimal documentation you can avail a gold loan from Canara Bank, the few basic documents applicants require are –
- Id proof
- Address proof
- 2 passport size photographs
- Income proof
- Dully filled application form
- Witness letter in case of illiterate borrowers
Gold Loan EMI Calculator
Loan EMI calculator is the online tool where you can calculate your monthly EMI (Equated Monthly Installment) against this gold loan. Gold Loan EMI calculator is the best feature which can help an applicant to get the approx. To use this EMI calculator is very simple, all you need to enter the details of loan amount, tenure, gold weight etc., and you will get to know how much amount you will have to pay on the given tenure
How to Repay Gold Loan EMI
You can repay your Gold loan EMI in the following three different ways.
- Standing Instruction (SI): For current holders of the Canara Bank account
- Electronic Clearing Service (ECS): For borrowers of Non-Canara Bank
- Post-Dated Cheque (PDC): You can also submit post-dated EMI cheque at your nearest bank branch. Post-dated cheques can be posted from a Non-Canara Bank account nearby.
Canara Bank Gold Loan at your Doorstep
Canara Bank Gold loan at your home is a doorstep service at your home, where you can get your gold loan by sitting at your home and without any hassles. This service is quick, flexible, and cost-effective, with low interest rates. Getting a gold loan at home is a simple and quick process that takes only a few minutes to process.
The benefits of getting your gold loan service at your doorstep are as follows:
- Flexible and simple
- No hidden fees
- Access to your loan account 24 X 7
- Diverse Range of Gold Loan Schemes
- You can get free insurance for your Gold
- Service at your doorstep in just 30 minutes
- Pre & Part Payment facilities are available
- Safety and security of your Gold
FAQs
1. What is a gold loan?
Ans: Gold Loan is loan against gold which is a secured loan taken by the borrowers from the lender in lieu of gold ornaments to meet any types of personal needs such as education, business, for any type of emergencies, wedding etc.
2. What is the gold loan rate per gram in Canara Bank?
Ans: Canara Bank gold loan rate per gram is Rs 2,900 to Rs 3,450.
3. What are the benefits of gold loan?
Ans: There are various benefits of gold loan. Some of them are:
- If you are in urgent need of cash then you can avail for a gold loan against your gold jewellery or ornaments by keeping as a security in bank
- It can be availed for the education of your child
- For personal use
- For medical emergencies
- For business purpose
- For agricultural purpose etc.
4. How much loan amount can I avail against my gold jewellery?
Ans: You can avail loan amount of Rs 20,000 to Rs 30 lakh.
5. What are the documents required to avail gold loan?
Ans: Id proof, address proof, income proof etc., are required to apply for gold loan.
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