Canara Bank Gold Loan Highlights |
|
|---|---|
| Interest Rate |
|
| Processing Fees | Up to 0.50% of loan amount (maximum Rs 5,000) |
| Collateral/Security | Gold ornaments/jewellery/specially minted gold coins sold by banks of up to 50 gm per customer |
| LTV Ratio | Up to 70% of gold’s market value |
| Loan Amount | Rs 5,000- Rs 35 lakh |
| Tenure | Up to 2 years |
Canara Bank Gold Loan Interest Rates
The interest rate for Canara Bank Gold Loan is 9.25% per annum. The lender has disclosed its differential gold loan interest rates depending on the type of gold loan scheme offered by the bank.
Fixed Interest Rates
| Products | Interest Rates (p.a.) |
|---|---|
| Swarna Overdraft | 10.35% |
| Swarna Loan | 10.35% |
| Swarna Express | 10.35% |
Floating Interest Rates
| Products | Interest Rates (p.a.) |
|---|---|
| Swarna Overdraft | 9.25% |
| Swarna Loan | 9.25% |
| Swarna Express | 9.25% |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Types of Canara Bank Gold Loan
Canara Bank Swarna Express
Purpose: Canara Bank Swarna Express Loan is offered to raise funds for meeting medical expenses and other unforeseen financial obligations or emergencies.
Loan Amount: Rs 5,000- Rs 35 lakh
Tenure: Up to 6 months
LTV Ratio: Up to 70% of appraised value of gold
Repayment Option: Bullet repayment method
Canara Bank Swarna Loan
Purpose: Consumers can avail Canara Bank Swarna Loan to meet their medical expenses and other unforeseen financial obligations or emergencies.
Loan Amount: Rs 5,000- Rs 35 lakh
Tenure: Up to 1 year
LTV Ratio: Up to 65% of appraised value of gold
Repayment Option: Bullet repayment method
Canara MSME Gold Overdraft
Purpose: Canara MSME Gold Overdraft loan is offered to provide financial assistance to MSME units for various fund-based requirements, including general business purposes, augmenting working capital, and purchasing machinery/tools/equipment, among others.
Loan Amount: Rs 50,000- Rs 35 lakh
Tenure: Up to 1 year
LTV Ratio: Up to 70% of appraised value of gold
Repayment Option: Interest payment method
Canara Bank Swarna Overdraft
Purpose: Canara Bank offers the gold loan overdraft facility to its gold loan applicants under the brand Canara Bank Swarna Overdraft scheme. Consumers can avail this scheme to meet their medical expenses and other unforeseen contingencies.
Loan Amount: Rs 5,000- Rs 35 lakh
Tenure: Up to 6 months
LTV Ratio: Up to 70% of appraised value of gold
Repayment Option: Interest payment method
Canara MSME Gold Demand Loan
Purpose: Consumers can avail the Canara MSME Gold Demand Loan to meet various business requirements. This loan provides financial assistance to MSME units for fund-based needs in general business operations, acquiring machinery/equipment/tools for repair and renovation, and raising working capital.
Loan Amount: Rs 50,000- Rs 35 lakh
Tenure: Up to 1 year
LTV Ratio: Up to 65% of appraised value of gold
Repayment Option: Interest payment method
Also read: Best Gold Loan EMI Calculator
Fees and charges associated with Canara Bank Swarna Loan
| Type of fee | Amount |
| Processing fee |
0.5% of loan amount, Minimum - Rs 500 Maximum - Rs 5,000 |
| Appraisal fee | Ranges from case to case |
Eligibility Criteria for Availing Canara Bank Gold Loan
Canara Bank offers its gold loan services to both resident individuals and NRIs. However, eligibility criteria may vary based on factors such as the applicant's age, profession, weight, and purity of the gold ornaments pledged as security, among others.
To qualify for a gold loan from Canara Bank, applicants should meet the following criteria:
- Income: Applicants should have a steady source of income, whether they are salaried or self-employed, to demonstrate their ability to repay the loan.
- Accountholder: Applicants are required to have existing Savings Bank accounts with Canara Bank. Those who do not have an account may need to be introduced by trusted customers of the bank.
Also read: Best Gold Loan Eligibility
Documents Required for Availing Canara Bank Gold Loan
While Canara Bank may not have specified the exact documents required for availing a gold loan, applicants can consider providing the following documents when applying for Canara Bank Gold Loan:
- Duly filled application form with photographs.
- Address Proof: Driving License, Aadhar card, Voter ID, etc.
- ID Proof: Driving License, Aadhar card, Voter ID card, etc.
Also Read : Best Gold Loan Documents Required
Features of Canara Bank Gold Loan (Swarna Loan)
Here are some key features of Canara Bank's Swarna Loan:
- Low Processing Fee: The bank charges a low processing fee for the Swarna Loan, reducing the overall cost of borrowing.
- Flexible Repayment: Borrowers have the flexibility to repay the loan within a period of 1 year, with interest payable only upon maturity.
- Immediate Assistance: Canara Bank offers quick loan processing with minimal paperwork, ensuring hassle-free access to funds.
- Competitive Interest Rates: The Swarna Loan comes with competitive interest rates, making it financially feasible for borrowers.
- Multipurpose: Borrowers can utilize the loan amount to address various financial emergencies, subject to certain conditions.
- High Loan Amount: Canara Bank offers loan amounts ranging from Rs. 5,000 to Rs. 35 lakh under this scheme, catering to diverse financial needs.
FAQs on Canara Bank Gold Loan (Swarna Loan)
1. Can one avail this loan at all Canara Bank branches?
No, a Swarna Loan can be availed only at certain specific branches of the bank.
2. Can individuals without a SB account with Canara Bank avail this loan?
No, individuals who do not have a savings account with Canara Bank can apply for this loan after opening an account.
3. What is the repayment tenure for this loan?
The entire loan amount should be repaid within a period of 1 year. A bullet payment program is used here, wherein the interest needs to be paid along with the principal at the end of 1 year.
4. What kind of security should one provide to avail this loan?
Canara Bank's Swarna Loan can be availed by providing security in the form of gold coins or gold ornaments.