Canara Bank Gold Loan Interest Rates

• Help Right Away:  Canara Bank has reduced the amount of documentation required for this loan, making it hassle-free and simple to apply for.
• Swarna Loan offers competitive interest rates, which make borrowing more financially feasible.
• Multipurpose: Under limited restrictions, this loan may be used to address any genuine financial need.
• High loan amount: Under this scheme, loans in the range of Rs. 5,000 and Rs. 35 lakh can be obtained.
• Low processing fee: Canara Bank only charges a small processing fee for this loan.
• Flexible repayment: The interest is only due at maturity, and borrowers have a year to pay back the loan.
• Guarantee: The lack of a guarantor for this loan simplifies the application process.

Existing candidates who hold a Savings Account with Canara Bank are eligible for a gold loan. When applying for a loan, new customers must be able to demonstrate their creditworthiness. The applicant also needs to be an Indian who is at least 18 years old and has a reliable source of income.

Canara Bank demands the following paperwork:

• Request for a Loan.
• KYC documentation to prove income (Latest salary slip, Form 16, bank statement).
• Statement from the jewel appraiser. The bank will set up the appraiser.

You can apply for a Canara Bank gold loan by going to any one of its branches. Once there, get in touch with a branch representative who will help you through the procedure, which involves having a bank-approved appraiser evaluate your gold items.

Following that, Canara Bank will inform you of the maximum loan amount that can be requested based on the rate for Canara Bank gold loans per gram.

You can anticipate a prompt disbursement of the loan amount after your application has been approved.

An essential component of the Gold Loan is repayment. You must use the Bullet Repayment Method to pay back the Canara Bank Gold Loan in full within 12 months. You can only pay the entire principal and interest sum using this method at the end of the term. The principal amount will be increased by the interest, which will be computed on a monthly basis.

As you will be required to pay the entire sum at the end of the tenure, you can select the tenure based on your ability to make payments.

• Instant Gold Loan: The amount of a Canara Bank loan might be anything between Rs. 10,000 and Rs. 1 crore.
• Gold Ornament: Only ornaments on loan are eligible for the loan.
• Loan Term: The Canara Gold Loan has a maximum term of 10 years when it comes to taking out a gold loan.
• Safety and security: Following the determination of the Gold's value, experts pack the Gold in a sealed pouch before placing it securely in the bank's vault. The client is present when the process is being done. By doing this, the bank can guarantee that the borrower's Gold is completely safe and secure.
• You can get the loan in 30 minutes after approval.
• In the event of a Gold Loan, Canara Bank may charge the borrower up to 1% of the outstanding principal amount as a foreclosure fee.
• Existing customers of the bank receive unique offers.
• Value for Gold: The bank will make a qualified appraiser available to assess the purity of your Gold.

1. 0.50% of the loan amount for the Swarna Loan. The highest cost is Rs. 5,000. The minimal cost is 500 rupees.
2. Charges for Swarna Loan are discounted by 50% for Swarna Express.
3. 0.5% of the loan sum is required for the Swarna Overdraft. There are minimum and maximum fees of 500 and 5,000 rupees, respectively.