Here is all you need to know about Canara Bank Gold Loan
✓ No Limit on Loan Amounts ✓ Interest Rate Starting @0.74% p.m. ✓ Minimal Documentation
Canara Bank offers a number of loan products, including gold loans to meet short-term as well as long-term liquidity requirements. Through these, you can borrow amounts as high as ₹35 Lakhs at interest rates starting from just 9.25% p.a. Furthermore, you can repay the loan over flexible tenures ranging up to 2 years. Choose a loan option from Swarna Loan, Swarna Express, and Swarna Overdraft, as per your requirements.
The Canara Bank Gold Loan interest rates and other charges are as follows:
Interest Rate |
Starts from 9.25% p.a. |
Service Charges |
0.50% of the loan amount or up to ₹5,000 |
*Disclaimer: The aforementioned details are subject to change at the lender’s discretion.
Features and Benefits
High Loan Amounts
Fulfil all your immediate requirements by borrowing an amount ranging from ₹5,000 to ₹35 Lakhs
Loan Type
Opt for either an overdraft (OD) facility or a single transaction limit (STL) option
Zero Prepayment Penalties
No need to pay any additional charges when you opt for pre-closure or prepayment facilities
Flexible Tenure
Enjoy a repayment period of up to 2 years with these loans
Simple Procedure
You do not need a guarantor or income proof when applying for the loan
Easy Repayments
You can make easy online or offline bullet repayments with compounded monthly interest
Minimal Paperwork
Apply for a this loan by submitting just a few basic documents like your income and address proof
Canara Bank offers 3 types of gold loans to its customers. These include:
Canara Swarna Loan
With a Canara Swarna Loan, you can get a loan that amounts up to 65% of the mortgaged gold’s market value. Borrow as much as ₹35 Lakhs over flexible tenures ranging over 12 months. It is a single transaction limit credit facility that can be repaid through bullet payments along with interest.
Canara Swarna Express
Canara Swarna Express enables you to get up to 70% of your gold asset’s appraised value. You can benefit from the convenience and ease of flexible repayment periods of up to 12 months. Make bullet payments and repay this single transaction limit loan at your convenience.
Canara Swarna Overdraft
Apply for a Canara Swarna Overdraft facility and secure a loan quantum of up to ₹35 Lakhs for tenures ranging up to 24 months. Under these, you will be required to pay the interest on a monthly basis.
Here are some criteria you will be required to fulfil when applying for this loan:
Applicant must be a resident of India or an NRI
Applicant must submit gold that is either in the form of specially minted coins (up to 50 gm per individual) and/or jewellery
Applicant must be the true owner of the gold submitted
Applicant must adhere to the KYC requirements
Here are the documents required to apply for a Canara Bank Gold Loan:
1. Identity Proof - Any one of the following
Passport
Driving licence
Voter ID
2. Address Proof - Any one of the following
Recent utility bills
Passport
Ration card
Aadhaar card
How to Apply
You may apply for the Canara Bank Gold Loan by visiting your nearest designated branch and speaking to a representative. Furthermore, you can also apply for the loan online on the bank’s official website. Here’s how:
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Visit the Canara Bank’s official website
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Select ‘LOANS’, then click on ‘GOLD LOANS’
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Enter the loan amount and preferred repayment tenure
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Navigate and choose the scheme you wish to opt for
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Slide the carousel displayed on the screen and click on ‘APPLY NOW’
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Enter your mobile number and the captcha code
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Fill in your personal and professional details and submit the application form
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Following this, a bank representative will reach out to you and guide you through further proceedings.
FAQs
Is it safe to get a gold loan from Canara Bank?
Yes, the pledged gold is safely stored in a vault and will be returned back to you once you’ve cleared your outstanding balance.
When will I get my gold jewellery back?
You will get your pledged gold jewellery after you’ve cleared the outstanding loan balance.
