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Canara Bank Gold Loan

Bank Profile and Loan Eligibility

  • Canara bank is a public sector bank. 

  • It is listed on BSE and NSE.

  • It was incorporated in 1906. 

  • It is headquartered in Bengaluru. 

  • Any individual owning specially minted gold coins sold by any Bank Gold Ornaments

  • Applicant should be above 18.

  • Credit-worthy SB Account holders with satisfactory dealings.

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Unique Features

Interest Rate:

Agricultural Gold Loan schemes:  7.25%(1 year MCLR)

Swarna Schemes:7.25%(RLLR+0.35%)

Canara MSME Gold schemes :7.25%(RLLR+0.35%)

Minimum loan amount INR 5,000 

Maximum loan upto INR 35.00 Lakh

Repayment Mode:

  • Repayment of loan+interest in full within 12 months of sanction.

  • For Swarna Overdraft: Repayment in 2 Years

  • For Swarna Express: Repayment in 6 Months (Bullet Repayment)

Loan can be taken to cover medical expenses and other unanticipated commitments / contingencies, as well as for investment / domestic purposes.

Processing Fee

  • Swarna Loans:0.50% of the Loan amount (Minimum of Rs.500/- and Maximum of Rs. 5,000/-).

  • Swarna Overdraft:0.50% of the Loan amount (Minimum of Rs.500/- and Maximum of Rs. 5,000/-).

  • Swarna Express:50% of charges applicable to Swarna Loans.

Prepayment Charges

                       Nil

Swarna Express Tenure

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                    6 Months

Loan Limit

Loan available upto INR 35 Lakh

Tenure

                   6 to 24 months

Quality

The quality of Gold should be between 18 to 22 Carat

Key Features

Late Payment Charges

2% p.a. + Applicable rate of interest.

Guarantor Required

No

No Income Bounds

There are no restrictions on the salary of the applicant. Hence, applicants with any income level can avail a gold loan.

Repayment Type

  • Repayment Mode 

    • Swarna Loan

    • Swarna Overdraft

    • Swarna Express

Safety of Jewellery

Canara Bank is accountable for the security of your gold

Monthly EMI for Rs. 100000 Loan

Rs. 8664.20 for 12 months

Documents Required

  • Swarna Loan Application

  • The Jewel Appraiser's Certificate (Bank will arrange)

  • Salary Certificate and Form No.16 / Proof of Income

What We Did Not Like

  • Maximum loan limit should be increased.

  • Maximum tenure can be increased.

MyRupaya Rating 

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Disclaimer

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