Bank Profile and Loan Eligibility
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Canara bank is a public sector bank.
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It is listed on BSE and NSE.
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It was incorporated in 1906.
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It is headquartered in Bengaluru.
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Any individual owning specially minted gold coins sold by any Bank Gold Ornaments
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Applicant should be above 18.
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Credit-worthy SB Account holders with satisfactory dealings.
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:
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Repayment of loan+interest in full within 12 months of sanction.
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For Swarna Overdraft: Repayment in 2 Years
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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
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Swarna Loans:0.50% of the Loan amount (Minimum of Rs.500/- and Maximum of Rs. 5,000/-).
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Swarna Overdraft:0.50% of the Loan amount (Minimum of Rs.500/- and Maximum of Rs. 5,000/-).
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Swarna Express:50% of charges applicable to Swarna Loans.
Prepayment Charges
Nil
Swarna Express Tenure
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
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Repayment Mode
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Swarna Loan
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Swarna Overdraft
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Swarna Express
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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
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Swarna Loan Application
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The Jewel Appraiser's Certificate (Bank will arrange)
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Salary Certificate and Form No.16 / Proof of Income
What We Did Not Like
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Maximum loan limit should be increased.
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Maximum tenure can be increased.
MyRupaya Rating
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