Canara Bank offers gold loans at an interest rate of 9.25% per annum for loan amounts of up to Rs 35 lakh and a tenure of up to 2 years. The lender provides gold loans against gold ornaments, jewelry, or specially minted coins sold by banks, up to 50 grams per customer. Borrowers of Canara Bank Gold Loan can opt for repayment through the bullet repayment method or the interest payment method.
| 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 |
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.
| Products | Interest Rates (p.a.) |
|---|---|
| Swarna Overdraft | 10.35% |
| Swarna Loan | 10.35% |
| Swarna Express | 10.35% |
| Products | Interest Rates (p.a.) |
|---|---|
| Swarna Overdraft | 9.25% |
| Swarna Loan | 9.25% |
| Swarna Express | 9.25% |
Also read: Best Gold Loan Interest Rate
| 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 |
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
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
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
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
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
| 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 |
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:
Also read: Best Gold Loan Eligibility
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:
Also Read : Best Gold Loan Documents Required
Here are some key features of Canara Bank's Swarna Loan:
No, a Swarna Loan can be availed only at certain specific branches of the bank.
No, individuals who do not have a savings account with Canara Bank can apply for this loan after opening an account.
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.
Canara Bank's Swarna Loan can be availed by providing security in the form of gold coins or gold ornaments.