What is Canara Bank?
Canara Banks is the third-largest Nationalised Bank in India. It was established in 1906 at Mangalore and currently has its offices in London, Hong Kong, Dubai, New York, etc. Canara Banks is a government of India undertaking and carries on all the banking businesses. Canara Banks Gold Loans are the simplest and safest gold loans available.
Types of Canara Bank gold loan:
Canara Bank offers three types of Gold Loans. The following are the types of Canara Bank Gold Loans, their tenure and repayment methods :
|Loan Type||Tenure||Repayment Method|
|Swarna Overdraft||2 years||Shared at the time of application|
|Swarna Loan||12 months||Bullet|
|Swarna Express||6 months||Bullet|
Details of Canara Bank Gold Loan Scheme
|Key highlights of Canara Bank Gold Loan|
|Canara Bank Gold Loan Interest Rate||7.35% p.a onwards|
|Minimum Loan Amount||Rs. 5000|
|Maximum Loan Amount||Rs. 20 Lakh|
|Processing Fee||0.50% of the loan amount|
|Prepayment charges||2% + GST (Within 3 months)0 (After 3 months)|
|Gold Item Accepted||Jewelry and gold coins|
Features of Canara Bank Gold Loan:
- Hassle-free application process
- Minimum documentation required
- Quick Disbursal of loans
- Canara Bank Gold Loan Interest Rate is reasonable
- Low processing fee
- Flexible repayment
How to get Gold Loan from Canara Bank?
You can apply for Canara Bank Gold Loan by directly visiting your nearest branch. The officials there will guide you with everything from Canara Bank Gold Loan interest rates to disbursal time of loan amount.
Eligibility for Canara Bank Gold Loan:
- Loan Applicants must have gold in any form like jewels, ornaments, etc.
- Applicants should have a stable income via salaried employment or self-employment.
- Applicants should have existing savings bank accounts with Canara Bank. If not, then new customers must be able to prove their creditworthiness.
Documents Required for Canara Bank Gold Loan:
Following are the documents required to apply for Canara Bank Gold Loan:
- ID/Address proof – Passport, PAN card, Aadhar Card, etc
- Income Proof – Form 16 for Salary certificate from employer
- Gold Certificate – Certificate from jeweler appraising the quality of gold.
- Duly filled and signed Application form
Canara Bank is one of the most trusted gold loan providers in India. Canara Bank Gold Loan Interest Rates start from 7.65% p.a onwards. Anyone fulfilling the eligibility criteria can apply for the loan. If you’re facing financial turmoil, you can rely on Canara Bank for quality gold loans.