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Canara Bank Gold Loan Interest Rate

Canara Bank Gold Loan Interest Rates Apr 2021

Last Updated 07th Apr 2021

Canara Bank offers one of lowest gold loan rate of 7.65% , both for its existing bank customers as well as new borrowers. Canara Bank jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Check Best Offers.

Gold Loan in Canara Bank
Canara Bank Gold Loan Rate 7.65% onwards
Processing Fee 1% of the loan amount, Min ₹ 1,000 and Max ₹ 5,000
Loan Tenure
Loan Amount ₹ 10,000 to ₹ 10 Lakh
Prepayment Charges
Gold Loan SchemeBullet Repayment Scheme
Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

Canara Bank Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. Canara Bank gold loan can be taken for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from Canara Bank has the following benefits:

  • Hassle-free, quick loan
  • Complete safety of your gold ornaments
  • Reasonable rate of interest

Canara Bank Gold Loan Details

If you are planning to take a Loan against Gold from Canara Bank, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: Canara Bank offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • Canara Bank Gold Loan Interest Rate starts from 7.65% to 7.75%
    • Canara Bank charges a processing fees of 1% of the loan amount, Min ₹ 1,000 and Max ₹ 5,000
    • Loan Tenure of Gold Loan ranges from to 12 months
    • Lowest EMI per lakh on Gold Loan from Canara Bank is ₹ 8,683 offered at the lowest gold loan interest rate of 7.65% at the longest loan tenure of 12 months
    • Canara Bank allows prepayment of jewel loans with charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of Canara Bank
    • Bullet Repayment Scheme

Comparison of Canara Bank Gold Loan with other Banks

Canara Bank offers gold loan at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Canara Bank SBI HDFC Bank
Interest Rate 7.65% - 7.75% 7.50% - 7.50% 9.50% - 17.10%
Processing Fees 1% of the loan amount, Min ₹ 1,000 and Max ₹ 5,000 0.50% of the loan amount, minimum-₹ 500 1.50% of the loan amount
Loan Tenure 12 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 10,000 to ₹ 10 Lakh ₹ 20,000 to ₹ 20 Lakh ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil after 3 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 8,683 per lakh ₹ 3,111 per lakh ₹ 4,591 per lakh

How can I get a Gold Loan from Canara Bank ?

You can apply for a gold loan with Canara Bank directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which Canara Bank will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

Canara Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Canara Bank is 7.65%.The factors that are used by Canara Bank to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. Canara Bank’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. Canara Bank offers loan between ₹ 10,000 and ₹ 10 Lakh amount.
  • Relationship with the Bank: Canara Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from Canara Bank.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. Canara Bank offers gold loan with a tenure of to 12 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, Canara Bank also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by Canara Bank is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including Canara Bank also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. Canara Bank's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Other Charges of Gold Loan Canara Bank

In addition to interest rates, Canara Bank also carry some other charges while offering gold loan which include:

  • Processing fees – Canara Bank charges minimum processing fees 1.50% of the loan amount. To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. .

Documents Required for Canara Bank Gold Loan

The documentation process of Canara Bank is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

FAQs

How much gold loan can I avail from Canara Bank?

You can get upto ₹ 10 Lakh as gold loan from Canara Bank.

How can I check my Canara Bank gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan Canara Bank available online? Is there a Canara Bank gold loan online payment facility?

Yes, you can apply gold loan online in Canara Bank to get a quick loan. Yes, Canara Bank offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

Yes, you can prepay your jewel loan. Applicable prepayment charges - .

Does Canara Bank offer Agricultural Gold Loan?

No, Canara Bank does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.


Canara Bank Gold Loan News - Apr 2021
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
  • 2020-05-20 : Canara Bank launched a gold loan scheme
    Canara Bank has unveiled a special gold loan scheme for diverse sectors with a lower interest rate of 7.85%. The loan can be availed for agriculture, agri-allied sectors, medical and personal emergencies and overdraft facilities against gold. The scheme is on offer till June 30. The gold loan scheme is introduced to assist the borrower amid the COVID 19 and subsequent lockdown.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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