Canara Gold Loan

Canara Bank Gold Loan Interest Rate Feb 2017

Last Updated 27th Feb 2017
Interest Rate 12.65% Check Special Offer
Repayment Options EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme
Loan Tenure to 12 months
Minimum and Maximum Loan Amount Rs. 10,000 and Rs. 1,000,000
Processing Fee 1% of the loan amount, min Rs. 1,000 and max Rs. 5,000 per loan
Prepayment Charges
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Canara Bank Gold Loan Interest Rate Calculator

Canara Bank offers gold loan to the customers who have urgent need of money. Gold loan to be offered by Canara Bank has many features like:
  • Hassle-free, quick loan
  • Complete safety of your gold ornaments
  • Reasonable rate of interest

Gold Loan Canara

Gold loan interest rates offered by Canara Bank are fixed as well as floating
  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in Canara Bank benchmark rate and should be chosen only if you believe that the rates will not hike in future
  • In contrast to this are floating rates which changes with a single change in Canara Bank benchmark rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Canara Bank Gold Loan Rates depends upon
  • Loan amount: Gold loan rate in Canara Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate

Gold Loan Charges

Processing Fee- Canara Bank asks for a processing fee of 1% of the loan amount, min Rs. 1,000 and max Rs. 5,000 per loan with applicable service tax
Penal Interest- Canara Bank charges a penal interest of 0.00% per month if you don’t pay the EMI on the due date decided by the bank

Canara Gold Loan EMI Calculator

Gold Loan EMI of Canara Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by Canara Bank is Rs. 8,915 per lakh loan amount. Gold loan EMI of Canara Bank depends upon:
  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from Canara Bank at interest rate of 12.65% per annum, EMI will be Rs. 8,915 per Rs. one lakh loan amount. At interest rate of 12.65% for the same loan, the EMI will be Rs. 8,915
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 12.65% per annum, the EMI would range from Rs. 0 to Rs. 8,915 for loan tenure ranging from to 12 months

Canara Gold Loan Eligibility Calculator

Gold loan eligibility criteria Canara Bank

Eligibility of Gold loan in Canara Bank depends upon multiple factors:-
  • Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing gold loan.
  • Gold loan rate per gram: Canara Bank will value the jewelry based on price of 22 carat gold adjusted for purity. Canara Bank use thirty days average rates of 22 carat gold prices. You can also check today gold rate at Myloancare.
  • Form of gold pledged: You can get gold loan from Canara Bank against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for gold loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
  • Purpose for which loan is used: You can use the gold loan from Canara Bank for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Estimated eligibility online by using Gold Loan Eligibility Calculator

Popular Products

Canara Bank offers you following gold loan schemes
  • Swarna Loan
  • Loan Against Gold Ornaments

Gold Loan Canara documents required

The documentation process of Canara Bank is smooth. Here is a list of documents which are required to apply for home loan from Canara Bank:
  • Identity proof: Passport, Driving License, PAN Card, Aadhar Card, Voter’s ID Card
  • Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy

Frequently Asked Questions

What is the maximum loan tenure I can opt under Canara Bank jewel loan?

Canara Bank offers you tenure of upto 12 months to repay your gold loan.

Can I prepay my gold loan? What are the charges applicable?

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

What is the maximum gold loan amount available?

You can avail gold loan up to Rs. 1,000,000 from Canara Bank

Compare Canara Gold Loan

Canara Gold Loan in India

Canara Gold Loan News - Feb 2017
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