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Canara Bank Gold Loan Interest Rate

Canara Bank Gold Loan: Details 2022

Last Updated 20th May 2022

Canara Bank Gold Loan Interest rate starts at 7.65% with a loan tenure of 6 months to 12 months. Canara Bank jewel loans offer low interest with multiple repayment options including Bullet Repayment Scheme. Canara Bank also offers agriculture gold loans with interest rates lower than the rates for regular customers Check Best Offers.

Canara Bank Gold Loan Rate 7.65% onwards
Processing Fee 0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000
Loan Tenure 6 months to 12 months
Loan Amount ₹ 5,000 to ₹ 20 Lakh
Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
Gold Loan SchemeBullet Repayment Scheme
Apply for Gold Loan @ 9.00%* Get upto ₹ 500* Voucher

Canara Bank Gold Loan

You can avail Canara Bank gold loan by pledging your gold ornaments for meeting urgent personal expenses like children's education, marriage and other financial emergencies in family or business. The gold mortgaged acts as a security to the loan. You can avail following benefits by availing gold loan in Canara Bank bank:

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

Current Canara Bank Gold Loan Interest Rate

Canara Bank gold loan interest rate currently starts at 7.65% from the previous rate of 7.25%. The lowest gold loan rate of interest in Canara Bank was increased by 0.4% on 10 May, 2022. You can avail jewellery loans for any purpose for a maximum tenure of 12 months. Canara Bank offers a gold loan at the cheapest rates as it is a secured loan and has multiple repayment options like the gold loan Bullet Repayment Scheme.

Canara Bank Gold Loan Details

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewellery
  • Type of Gold Accepted: Gold jewellery 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 rates starts from 7.65%
    • Canara Bank charges a processing fee of 0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000
    • Loan Tenure of Gold Loan ranges from 6 months to 12 months
    • The lowest EMI per lakh on Gold Loan from Canara Bank is offered at the lowest gold loan interest rate and at the longest loan tenure.
    • Canara Bank allows prepayment of jewel loans with 2%+GST (Within 3 Months), 0 (After 3 months) charges

Documents Required for Canara Bank Gold Loan

The documentation process of Canara Bank is smooth. You need to submit one proof of identity and address to get an Canara Bank 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

Comparison of Canara Bank Gold Loan Interest Rates and Other Charges with Top Banks

Gold loan interest rates in Canara Bank are very affordable. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Canara Bank SBI HDFC Bank
Current Interest Rate 7.65% - 7.65% 7.50% - 7.50% 9.00% - 15.00%
Previous Lowest Interest Rate 7.25% 7.25% 7.25%
Lowest Rate Difference 0.4% 0.25% 1.75%
Processing Fees 0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000 0.25% of the loan amount, minimum-₹ 500 0.50% of the loan amount
Loan Tenure 6 months to 12 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 5,000 to ₹ 20 Lakh ₹ 20,000 to ₹ 50 Lakh ₹ 25,000 to ₹ 10 Lakh
Foreclosure Charges 2%+GST (Within 3 Months), 0 (After 3 months) Nil Zero prepayment charges post 6 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 8,683 per lakh ₹ 3,111 per lakh ₹ 4,568 per lakh

How Can I Get a Gold Loan from Canara Bank at the Best Interest Rates?

You can apply for a gold loan with Canara Bank directly through branch walk-in or by filling an online application form.

  • 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 loans.
  • Customer representatives of the bank will instantly contact you to fix up an appointment for a branch visit.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

You can get a 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. If the jewellery meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewellery.

Canara Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Canara Bank is 7.65%. The factors that affect the Canara Bank gold loan interest rate are loan amount, loan tenure and loan required as a percent of the value of gold jewellery. Canara Bank’s existing account holders get a gold loan at the best rates compared to other customers. You can use the Canara Bank gold loan interest rate calculator to calculate EMI on gold loans at the lowest rates.

  • Loan Amount: The amount of gold loan you avail from Canara Bank depends on the weight of jewellery you can pledge with the bank. Canara Bank offers a loan per gram of gold which differs by the purity of gold and loan to value ratio offered. The Bank offers loans between ₹ 5,000 and ₹ 20 Lakh. The gold loan interest rate Canara Bank is lower for higher loan amounts.
  • 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 benefit from a low gold loan interest rate from Canara Bank.
  • Loan tenure: Canara Bank offers gold loans for a tenure of 6 months to 12 months. The interest rate is higher for short tenure gold loans.
  • Loan to Value ratio: Maximum gold loan to value ratio on gold jewellery has been fixed at 75% by RBI. However, Canara Bank also offers loans at lower LTVs. The interest rate on loans with lower LTV will be lower compared to loans with higher LTV. The maximum LTV offered by Canara Bank is 75% calculated on the net weight of gold in your jewellery.
  • Purpose of Loan: All banks, including Canara Bank, also offer gold loans 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.

Canara Bank Gold Loan Charges

In addition to interest rates, Canara Bank also carries some other charges while offering gold loans which includes:

  • Processing fees – Canara Bank charges minimum processing fees of 0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000. To get the lowest fee, gold loan interest rates comparison, offers and Voucher apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loans and typically levy prepayment or foreclosure charges i.e. 2%+GST (Within 3 Months), 0 (After 3 months).
  • Stamping charges - Stamping charges are charged for the transference of ownership of tangible assets. The charges are as per the respective State's Stamp Act.

FAQs

Has Canara Bank reduced the interest rate on the gold loan?

No, Canara Bank has increased its gold loan rates by upto 0.4%. The lowest rate on Canara Bank gold loans has been increased to 7.65% from the previous rate of 7.25%. Canara Bank new rates are effective from 10 May, 2022.

How much gold loan can I avail from Canara Bank?

You can get upto ₹ 20 Lakh as a gold loan from Canara Bank. However, the maximum loan amount depends on the value of the gold you pledge. Canara Bank funds upto 75% of the gold value as a loan.

How can I check my Canara Bank gold loan status?

You can check the loan status of the Canara Bank gold loan by visiting the website and logging in to the Canara Bank net banking. Once logged in, go to the track loan application in the loans section. If you have applied for a gold loan through the MyLoanCare website, log in to your MyLoanCare account, and the status of your loan will be shown on the homepage of your account. However, if you are concerned about the loan approval status, then in the 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 an Canara Bank gold loan online payment facility?

Yes, you can apply for a gold loan online in Canara Bank to get a quick loan. Canara Bank offers a gold loan online payment facility. For online payments, you can use the netbanking facility. Apart you can also prompt automated payments of EMI from your regular savings or current account.

Are there any prepayment charges on Canara Bank gold loan?

Yes, you can prepay your jewel loan after paying prepayment charges. The applicable prepayment charges to foreclose the loan from Canara Bank are 2%+GST (Within 3 Months), 0 (After 3 months). Before enclosing your gold loan in advance, ensure that foreclosure the of Canara Bank gold is beneficial in managing the financial burden and does not hamper your debt to income ratio.

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.

Does Canara Bank offer an additional discount on gold loan interest rates for women?

No, Canara Bank offers the same gold loan interest rate to all the borrowers, they do not offer lower interest to women borrowers. However, the interest rate is lower for people who take loans for agricultural purposes.

Can the Canara Bank gold loan interest rate be negotiated?

Yes, the gold loan rate of Canara Bank can be negotiated. There are chances that banks will lower the interest rate if you already have an account with the bank or you have a stable source of income. Further, a larger loan amount can help you grab a gold loan at lower interest rates. You can check Gold loan per gram in SBI bank before you avail of loan.

How long does it take to process Canara Bank Gold Loan?

The gold loan can be disbursed quickly within a few hours. It takes around 90 to 120 minutes to process a loan. Further, the time to process a gold loan may also depend upon your eligibility and the quality of the pledged gold.

What are the benefits for Canara Bank account holders while getting a Gold loan?

Canara Bank account holders can avail a gold loan for a maximum of 75% of the value of the gold at the lowest rate starting at 7.65%. The bank also provides gold without any income proof and CIBIL requirements.

What happens if the Canara Bank Bank gold loan is not paid?

If you do not repay your Canara Bank Bank gold loan, you will have to pay a late payment penalty. Further, you may lose all your pledged gold if you skip your loan payment entirely. In addition, failure to repay your gold loan will also impact your credit score negatively.

Will Canara Bank gold loan affect CIBIL score?

Yes, if you default on repaying your Canara Bank gold loan EMI, it will affect your CIBIL negatively and similarly, paying the dues on time will improve your CIBIL.


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Canara Bank Gold Loan News - May 2022
  • 2022-05-10 : Canara Bank Hikes Gold Loan Interest Rates
    The bank has increased the lowest gold loan rates by 40 basis points from 7.25% to 7.65%.
  • 2022-03-17 : Canara Bank Decreases Gold Loan Rates
    Canara Bank decreases interest rates on gold loans, and as a result, the lowest rates have been revised from 7.35% to 7.25%.
  • 2022-01-27 : Canara Bank Reports 116 per cent Jump in Q3 FY22 Net Profit.
    Canara Bank has reported a 116 per cent year-on-year (YoY) jump in standalone net profit at ₹1,502 crores for the third quarter. The profit stood on the back of healthy growth in net interest income and a decline in total provisions.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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