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Compare Gold Loan - Canara Bank vs Muthoot

Bank
Parameters
Interest Rate
Interest Rate
7.65% - 7.75%
11.99% - 11.99%
Processing Fees
Processing Fees
1% of the loan amount, Min Rs. 1,000 and Max Rs. 5,000
0.25% to 1% of loan amount.
Loan Amount
Loan Amount
₹ 10,000 to ₹ 10 Lakh
₹ 1,500 to ₹ 50 Lakh
Loan Tenure
Loan Tenure
12 months
7 days to 36 months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 8,683
₹ 3,321
Foreclosure Charges
Foreclosure Charges
Nil
EMI Scheme
EMI Scheme
N
Y
Bullet Repayment Scheme
Bullet Repayment Scheme
Y
Y
Overdraft Scheme
Overdraft Scheme
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
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Compare EMI of Canara Bank and Muthoot Gold Loan

Loan Amount Canara Bank Muthoot
₹ 50,000 ₹ 6,822 ₹ 4,446
₹ 1 Lakh ₹ 13,643 ₹ 8,892
₹ 5 Lakh ₹ 68,217 ₹ 44,459
₹ 10 Lakh ₹ 1,36,435 ₹ 88,919

Which bank offers lower interest rate on Gold Loan – Canara Bank or Muthoot?

As per the current rates, Canara Bank offers a lower interest rate of 7.65% on Gold Loan when compared to Muthoot which offers a Gold Loan at 11.99%.

How does Canara Bank Gold Loan compare with Muthoot Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing Canara Bank and Muthoot for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

  • Lowest Canara Bank Gold Loan interest rate is 7.65%, which is lower than the lowest interest rate of Muthoot at 11.99% and hence, Canara Bank is offering a cheaper loan option.
  • When compared on other Gold Loan charges such as processing fees, Canara Bank charges a processing fee of 1% of the loan amount, Min Rs. 1,000 and Max Rs. 5,000 while Muthoot charges a processing fee of 0.25% to 1% of loan amount..
  • Muthoot offers Gold Loan upto an amount of ₹ 50 Lakh while Canara Bank offer Gold Loan upto an amount of ₹ 10 Lakh. Muthoot can be a better option if you are looking for a high value amount.
  • Canara Bank allows prepayment facility on gold loan to close the loan before the tenure at while Muthoot offers prepayment facility at Nil charges. You can choose the option with lower charges to close high value amount.
  • Muthoot has an average customer rating of 4, while has an average customer rating of , based on which it is clear that Muthoot has a high customer service focus, an easy Gold Loan process and a quick turnaround.

You must select the bank of your choice after evaluating the advantages and disadvantages of Canara Bank and Muthoot.

What are the best repayment options available on Gold Loan – Canara Bank or Muthoot?

  • Muthoot offers EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.
  • Canara Bank and Muthoot offer bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however the amount is to paid at the end of term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.
  • How can I choose the best bank for Gold Loan?

    You can choose the best bank for a Gold Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Gold Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Gold Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

    Which type of Gold Loan is the cheapest?

    The cheapest Gold Loan is the one that is offered at the lowest Gold Loan interest rates. This is because the lowest Gold Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Canara Bank offers the cheapest Gold Loan at 7.65%.

    How do I check my eligibility for Canara Bank and Muthoot Gold Loan?

    You can check your eligibility for Canara Bank and Muthoot Gold Loan by using MyLoanCare Gold Loan eligibility calculator. You have to enter details like required loan amount and weight of gold to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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    Gold Loan News - Mar 2021
    • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
      The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
    • 2021-02-26 : IndusInd Bank to grow loan book by 15-18%
      IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
    • 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.
    • 2021-02-25 : SBI offered customers to apply for the gold loan via call or SMS
      Customers can now apply for the gold loan from SBI by giving a missed call on 7208933143 or SMS GOLD at 7208933145, and the bank will then respond with a callback. A minimum loan amount of Rs 20,000 up to a maximum of Rs 50 lakh is sanctioned by the bank.
    • 2021-02-25 : Muthoot Finance Q3 profit up 17% to Rs 1,006 cr, revenue rises 16%
      Muthoot Finance has reported a net profit of Rs 1,006.6 crore during the quarter ended December 31, 2020, compared to Rs 861.04 crore a year ago. Muthoot Finance achieved a growth of 22 % in the gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against the previous year growth of 22%
    *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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