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Compare Fincare Small Finance Bank vs Canara Bank Gold Loan

Download Comparison
Bank
Interest Rate
Interest Rate
10.99% - 24.99%
7.35% - 7.35%
Processing Fees
Processing Fees
Upto 0.5%
0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000
Loan Amount
Loan Amount
₹ 10,000 to ₹ 40 Lakh
₹ 5,000 to ₹ 20 Lakh
Loan Tenure
Loan Tenure
3 Months to 9 Months
6 months to 12 months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 11,626
₹ 8,669
Foreclosure Charges
Foreclosure Charges
NIL
2%+GST (Within 3 Months), 0 (After 3 months)
EMI Scheme
EMI Scheme
Y
N
Bullet Repayment Scheme
Bullet Repayment Scheme
Y
Y
Overdraft Scheme
Overdraft Scheme
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Gold Loan EMI of Fincare Small Finance Bank and Canara Bank

Loan Amount Fincare Small Finance Bank Canara Bank
₹ 50,000 ₹ 5,813 ₹ 5,727
₹ 1 Lakh ₹ 11,626 ₹ 11,454
₹ 5 Lakh ₹ 58,130 ₹ 57,271
₹ 10 Lakh ₹ 1,16,261 ₹ 1,14,542

Which bank offers a lower interest rate on Gold Loan – Canara Bank or Fincare Small Finance Bank?

As per the current rates, Canara Bank offers a lower interest rate of 7.35% on Gold Loan when compared to Fincare Small Finance Bank which offers a Gold Loan at 10.99%.

How does Canara Bank Gold Loan compare with Fincare Small Finance Bank 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 Fincare Small Finance Bank 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 7.35%, which is lower than the lowest interest rate of Fincare Small Finance Bank at 10.99% and hence, Canara Bank is offering a cheaper loan option.
  • Compared to other Gold Loan charges such as processing fees, Fincare Small Finance Bank charges a processing fee of Upto 0.5% while Canara Bank charges a processing fee of 0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000.
  • Fincare Small Finance Bank allows prepayment facility on gold loan to close the loan before the tenure at NIL charges while Canara Bank offers prepayment facility at 2%+GST (Within 3 Months), 0 (After 3 months). You can choose the option with lower charges to close the high value amount.
  • with an average customer rating of is equally comparable to with an average customer rating of , and hence, the customer can expect the same kind of service levels from these banks.

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

What are the best repayment options available on Gold Loan – Canara Bank or Fincare Small Finance Bank?

  • Fincare Small Finance Bank 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 Fincare Small Finance Bank 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 the 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.

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*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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