Canara Bank offers a gold loan at a competitive interest rate of 9% per annum. The loan amount ranges from Rs 5,000 to Rs 35 lakh, with a loan-to-value ratio of up to 70% of the gold's market value. The tenure of the loan can go up to 2 years. Canara Bank accepts gold ornaments, jewellery, or specially minted gold coins sold by banks as collateral for the loan, up to 50 grams per customer.

Repayments for Canara Bank Gold Loan can be made through the bullet repayment method or interest payment method.

Here are the key highlights of Canara Bank Gold Loan:

- Interest Rate: 9.00% p.a.

- Loan Amount: Rs 5,000- Rs 35 lakh

- LTV Ratio: Up to 70% of gold’s market value

- Tenure: Up to 2 years

- Collateral/Security: Gold ornaments/jewellery/specially minted gold coins sold by banks of up to 50 gm per customer

- Processing Fee: Up to 0.50% of loan amount (maximum Rs 5,000)

As of 14th June 2024, the interest rates for Canara Bank Gold Loan are as follows:

- Swarna Loan: 9.00% p.a.

- Swarna Overdraft: 9.00% p.a.

- Swarna Express: 9.00% p.a.

Canara Bank offers various types of gold loans to cater to different needs. The following are the types of Canara Bank Gold Loan:

1. Canara Bank Swarna Loan

- Purpose: Consumers can avail this loan to meet medical expenses and other unforeseen commitments or contingencies.

- Loan Amount: Rs 5,000- Rs 35 lakh

- LTV Ratio: Up to 65% of appraised value of gold

- Tenure: Up to 1 year

- Repayment Option: Bullet repayment method

2. Canara Bank Swarna Express

- Purpose: This loan is offered to raise funds for meeting medical expenses and other unforeseen commitments or contingencies.

- Loan Amount: Rs 5,000- Rs 35 lakh

- LTV Ratio: Up to 70% of appraised value of gold

- Tenure: Up to 6 months

- Repayment Option: Bullet repayment method

3. Canara Bank Swarna Overdraft

- Purpose: Canara Bank offers a gold loan overdraft facility to its gold loan applicants under the brand Canara Bank Swarna Overdraft scheme. Consumers can avail this scheme to meet their medical expenses and other unforeseen contingencies.

- Loan Amount: Rs 5,000- Rs 35 lakh

- LTV Ratio: Up to 70% of appraised value of gold

- Tenure: Up to 6 months

- Repayment Option: Interest payment method

4. Canara MSME Gold Demand Loan

- Purpose: Consumers can avail this loan to meet the business requirements of its applicants, such as providing financial assistance to MSME units for fund based requirements of general businesses, for acquiring machinery/equipment/tools for repair and renovation, and for raising working capital.

- Loan Amount: Rs 50,000- Rs 35 lakh

- LTV Ratio: Up to 65% of appraised value of gold

- Tenure: Up to 1 year

- Repayment Option: Interest payment method

5. Canara MSME Gold Overdraft

- Purpose: Canara MSME Gold Overdraft loan is offered to provide financial assistance to MSME units for fund-based requirements for general business purposes, for augmenting working capital, purchasing machinery/tools/equipment, etc.

- Loan Amount: Rs 50,000- Rs 35 lakh

- LTV Ratio: Up to 70% of appraised value of gold

- Tenure: Up to 1 year

- Repayment Option: Interest payment method

To be eligible for availing Canara Bank Gold Loan, the applicant must be a resident individual or an NRI. However, the lender may also consider other factors including the age and profession of its applicants, weight, and purity of gold ornaments pledged as security, etc.

The documents required for availing Canara Bank Gold Loan include a duly filled application form with photographs, address proof (Aadhar card, Voter ID, Driving License), and ID proof (Driving License, Aadhar card, Voter ID card).

In conclusion, Canara Bank Gold Loan offers a competitive interest rate, flexible loan amount, and repayment options. With a simple application process and minimal documentation, individuals can easily avail a gold loan from Canara Bank and meet their immediate financial needs. It is essential to carefully consider the loan tenure and repayment options before applying for the loan to ensure timely repayments and avoid any financial difficulties. For more information or to apply for Canara Bank Gold Loan, interested individuals can visit the official website of Canara Bank or contact the bank directly.