Invest Smarter, Here's how to achieve Your Dreams 80% Faster - Let’s Get Started!Trusted by 10 lakh+ Indians
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
credit-cards

Exploring Canara Bank's 9% Gold Loan Options for 2024

blog-image
Jun 18, 2024
15 Mins

Canara Bank offers an attractive gold loan scheme with an interest rate of 9% per annum. Customers can choose from loan amounts ranging from Rs 5,000 to Rs 35 lakh, with a loan-to-value (LTV) ratio of up to 70% of the gold's market value. The loan duration can extend up to two years, accepting gold ornaments, jewelry, or special minted gold coins weighing up to 50 grams per client as collateral.

Repayment options include bullet repayment or interest payment methods for Canara Bank's Gold Loan.

Key Features of Canara Bank Gold Loan:

  • Interest Rate: 9.00% p.a.
  • Loan Amount: Rs 5,000 to Rs 35 lakh
  • LTV Ratio: Up to 70% of the gold's market value
  • Tenure: Up to 2 years
  • Collateral/Security: Gold ornaments/jewelry/specifically minted gold coins (up to 50 grams per customer)
  • Processing Fee: Up to 0.50% of the loan amount (maximum Rs 5,000)

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

  • Swarna Loan: 9.00% p.a.
  • Swarna Overdraft: 9.00% p.a.
  • Swarna Express: 9.00% p.a.

Types of Canara Bank Gold Loan:

  1. Canara Bank Swarna Loan
    • Purpose: For medical expenses and unforeseen commitments
    • Loan Amount: Rs 5,000 to Rs 35 lakh
    • LTV Ratio: Up to 65% of assessed value
    • Tenure: Up to 1 year
    • Repayment: Bullet repayment method
  2. Canara Bank Swarna Express
    • Purpose: For raising funds for medical expenses and unforeseen needs
    • Loan Amount: Rs 5,000 to Rs 35 lakh
    • LTV Ratio: Up to 70% of assessed value
    • Tenure: Up to 6 months
    • Repayment: Bullet repayment method
  3. Canara Bank Swarna Overdraft
    • Purpose: Gold loan overdraft to cover medical expenses and contingencies
    • Loan Amount: Rs 5,000 to Rs 35 lakh
    • LTV Ratio: Up to 70% of assessed value
    • Tenure: Up to 6 months
    • Repayment: Interest payment method
  4. Canara MSME Gold Demand Loan
    • Purpose: To support MSME units with business requirements
    • Loan Amount: Rs 50,000 to Rs 35 lakh
    • LTV Ratio: Up to 65% of assessed value
    • Tenure: Up to 1 year
    • Repayment: Interest payment method
  5. Canara MSME Gold Overdraft
    • Purpose: Support for MSME units' business capital needs
    • Loan Amount: Rs 50,000 to Rs 35 lakh
    • LTV Ratio: Up to 70% of assessed value
    • Tenure: Up to 1 year
    • Repayment: Interest payment method

Eligibility: Applicants must be resident individuals or NRIs, considering factors such as age, profession, gold weight, and purity as security.

Documents Required: Complete application form with photographs, address proof (Aadhar card, Voter ID, Driving License), and ID proof (Driving License, Aadhar card, Voter ID card).

Overall, Canara Bank Gold Loan offers competitive interest rates, adjustable loan amounts, and convenient repayment plans. With a hassle-free application process and minimal documentation, customers can efficiently manage their urgent financial needs. It's essential to fully understand loan tenure and repayment strategies to avoid financial stress. For more details or to apply, visit Canara Bank's official website or contact the bank.

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
Digital SilverInvest in silver with Zero making ChargesLearn More
Pluto FixedEarn from 11% to 14% Returns annually in a fixed lock-in periodLearn More