Canara Bank Gold Loan Interest Rate is 9.25 % p.a
Getting a gold loan is a tedious and time consuming process, isn’t it? Well it turns out that we at IndiaGold have a solution for your problem. Now you can get Gold loans at your convenience.
Rs 5000 - Rs 35 Lakh
Rs 1100 (Upto 5 Lakh loan amount) to Rs 1450 (Above 5 Lakh Loan amount)
Swarna (Single Transaction Limit): The loan will be repaid within 12 months from the date of sanction as a bullet payment along with interest.
Interest will accrue to your account at monthly rests compounded, but you must pay both principal and interest when the loan matures.
Swarna Express (Single Transaction Limit): The entire loan will be repaid within six months from the date of approval and must be made in a single payment with interest. Interest will be accrued monthly, but only becomes due for payment with principal at maturity.
Overdraft: Interest is to be paid monthly. The loan period is 2 years, and the borrower must provide proof of income at least once every year.
Bullet repayment: Bullet repayment is a method in which you pay interest and principal amounts at the end of a gold loan. During the loan term, you are neither required to pay interest nor principal; you make one final payment when your loan expires.
EMI Facility: By opting for this option, you can repay the interest amount as per the EMI schedule of the gold loan.
However, you will have to pay back the principal amount borrowed at maturity. This arrangement works wonders for most borrowers as throughout the loan tenure one is only liable for paying interest and not worrying about principal repayment.
Overdraft Facility: This is a popular service for self-employed people, as the financial requirements of such business people are often variable. Through this service, you can withdraw money according to your own needs.
The gold loan process is very similar to that of other secured loans. In this case, you take your gold items to a lender along with the necessary paperwork. The lender assesses the gold items and confirms the paperwork presented.
The lender approves the loan amount based on the evaluations. According to the loan agreement, you must repay the main amount and the interest amount to receive the pledged gold objects.
Because gold loans are secured by genuine gold, financial institutions can easily give them. Lending against gold is safer as financial institutions can quickly sell the gold if the borrower defaults. As a result, they typically disburse such loans within a few hours. Hence, processing times are reduced, resulting in more convenience for borrowers.
Although Canara Bank requires you for a doorstep visit for availing for a gold loan, you can simply get a gold loan at your convenience with IndiaGold. The amount will be transacted within 30 minutes after processing. Submit your Phone No below and our executive will call you ( Lead gen box)
Gold Loans in general have lesser interest rates because gold is kept as collateral. Cana Bank offers interest rates of 7.10 - 7.60% p.a
With indiagold, you get gold loans at just 0.77%* interest per month ( 9.24% per year) In contrast, banks and other financial institutions give personal loans at 15% - 40% interest per annum.
Gold loans require the least amount of documentation because secured collateral is already in place. With indiagold, you’ll just be required to fill up a form and your relationship manager will be there to help you through your gold loan journey.
In most cases, the bank determines the loan amount based on the borrower's repayment capabilities and credit history. This is not the case with gold loans, though.
Because gold is used as collateral, lenders are confident in the repayment of the principal component and do not base their decision on the borrower's credit history.
Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka.
The bank also believes that financial inclusion is the only way to bring about inclusive growth and development in society.
The bank has been striving hard to achieve this goal through various programs and initiatives such as ‘Chai Pe Charcha’ (tea discussion forum), ‘Mukti Mission’ (financial literacy program), ‘Rurban Mission’ (financial empowerment initiative), ‘Lok Shakti Scheme’ (micro-credit scheme) and many more.
Canara Bank has been ranked among the top 20 banks in India for financial inclusion by World Bank Group for the fiscal year 2017-2018.
For current holders of a Canara Bank account, there are two ways to transfer money:
This is done by contacting the bank directly and requesting that money be transferred from your account to another person’s bank account.
At indiagold, you can pay EMIs via not only standing instructions or ECS, you can also use other modes of payment like UPI from Paytm, GPay, PhonePe, etc
If you're making monthly payments on your EMI, you can do so online through the bank's website or in person by visiting the branch.
Canara Bank’s Gold Loan interest rate is 7.10 - 7.60% p.a. Get lowest interest rate of 5.88% per year by applying for Gold loan at IndiaGold.
EMI repayment can be made online through the bank's portal.
At indiagold, you can pay EMIs via not only standing instructions or ECS, you can also use other modes of payment like UPI from Paytm, GPay, PhonePe, etc
Swarna Loan is a loan granted against the security of gold ornaments or specially minted coins sold by banks. It enables borrowers to meet medical expenses or pay for unforeseen commitments, such as those associated with the treatment of an illness or medical procedure.
At indiagold, all forms of gold jewellery are accepted, provided it is 18K and above. No gold coins, biscuits, and bars are accepted. The value and purity of gold are measured and assessed by experts and trained valuers.
The interest rates are subject to jumping interest rates if a payment is missed due to unforeseen circumstances.
The consumer will also be contacted by the loan manager to discuss the problem. Hence, indiagold advises making timely payments to take advantage of lower interest rates.
Identity Proof - Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License Address Proof - Aadhaar Card, Voter ID, Passport, Driving License, Utility Bill (Phone/Gas/Electricity/Water/Broadband, etc.) / Lease Agreement of a local address that matches the address on your utility bill (in case your permanent address is different from your current residential address) Form 60 or PAN Card Passport size photograph
The LTV ratio is 75% maximum, capped by the Reserve bank of India (RBI). For example, if you pledge gold worth Rs 1 Lakh, you can get a maximum of Rs 75,000 as Gold Loan.