Corporation Bank Gold Loan Interest Rates

Corporation Bank gold loan interest rate starts at 10.60% to 12.60%. A Corp Bank gold loan can help you arrange funds for agricultural activities, business requirements, and personal needs. Many use the funds for weddings, travel, medical emergencies, trade, home renovations, vehicle repairs, education, etc. For business, the funds are usually taken for working capital, business expansion, renting workplace, etc.

At Loanbaba, you will get all details about Corporation Bank gold loan rate and the loan schemes.

Corporation Bank Gold Loan Details Updated 2019 18th September 2020

Loan Amount

Rs. 10 thousand to Rs. 2 lakhs

Loan Tenure

Up to 2 Years

Interest Rate

10.60% to 12.60%

Corporation Bank Gold Loan Interest Rates 2019 Information

The following table shows the complete outline of the Corporation Jewel Loan Interest Rate.

Gold Loan Scheme

Interest Rates

Agriculture Jewel Loan

For 12 months or less - 10.6% p.a.

For 12 – 24 months – 11.10% p.a.

This loan for short-term crop production demands 7% p.a.

Loan by pledging gold coins and jewellery

Depends on the base rate which is 10.65% p.a. currently.

Jewel Loans opted for reasons other than agricultural requirements

For loans up to 2 lakhs INR – 11.6% p.a.

For loans more than 2 lakhs INR – 12.6% p.a.

Corporation Bank Gold Loan

There are three major variants of gold loan offered by the bank. These are:

  • Agriculture Jewel Loan (ACADL or ACAOD)
  • Here, you have to pledge gold jewellery to receive funds for agricultural purposes. This loan can be put in use for short-term crop production or acquisition of a farm asset.

  • Pledging Gold Jewellery
  • Here, you have to secure gold jewellery with the bank to avail loan for personal or business needs.

  • Jewel Loans other than that for Agriculture (CADL or CAOD)
  • You can pledge gold jewellery to avail funds that you can use for personal purposes, such as housing, education, or any personal expenditure.

Corporation Bank Gold Loan Eligibility

Described below are the Corporation Bank Gold Loan Eligibility criteria:

  • You need to be over 18 years of age. Age proof will be necessary.
  • Individuals involved in activities like small business, retail trade, small manufacturing units can apply for this loan.
  • Also, agriculturists, self-employed individuals and professionals can apply for the jewel loan.
  • Salaried individuals and pensioners are also eligible for this loan scheme.

Corporation Bank Gold Loan Interest Rate Calculator

The Corporation Bank Gold Loan Interest Rate calculator takes the following factors into consideration to determine the rates applicable.

  • Loan Amount
  • The loan amount depends on the jewellery’s gold weight and purity. The bank will then sanction a loan amount based on per gram rate of the gold, which again is influenced by the loan to value ratio and gold purity. A higher quantum of finance may come with a lower rate of interest. Thus, the loan amount is a deciding factor for applicable rates.

  • Loan Tenure
  • Tenure of a loan is one of the important factors that decide the rate of interest. Lower rates apply on longer tenure, and vice-versa. But a longer tenure means increased interest payout. So when you choose tenure, do so wisely being informed about your financial situation.

  • Relationship with the Bank
  • If you are an existing customer of the bank and have repaid loans taken from the institution, in a timely manner, then you may definitely share a healthy relationship with the bank. This will help secure a better rate of interest, as against those charged to new customers.

  • Loan Repayment Ability
  • If you have a good repayment capacity then the bank may offer a lower rate of interest. Good repayment ability stems for low or no financial liabilities or EMIs to manage. A strong credit score is also an indicator of your financial discipline. All these together can fetch you best offer on rates of interest.

Documents Required for Corporation Bank Gold Loan

Following are the documents needed to apply for Corp Bank jewellery loan.

  • Any of the identity proofs mentioned: PAN Card, Passport, Driving License, Aadhar Card, Voter’s ID card, etc.
  • Any of the address proofs mentioned: Aadhar Card, Bank Statement, Rent Agreement, Voter’s ID card, Utility Bills, etc.
  • Apart from these documents, you need to attach a copy of PAN card and 2 recent passport-sized photographs.

How to Apply for Corp Bank Gold Loan in India?

Below-mentioned are ways to apply for gold loan Corporation Bank.

  • Offline Method: To apply for jewel loan manually, go to the nearest bank branch and enquire about the loan schemes. If interested, you can fill the loan application at the bank itself and attach the hard-copy of required documents. Also, carry the gold ornaments along for the valuation process. Without appraiser certificate, you may otherwise not get the funds. After gold valuation an amount will be finalized along with tenure and interest rate.
  • Online Method: To apply for the loan on the internet, visit the official website of the Corp Bank, and access the gold loan application form. Fill the required details and sign the form. Upload the soft-copy of the documents and proceed to apply. A customer executive may get in touch with you to provide status on your loan application. You may have to visit the bank for gold valuation if no doorstep service is available.
  • Disbursal Process: After gold valuation and documentation procedure, if the loan amount and other terms are as per your requirement, then you can sign the loan agreement. The fund will be disbursed within a day or maybe even a few hours. No cash is handed over; you will get the amount credited in your bank account.

Frequently Asked Questions on Corporation Bank Gold Loan Interest Rate and Loan Scheme

Below-mentioned are FAQs about gold loan Corp Bank.

  • addFAQs
    1. What are the features of Corp Bank gold loan?
    2. Following are some of the major benefits of a Corporation Bank Corp Gold Loan.

      • Corporation Bank Corp Gold Loan is a flexible product offered by the bank. You can apply for this loan for various requirements right from meeting educational expenses to complying with agricultural, business or even personal expenses.
      • The interest rates charged by the bank are pretty nominal and reasonable.
      • The Bank gives flexible repayment tenure options to the applicants.
      • The documentation process is simple and the loan sanctioning process is hassle-free.
    3. What is the loan amount per gram of gold?
    4. Below-mentioned are details about loan amount for every gram of gold.

      Tenure of repayment

      Loan amount per gram of gold

      Less than 12 months

      Rs. 2000 per gram (24 carat base)

      Over 12 months

      Rs.1900 per gram (24 carat base)

    5. What is the maximum tenure for repayment?
    6. You have to repay the loan amount within 24 months.

    7. What conditions should be satisfied to gain agriculture jewel loan for short-term crop production?
    8. You will get the agriculture Jewel Loan only to fulfil the financial necessities of short-term crop production. The loan amount must not Rs. 3 lakhs INR. It must be repaid in 12 months.

    9. What is the processing fee for a loan amount up to Rs. 2 lakhs?
    10. You do not have to pay any processing fee for a loan up to Rs. 2 lakhs. People opting loans of a higher amount will have to pay a small processing fee.

    11. Can a pensioner opt for Corp Bank jewel loan?

    Yes, a pensioner can opt the jewellery loan schemes by the bank.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Corporation Bank for gold loan.

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