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.
Rs. 10 thousand to Rs. 2 lakhs
Up to 2 Years
10.60% to 12.60%
The following table shows the complete outline of the Corporation Jewel Loan Interest Rate.
Gold Loan Scheme
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.
There are three major variants of gold loan offered by the bank. These are:
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.
Here, you have to secure gold jewellery with the bank to avail loan for personal or business needs.
You can pledge gold jewellery to avail funds that you can use for personal purposes, such as housing, education, or any personal expenditure.
Described below are the Corporation Bank Gold Loan Eligibility criteria:
The Corporation Bank Gold Loan Interest Rate calculator takes the following factors into consideration to determine the rates applicable.
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.
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.
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.
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.
Following are the documents needed to apply for Corp Bank jewellery loan.
Below-mentioned are ways to apply for gold loan Corporation Bank.
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Below-given are FAQs on Corporation Bank gold loans in India.
Following are some of the major benefits of a Corporation Bank Corp Gold Loan.
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)
You have to repay the loan amount within 24 months.
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.
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.
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.
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