Canara Bank Gold Loan helps you fund your personal expenses, contingencies, and other purposes. You can take the Swarna Loan against gold jewellery or bank-sold minted gold coins. The maximum loan amount is Rs. 20 lakhs. The bank offers quick approval to eligible candidates. There is no need for any guarantee or co-obligation. The other two schemes are Swarna Overdraft and Swarna Express. Repayment is flexible. You can choose between bullet payments and avail yourself of flexibility in repayments.
In this post, we will discuss Canara Bank Gold Loan features, eligibility criteria, interest rate, documents required, repayment module, processing fees, and frequently asked questions.
Here are the features:
Here are the eligibility norms:
Here is more information:
Here are the required documents:
Here is information about repayment:
Here are the details:
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Here are the FAQs:
The lowest monthly instalment for Gold Loan Canara Bank is Rs. 8,683. For this, the account tenure is 12 months and the rate is 7.65%.
The bank does not offer special jewel loans for agriculture. If you need funds for farming, then you may apply for the regular Swarna Loan.
Yes, it is possible to apply for the jewel loan at the official website of Canara Bank. Or, you can also visit the nearest branch and submit the loan application form with attached documents.
The LTV or Loan to Value Ratio is the margin amount that is available for borrowing depending on the asset’s market value. For Swarna Loan, the applicable LTV is 75% of the gold’s market value. However, in the Covid pandemic time, the bank may even offer a loan to value ratio of up to 85% to 90%.
The bank offers a higher per gram rate for gold of higher purity. For instance, a 22-carat gold asset will carry a higher value (per gram rate) as compared to an 18-carat gold asset. So, if you pledge jewellery of higher purity, then the loan amount sanctioned is also higher, and vice-versa.
Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Canara Bank for gold loans.
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