Canara Bank Gold Loan Interest Rate

Canara Bank offers a gold loan scheme called Swarna Loan which can be availed by keeping gold as security, primarily designed to meet any financial emergencies. 

When it comes to finding the best gold loan bank, it is always a wise idea to compare the gold loan rates today and then decide upon which bank is giving you the best gold rate today. Below is the list of all the banks and NBFCs who are giving gold loans at lowest interest rates.

Let’s take a quick look at some of the features of Canara bank Gold loan

• Canara bank gold loan interest rate starts from 8.90% p.a.
• The gold loan per gram rate in canara bank is in the range of Rs 2900 - Rs 3450 (depending on the purity of gold starting from 18 carat)
• Loan amount ranging from Rs 5000 to Rs 35 lakh
• Gold loan repayment tenure starts from 3 months upto 12 months
• There is no any prepayment penalty by Canara bank

When it comes to gold loan schemes by Canara bank there are mainly two types -

• Swarna Loan
• Swarna Overdraft
• Swarna Express Loan

In case of Swarna loan, The entire Canara bank gold loan shall be repaid within 12 months from  the date of sanction as a bullet payment along with interest. Whereas in case of Swarna Express gold loan, The entire Canara bank jewel loan shall be repaid within 6 months from  the date of sanction as a bullet payment along with interest

As you know, the rate of gold fluctuates daily and so the gold loan per gram rate in Canara Bank is not immune to such changes. The gold loan per gram rate always has a range depending on the purity of the gold. Here, the gold loan per gram rate in Canara bank is Rs 2900 to Rs 3450.

You can calculate the details of your tentative Canara bank gold loan using the Canara bank Gold Loan calculator. 

Assuming the gold loan rate to be around 8% and the tenure 12 months, below are different details of your Canara bank gold loan.

The gold loan fee at Canara Bank is 1% of the total loan amount + applicable GST charges which should be a minimum of Rs 1,000 and a maximum of Rs 5,000

Offline Method

To apply for the Canara Bank Gold Loan via the offline method, you just need to follow a few simple steps. Please check out these steps below.

• First of all, find the nearest Canara Bank branch that provides Gold Loan as you cannot get a gold loan from any random Canara bank branch. Canara Bank has a few designated branches that can give you a gold loan.
• Just visit there with your gold ornaments or gold coins and required documents. The representatives will tell you about the scheme in detail.
• The bank will assess your documents, eligibility, and the value of your gold. According to that, your gold loan amount will be decided and disbursed instantly.

Online Method

In an age where everything can be done from your phone or laptop, Canara Bank Gold Loan can also be applied online in a few minutes. You need to follow the below-mentioned steps that are easy to understand.

• Go to the official website of the Canara Bank. There, you will see the Gold Loan Section.
• On reaching there, you will see the button mentioning the Facility of On-line application.
• As soon as you click on that, a form will appear in front of you. You will need to fill in a few basic details such as your name, mobile number, email id, and residing city. Your application will be on its way as soon as you submit it.
• The representatives from the Canara Bank will contact you soon regarding your loan application.

The documentation process of Canara bank is smooth and hassle free. There are certain documents that you need to produce at the bank in order to avail the Canara bank gold loan.

Identity proof documents - PAN card, Driving licence, Voter’s ID, Aadhar card  
Address proof documents - Rent agreement, Voter ID, Utility bills, Bank statement, Aadhar card

Apart from above documents you also need 2 passport sized photographs and a duly filled application form for Swarna Gold Loan by Canara Bank