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Canara Bank Gold Loan

Canara Bank gold loan of up to Rs, 35 Lakhs can be availed of against the pledge of gold ornaments/ jewellery or specially minted gold coins sold by banks of total weight not exceeding 50 grams per customer. The interest rate starts from 13% p.a., and the repayment can be made within 12 months under Swarna (Single Transaction Limit) and 6 months under Swarna Express (Single Transaction Limit).

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You are just a step away from the best Gold loan offer available in your city. Share your name, email & mobile number to get the list of the top gold loan schemes matching with your requirements.

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Canara Bank Gold Loan Features

Following are the features of the Canara Bank gold loan:

  • Purpose: The Canara Bank gold loan can be availed of to meet various expenses just like a personal loan. You can use the loan amount to meet medical expenses, any unforeseen commitment or contingencies, etc.
  • Loan amount: You can avail of a minimum loan amount of Rs. 5,000 up to a maximum of Rs. 35 Lakhs. The rate of advance will be 85% of the rate per gram of sovereign touch gold (22-carat gold) advised by the bank for Gold Loan from time to time or 65% of the appraised value, whichever is lower. The borrower is required to maintain an LTV ratio of 75% throughout the loan tenure and repay any amount in excess of that at any time to the bank.
  • Rate of interest: Canara Bank gold loan interest rate is charged on a floating basis, and it is linked to Base Rate. At present, the interest rate is 3% above the Base Rate, and the effective rate of interest is13% p.a.
  • Nature of credit facility: The loan can be availed of as a Single Transaction Limit (STL) or an Overdraft (OD).
  • Security: Canara Bank gold loan can be obtained against the pledge of gold ornaments or jewellery, specially minted gold coins sold by banks and not against gold coins, bullion, etc. The total weight of these minted gold coins should not exceed 50 grams per customer.
  • Types: Canara bank offers three types of gold loans, i.e. Swarna (Single Transaction Limit), Swarna Express (Single Transaction Limit), and Overdraft Facility.
  • Repayment tenure: The entire loan has to be repaid within 12 months from the date of sanction as a bullet payment along with interest under Swarna (Single Transaction Limit). For Swarna Express (Single Transaction Limit), the entire loan should be repaid within 6 months from the date of sanction as a bullet payment along with interest.
  • Prepayment charges: The bank does not charge any penalty on the prepayment of the gold loan. You can make prepayments whenever you want to.
  • Processing fees: A processing fee of 1% of the sanctioned loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs. 5,000 per loan, will be applicable. 

Canara Bank Gold Loan Interest Rate

Canara Bank gold loan is offered under two schemes, i.e. Swarna (Single Transaction Limit) and Swarna Express (Single Transaction Limit). 

The entire loan has to be repaid within 12 or 6 months (depending on the scheme) from the date of sanction as a bullet payment along with interest. 

The interest will be applied to the account at monthly rests compounded but will become due  
for payment along with the principal only at maturity.

The Canara Bank gold loan interest rate is charged on a floating rate of interest basis and is linked to Base Rate. At present, the rate of interest is 3% above Base Rate, i.e.13% p.a.

Canara Bank Gold Loan Document Required

The documents required for the Canara Bank gold loan are mentioned below:

  • Gold loan application form - duly signed and completely filled in.
  • KYC documents to establish the applicant’s identity, such as Passport, Aadhar Card, PAN Card, Driving License, etc. 
  • Income proof, such as the latest salary slips, Form 16, bank statements, etc.
  • Certificate by the Jewel Appraiser, who will be arranged by the bank.

Canara Bank Gold Loan Eligibility

The eligibility criteria for the Canara Bank gold loan are explained below:

  • Canara Bank offers gold loans to only existing applicants who hold a Savings Account with the bank. If you do not already have a Savings Bank account, you can open one by complying with all the requirements and thereafter, you can avail loan under this scheme.
  • New customers must prove their creditworthiness at the time of loan application. 
  • The applicant must be an Indian resident. 
  • The applicant should be aged at least 18 years old or more when applying for the loan. 
  • The applicant must have a stable and regular source of income.
  • The Canara Bank gold loan is available against the pledge of gold ornaments/ jewellery, specially minted gold coins sold by banks and not against gold coins, bullion, etc.
  • Total weight of specially minted gold coins sold by the banks should not exceed 50 grams per customer.
  • These loans can be availed of from designated branches only.
  • You can use the Canara Bank gold loan calculator to know your loan eligibility before applying for the loan.

Compare Canara Bank Gold Loan to Other Lenders

Below is the comparison table of Canara Bank gold loan and gold loan schemes of other lenders. You can check the lowest gold loan interest rate in which bank before applying for gold loan.

BankRate of Interest (p.a.)Loan AmountProcessing FeeTenure
Canara Bank13% onwardsRs. 5,000 - Rs. 35 Lakhs1% 6 months - 1 year
HDFC Bank7.60% - 16.81%Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)1%3 months - 2 years
SBI8%Rs. 20,000 - Rs. 50 LakhsNil till 31.01.2023Up to 3 years
Kotak Mahindra Bank8% - 17%Rs. 20,000 - Rs. 1.5 CroresUp to 2% + GSTUp to 4 years
Bank of Baroda9.20% - 9.30%Up to Rs. 25 LakhsApplicable charges +GST1 year - 3 years
ICICI Bank10% - 17.95%Rs. 50,000 - Rs. 1 Crore1%6 months - 1 year
Axis Bank17% - 19%Rs. 25,001 - Rs. 25 LakhsUp to 0.50%6 months - 3 years

Types of Gold Loans Offering by Canara Bank

Following are the types of gold loan schemes offered by Canara Bank:

  • Swarna (Single Transaction Limit): The entire loan has to be repaid within 12 months from the date of sanction as a bullet payment along with the interest amount. Interest will be charged to the account at monthly rests compounded but will become due for payments along with principal only at maturity.
  • Swarna Express (Single Transaction Limit): Under this scheme, the entire loan has to be repaid within 6 months from the date of sanction as a bullet payment along with interest. Interest will be charged to the account at monthly rests compounded but will become due for payments along with principal only at maturity.
  • Overdraft Facility: You can avail of the Canara Bank gold loan as an overdraft facility for 2 years, subject to an annual review of the bank. Interest is to be serviced monthly on this scheme.

Canara Bank Gold Loan Fee & Charges

The fees and charges associated with the Canara Bank gold loan are mentioned below:

  • Rate of interest: Canara Bank gold loan interest rate starts from 13% p.a. Onwards. The rate is competitive and highly affordable.
  • Processing charges: 1% of the sanctioned loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 5,000 per loan. 
  • Jewel appraising charges: The bank also charges a jewel appraising fee as applicable for the appraisal of the mortgaged gold.
  • Prepayment penalty: The bank does not charge any fee for prepayment of the loan amount. You can foreclose the loan account whenever you wish to.

Canara Bank Gold Loan Calculator

You can use the Canara Bank gold loan calculator available online to calculate the loan eligibility against your gold jewellery. The gold loan calculator will help you in the estimation of how much loan amount you will get instantly on your gold jewellery/coins. 

To use the calculator, you just need to enter the loan tenure (in months), the number of gold jewellery/ornaments that you have, the weight of the ornaments, and gold carat details. The tool will give you the estimated loan amount eligibility based on the details you have entered. 

The calculator helps you in deciding a suitable EMI that you will be able to pay every month conveniently. You can plan your monthly budget if you are aware of your monthly obligations beforehand.

How to Apply for Canara Bank Gold Loan?

Canara Bank gold loans can be granted by designated branches only. Once you reach there, contact a bank official who will guide you through the application process, including the appraisal of your gold items by a bank-nominated appraiser. The bank will then inform you about the loan amount for which you are eligible as per the bank’s criteria. Once your application is approved by the bank, you can expect a quick disbursal of the loan amount.

Canara Bank Gold Loan Customer Care

If you have any questions regarding the Canara Bank gold loan, you can call on the following toll-free and non-toll-free numbers:

Toll-Free Numbers

1800 425 0018

1800 103 0018

1800 208 3333

1800 3011 3333

Non-Toll-Free Numbers

If calling from outside India: +91-80-22064232

Customers can call on the above-mentioned toll-free numbers only for any complaints/issues. 

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Get Gold Loan with No EMI Option from Rupeek

Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 9.69% p.a. You can avail of emergency loan ranging from Rs 15000 to Rs 1.5 crore against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.

Canara Bank Gold Loan FAQs

What is the interest of 1 lakh of the gold loan in Canara Bank?

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The gold rate of interest of 1 lakh of the gold loan in Canara Bank starts at 13% per annum.

How is gold loan interest calculated?

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You can use the gold loan calculator to calculate the gold loan interest rate. 

Can I pay the gold loan in Canara Bank online?

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Canara Bank gold loan EMI repayment can be made online through the bank's official portal or offline by visiting the respective bank branch.

Which bank is best for a gold loan SBI or Canara?

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Below are the details of the gold loan schemes of Canara Bank and SBI. You can check the features of both schemes to know which bank is best for availing of a gold loan.

BankRate of InterestLoan AmountProcessing FeesTenure
Canara Bank13% onwardsRs. 5,000 - Rs. 35 Lakhs1% 6 months - 1 year
SBI8%Rs. 20,000 - Rs. 50 LakhsNil till 31.01.2023Up to 3 years

What is Swarna overdraft?

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Under the Swarna Overdraft facility, you can avail of a gold loan as an overdraft for 2 years, subject to an annual review by the bank. The interest is to be serviced monthly on this scheme.

How can I get an instant gold loan?

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The instant gold loan can be applied for at designated branches only. You can call the customer care number of Canara Bank gold loan to know more.

How can I check my gold loan interest in Canara Bank?

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You can check your gold loan interest in Canara Bank on the official website of the bank. Currently, the Canara Bank gold loan interest rate starts from 13% p.a.

How do I repay my gold loan?

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You can make gold loan repayment online through the bank's official portal or offline by visiting the respective bank branch.

What is the Canara Bank gold loan per gram today?

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The Canara Bank gold loan per gram rate today is Rs. 2,900 to Rs. 3,450.