Canara Bank Gold Loan Details

Overview

Canara Bank offers Gold Loans under various schemes to meet diverse financial needs, including personal expenses, agricultural activities, and allied services. With attractive interest rates and flexible repayment options, these loans are designed to provide quick and convenient access to funds against the pledge of gold ornaments or specially minted gold coins sold by banks.

Key Features

  • Loan Amount: Up to ₹35 lakh per borrower across different schemes.
  • Loan-to-Value Ratio: Up to 85% of the appraised value of gold, depending on the scheme.
  • Repayment Tenure: Ranges from 6 to 36 months, based on the selected scheme.
  • Interest Rates: Competitive rates linked to the bank’s Repo Linked Lending Rate (RLLR) or Marginal Cost of Funds Based Lending Rate (MCLR).
  • Processing Charges: Vary by loan amount and scheme, with nominal fees applicable.
  • Security: Pledge of gold ornaments/jewelry or specially minted gold coins sold by banks (up to 50 grams per customer).

Eligibility Criteria

  • Individuals: Resident individuals, including NRIs, aged 18 years and above.
  • Ownership: Applicants must own the gold ornaments or coins to be pledged.
  • Gold Purity: Gold ornaments/jewelry with acceptable purity levels as per bank norms.

Required Documents

  • Identity Proof: Passport, Voter ID, Aadhaar Card, PAN Card, etc.
  • Address Proof: Utility bills, Aadhaar Card, Passport, etc.
  • Photographs: Recent passport-size photographs.

Interest Rates & Charges

  • Interest Rates: For Swarna Schemes, RLLR minus 0.25% (e.g., if RLLR is 9.00%, the effective rate is 8.75%). For Agricultural Gold Loan schemes, rates are linked to the One Year MCLR of the bank.
  • Processing Charges: For Swarna Loan schemes, 0.30% of the loan amount with a minimum of ₹250 and a maximum of ₹3,000. For Swarna Express, 0.15% of the loan amount with a minimum of ₹125 and a maximum of ₹1,500. Agricultural Gold Loan schemes have processing charges based on loan quantum, ranging from nil to ₹2,750.
  • Safe-Keeping Charges: Applicable after 30 days of loan expiry/closure, charged at ₹200 per month or part thereof for loans up to ₹5 lakh, and the same rate for loans above ₹5 lakh.
  • Jewel Appraiser Charges: To be borne by the borrower as applicable, including GST.

Application Process

  1. Visit the nearest Canara Bank branch with your gold ornaments or specially minted gold coins and required documents.
  2. Bank officials will appraise the gold to determine its value and purity.
  3. Complete the loan application form and submit the necessary documents.
  4. Upon successful verification and appraisal, the loan amount will be sanctioned and disbursed promptly.

Contact Information

For more details or to apply for a Gold Loan:

  • Visit the nearest Canara Bank branch.
  • Contact Canara Bank Customer Care at 1800 425 0018 (Toll-free).
  • Email: hocancard@canarabank.com
  • Official Website: https://canarabank.com/