Canara Bank Gold Loan Interest Rate 2023

Canara Bank Gold Loan Interest Rate : Choosing the affordable interest rate for you while availing any kind of loan could be the most crucial thing for you. To opt for a Canara Bank Gold Loan, you only need to submit your gold ornaments or bank-minted gold coins to the lender against which you will get the required loan amount.

Since you are submitting security against the loan amount, interest rates tend to be on the lower side as lenders face less credit risk. Due to lower interest rates, it will result in lower repayment amounts.

Canara Bank Gold Loan interest rates, which are linked to the Repo Rate set by the Reserve Bank of India (RBI), range from 9.10% to 9.20% per annum. The final rate of interest will be decided upon the loan amount taken by you.

Canara Bank Gold Loan Interest Rate and Other Details

Interest Rate 7.65% on ward
Minimum Loan Amount INR 10,000
Maximum Loan Amount INR 20 lakh
Tenure Maximum of 12 months
Processing Fee 1% of the total loan amount plus applicable GST chargesMin of INR 1,000 with a maximum of INR 5,000

Features of Canara Bank Gold Loan

  • Canara bank gold loan interest rate starts from 7.35%
  • 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

Eligibility Criteria for Canara Bank Gold Loan

  1. Credit-worthy savings bank account holders.
  2. They must have satisfactory dealings with the bank.
  3. If a new customer applies, then an introducer is required.
  4. The new customer should also be credit-worthy.

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Documents to Apply for Canara Bank Gold Loan

  • Duly filled and signed application form.
  • Income proof/Salary Certificate/Form No. 16
  • Bank will arrange the Valuation Certificate by the Jewel Appraiser

How to Apply for Gold Loan in Canara Bank

Online Method

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.

Offline Method

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.

Canara Bank Gold Loan Calculator

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.

Loan Amount (in Rs) Interest payable (in Rs) EMI (in Rs) Total outgo (in Rs)
1 Lakh 4386 8699 1,04,386
3 Lakhs 13,158 26,097 3,13,158
5 Lakhs 21,931 43,494 5,21,931

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