A Gold loan is a type of secured loan where a borrower provides gold coins, jewellery, or other assets as security to a lender, such as a bank or NBFC’s. The appraised value of the gold that is given is used to calculate the loan amount. Customers of Canara Bank can apply for a secured gold loan with low interest rates and processing fees. You can take advantage of the low interest rate and processing fees offered by Canara Bank gold if you require money to satisfy your financial needs.
Here, You must read it up from start to end to understand the entire procedure of applying for a gold loan from Canara Bank.
Canara Bank Gold Loan Details | |
Canara Bank Gold Loan Interest Rate | Canara Bank Gold Loan Interest Rate starting from 8.65%per annum. |
Processing fees | 0.5% of the loan amount |
Tenure Time | Up to 2 years |
Loan Amount | Up to ₹35 Lakhs |
LTV (Loan-to-Value) | 70% of the Appraised Value of Gold |
Canara Bank Gold Loan Rate Per Gram | Rate Per Gram Today is Rs 4197 (22 Carat) |
Canara Bank Gold Loan Interest Rate Per Gram
Canara Bank provides a range of gold loan programs to accommodate the needs of its various customers. A Gold loan is a loan that is secured by pledging gold jewellery as collateral. The bank accepts and appraises gold items of varying purity and weight and provides loans based on their value.
| Weight | Loan on 22 Carat Gold | Loan on 20 Carat Gold | Loan on 18 Carat Gold |
| 1 gram | INR – 4197 | INR – 3815 | INR – 3433 |
| 10 gram | INR – 41970 | INR – 38150 | INR – 34330 |
| 20 gram | INR – 83940 | INR – 76300 | INR – 68660 |
| 30 gram | INR – 125910 | INR – 114450 | INR – 102990 |
| 40 gram | INR – 167880 | INR – 152600 | INR – 137320 |
| 50 gram | INR – 209850 | INR – 190750 | INR – 171650 |
| 100 gram | INR – 419700 | INR – 381500 | INR – 343300 |
Other banks Gold loan Interest Rate Per Gram
In India, there are multiple NBFCs and banks that offer loans collateral by gold. Interest rates are set by each bank and NBFC based on their customer base. Here we have given information about some banks and NBFCs that provide you with gold loans per gram.
| Bank\NBFC | Gold Loan Per Gram Rate | Interest Rate (per annum) | Min-Max Loan Amount |
| HDFC GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 9.90% | INR 10000 to 5 Crore |
| SBI GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 9.75% | INR 20000 to 50 lakhs |
| MUTHOOT FINANCE GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 12.00% | INR 1500 to 50 lakhs |
| ICICI GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 10.00% | INR 50000 to 1 Crore |
| MANAPPURAM GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 12.25% | INR 3000 to 1 Crore |
| IIFL GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 12.00% | INR 3000 to 50 lakhs |
| RUPEEK GOLD LOAN | INR 3433 to INR 4197 | 8.88% | According to your gold value |
| BANK OF BARODA GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 9.15% | INR 50000 to 50 Lakh |
| INDIAN BANK GOLD LOAN INTEREST RATE | INR 3433 to INR 4197 | 9.75% | INR 50000 to 50 Lakh |
Eligibility Criteria for Canara Bank Gold Loan Rate Per Gram
In order to receive the advantages of the Canara Bank Gold Loan, you must meet a few basic qualifying requirements. These standards guarantee both your and the lender’s protection and a smooth loan application process. These are the criteria for eligibility:
- The candidate’s age needs to be at least twenty-one.
- The candidate needs to be an Indian citizen.
- It is simple for a self-employed or salaried individual to apply for a gold loan.
Documentation Required for Canara Bank Gold Loan
- Identity Proof: Driving license, PAN card, Form 60/61, copy of passport, voter ID card, Aadhar card, and ration card are you can use as Identity Proof.
- Address proof: Driving License, Voter ID Card, Ration Card, Aadhaar Card, Passport Copy, Registered Lease Agreement along with a utility bill not more than 3 months old in the name of the landlord (any), in case of agriculture loan above Proof of land holding ‘1 lakh’.
- Ownership of Gold: Ownership of Gold: The gold you plan to offer as collateral must be legally yours. This condition keeps ownership issues at bay for the duration of the loan.
- Purity and Weight: The gold you’re pledging should meet certain purity and weight standards. Your gold will be valued by the bank through an appraisal process that takes into account purity, weight, and current market rates.
- Passport-sized Photographs: current passport-size photos that match to the guidelines given by Canara Bank.
How to apply for a Canara Bank Gold Loan?
- Go to the Canara Bank branch nearest to you.
- Get your gold jewelry appraised by a bank appraiser.
- You will fill out a loan application form. Provide accurate information in your application form.
- The loan amount you will get will generally be 70% percentage of the value of the gold. You will receive information from Canara Bank regarding the loan’s total amount, interest rate, and other terms and conditions. If you agree to the terms and conditions presented, you will need to sign the loan agreement.
- The loan amount will be released to you after you have fulfilled all the required procedures. Cash, checks, or electronic transfers to your bank account can be used to do this.
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Canara Bank Gold Loan Rate Pros and Cons
Pros:
- Quick and Easy Disbursement: Canara Bank boasts a fast application and approval process, often disbursing funds within 24 hours. This can be crucial for urgent financial needs.
- Minimal Documentation: The paperwork required is minimal compared to other loan types, making the process more convenient.
- No Prepayment Penalty: You may effectively manage your money since Canara Bank doesn’t charge you for returning the loan early.
- Multiple Schemes: You can choose from various schemes tailored to specific needs, such as agriculture or MSME loans.
Cons:
- Interest Rates Vary: While generally competitive, interest rates can fluctuate depending on the loan amount, scheme chosen, and your creditworthiness.
- Processing and Other Charges: Processing fees, valuation charges, and safekeeping charges can add to the overall cost of the loan.
- Risk of Default: If you don’t pay back the loan, the bank may sell the gold you promised as collateral to recover the balance.
- Variations in Gold Prices: Should the price of gold drop all over the loan period, you may find yourself with negative equity.
Conclusion:
Here we have told you about the Canara Bank Gold Loan, if you need much urgently, you can apply for a Gold interest rate, gold loans are cheaper than other existing loan schemes. The value and purity of your gold determine the loan amount that you will receive. Customers of Canara Bank are eligible for loans up to 70% of the gold’s value.
Applying for a gold loan should only be done after you have read the terms and conditions. In case of non-payment of the loan amount, your god may also be auctioned.
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Frequently Asked Questions (FAQ’s)
Q. How does Canara Bank determine gold loan interest rates?
A. When calculating interest rates, Canara Bank takes into account variables such as loan amount, duration, and Loan-to-Value (LTV) ratio. More competitive rates are frequently the outcome of larger loan amounts and good LTV ratios.
Q. Is there a difference in interest rates between fixed and floating?
A. Yes, Canara Bank provides the flexibility to choose between fixed and floating interest rates, allowing borrowers to tailor their gold loan according to their financial strategy.
Q. Are there hidden charges associated with Canara Bank gold loans?
A. No, Canara Bank is committed to transparency, ensuring there are no hidden charges. All terms and conditions are communicated clearly to the borrowers.
Q. What advantages come with a lower Loan-to-Value (LTV) ratio?
A. A lower LTV ratio is advantageous as it often leads to more favorable interest rates. It signifies lower risk for the bank, translating to better terms for the borrower.
Q. Can self-employed individuals also benefit from Canara Bank’s gold loan interest rates?
A. Absolutely, Canara Bank’s gold loan interest rates are tailored to meet the diverse needs of individuals, including self-employed professionals.
Q. How quickly can I expect my gold loan application to be processed online?
A. Canara Bank’s online application process is designed for efficiency. Expect a swift processing time, ensuring a seamless experience from application to approval.
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