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. Gold is returned on repayment of a loan, making it a temporary contingency plan during financial hardships.
|Up to 5 Lakhs||9.10% p.a.|
|Above 5 Lakhs||9.20% p.a.|
Individuals who wish to avail the Swarna Loan from Canara Bank need to satisfy a few basic criteria.
Canara Bank has adopted a minimalist approach when it comes to documentation, with applicants expected to furnish a few basic documents.
|Type of fee||Amount|
1% of loan amount, subject to:
Minimum – Rs 1,000
Maximum – Rs 5,000
|Appraisal fee||Ranges from case to case|
This loan can be availed by providing security in the form of gold coins or gold ornaments.
No, a Swarna Loan can be availed only at certain specific branches of the bank.
No, individuals who do not have a SB account with Canara Bank can apply for this loan after opening an account.
The entire loan amount should be repaid within a period of 1 year. A bullet payment program is utilised here, wherein the interest needs to be paid along with the principal at the end of 1 year.
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