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    Canara Bank Gold Loan

    We found 1 Canara Bank Gold Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% Floating
    1,000 to ₹5,000 One time fee
    5 years
    Response Time Within 30 minutes
    What you'll love
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Gold Loan is Rated as "Great!" by 55 Users

    Fees & Charges

    Promised Interest Rate

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    Overview about Canara Bank Gold Loan (Swarna Loan)

    Gold is a key element in the financial portfolio of most Indians, with an estimated 20,000 tonnes of gold owned by residents of the country. A primary reason for investing in gold is the liquidity it offers, which enables owners to sell it immediately or avail loans against it. Canara Bank offers a Gold Loan (Swarna Loan) scheme 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.

    Perfect Personal Loan Deals for you

    Features of Canara Bank Gold Loan (Swarna Loan)

    Some of the unique features of Swarna Loan are highlighted below.

    • Immediate assistance – Canara Bank has minimised the paperwork for this loan, making it hassle free and easy to avail.
    • Competitive interest rates – Swarna Loan comes at competitive interest rates, making a loan financially tenable.
    • Multipurpose – This loan can be used to meet any genuine financial emergency, subject to certain conditions.
    • High loan amount – Loan amounts ranging between Rs 10,000 and Rs 10 lakh can be availed under this scheme.
    • Low processing fee – A low processing fee is charged by Canara Bank for this loan.
    • Flexible repayment – Borrowers can repay the loan within a period of 1 year, with the interest payable only on maturity.
    • Guarantee – This loan doesn’t require a guarantor, easing application hassles.

    Canara Bank Gold Loan (Swarna Loan) Interest Rates

    Interest rates charged by Canara Bank on its Gold Loan (Swarna Loan) are extremely competitive, making them an attractive option compared to other loan providers. The Base Rate determines the final rate charged, with it currently being 9.65% per annum. Borrowers under the Swarna Loan scheme need to pay an interest of 12.75% per annum (Base Rate + 3.10%) on their loan.

    Note: Interest rates mentioned above are as of May 2016, with rates subject to change without any prior notice or intimation. Applicants should check the current rates with the bank before applying for a loan.

    Eligibility criteria to avail Canara Bank Swarna Loan

    Individuals who wish to avail the Swarna Loan from Canara Bank need to satisfy a few basic criteria.

    • Income – Applicants should be salaried/self-employed with a sufficient source of income.
    • Accountholder – Applicants should have existing Savings Bank accounts with Canara Bank. Individuals without an account need to be introduced by trusted customers.

    Documents required for Canara Bank Gold Loan (Swarna Loan)

    Canara Bank has adopted a minimalist approach when it comes to documentation, with applicants expected to furnish a few basic documents.

    • ID/Address proof – Valid government approved ID/address proof (Passport, PAN card, DL, etc.)
    • Application form – Duly filled and signed application form
    • Income proof – Form 16 or Salary certificate from employer
    • Gold certificate – Certificate from jeweller appraising quality of gold. This appraisal will be arranged by the bank.

    Fees and charges associated with Canara Bank Swarna Loan

    Type of fee Amount
    Processing fee

    1% of loan amount, subject to:

    Minimum – Rs 1,000

    Maximum – Rs 5,000

    Appraisal fee Ranges from case to case

    Canara Bank Gold Loan (Swarna Loan) FAQs

    1. What kind of security should one provide to avail this loan?

      This loan can be availed by providing security in the form of gold coins or gold ornaments.

    2. Can one avail this loan at all Canara Bank branches?

      No, a Swarna Loan can be availed only at certain specific branches of the bank.

    3. Can individuals without a SB account with Canara Bank avail this loan?

      No, individuals who do not have a SB account with Canara Bank can apply for this loan after opening an account.

    4. What is the repayment tenure for this loan?

      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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