| Interest Rate | Up to 7.25% p.a. |
| Loan Amount | Up to Rs.35 lakh |
| Loan Tenure | Up to 2 years |
| Processing Fee | 0.5 % of the loan amount + GST subject to a minimum of Rs.500 |
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.
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.
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| Type of fee | Amount |
|---|---|
| Processing fee |
0.5% of loan amount, subject to: Minimum – Rs 500 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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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