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  • Canara Bank Gold Loan is Rated as "Great!" by 79 Users

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    Canara Bank Gold Loan

    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.

    Canara Bank Gold Loan Reviews

    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CANARA BANK which was taken 5 years back. The loan amount was 4,.5 lakhs and the interest rate 11% which is average , The tenure period was4 years . The customer service and responses was always good . I have not faced any issues here and they have sanctioned the loan with the committed time. There is no per closure charges also.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2018
    • Canara Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with CANARA Bank 1 year back. The loan amount was 3 lakhs and the interest rate was 17% which is very high . The tenure period was 2,5 years . The whole process was very smooth and hassle free . They have sanctioned the loan with the committed time. My experience was really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Canara Bank Personal Loan
      "Mr"
      0.5 4.5/5 "Excellent!"
      My experience was very good. I am satisfied with the services. I would like to visit again in case I want to learn about other services. Thank you canara bank for the services. My experience was good and I am satisfied with the services. Would visit again if required.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 13, 2018
    • Canara Bank Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      The customer support is not up to the mark with the CANARA BANK, they have promised that they will disburse the personal loan within 5 working days but they took more 20 days of time. The rate of interest and the charges are average with the CANARA BANK .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 13, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The customer support and the response part is excellent with the canara bank. They have disbursed my personal loan amount within 10days of time. The requested loan amount has been given and I am satisfied with it. The rate of interest and the charges are nominal with the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 05, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My salary account is through Canara bank so the process was very easy and smooth. They took only two days to process the loan and the response is immediate also the interest rate is fine. It is a excellent experience with Canara bank personal loan department.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • Canara Bank Personal Loan
      "Customer friendly"
      0.5 4.0/5 "Great!"
      I cleared my Canara bank personal loan, they gave me 9.5% of interest because I am an existing customer of the bank. The documentation process was easy, KYC verification on time. They gave me part payment and fore closure option. Hence I done preclosure but some charges applicable with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 28, 2017
    • Canara Bank Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I took a Personal Loan of Rs.50000 at the 13% interest rate, which I feel is a little high percentage. Process was short. Documentation required aren't that much with them. The manager was known who did make things happen quickly. The repayment option was good with it.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Dec 21, 2017
    • Canara Bank Personal Loan
      "Below Average service"
      0.5 2.0/5 "Expected more"
      The customer support is not giving proper response to the customer with Canara bank. I was about to offer the personal loan with the canara bank , but the executives gave very negative impression so that was the reason I haven't applied for the personal loan with Canara bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 07, 2017
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the personal loan with the Canara bank and the interest rate is around 11%. I would like to say that the customer service is good and the responsiveness too. I am really happy with the Canara bank for the personal loan, which I have taken.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 29, 2017
    • Canara Bank Personal Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      I applied for a Personal Loan with Canara Bank and the approval was done instantly. They disbursed the amount within no time. The process of the whole loan was easy. The rate of interest they offered me was also pretty decent. The overall experience with them was pretty good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • Canara Bank Personal Loan
      "Need to fulfill the customer requirement"
      0.5 2.0/5 "Expected more"
      The Canara bank was about to offer me personal loan but with very low loan amount, so that was the reason I haven't got the loan from canara. The interest rate is very low when compared with others banks. The customer support and the response was very prompt from Canara bank.
      Was this review helpful? 0
      , allahabad
      Reviewed on Oct 14, 2017
    • Canara Bank Personal Loan
      "The best"
      0.5 5.0/5 "Blown Away!"
      Canara bank has offered me a personal loan of five lakhs. It is a great experience as there were other bank who refused me a loan for the same amount of salary. Though my requirement was much lesser than the amount of 5 lakhs. The bank has offered me that.
      Was this review helpful? 1
      , tirupati
      Reviewed on Oct 11, 2017
    • Canara Bank Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Canara Bank follow up is not that much great but still their interest rate and processing fee was reasonable. I took the loan of Rs.1. 5 lakh for the tenure three year, they didn't give door step service. I went to the branch and approached for the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 04, 2017
    • Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan in Canara Bank. As I'm holding a salary account with them for a long time when I approached them for this personal loan they provided me immediately. Customer service is good. The rate of interest is 14% which I got after negotiating with them from 18% they reduced to 14% which is nominal and also good for me.
      Was this review helpful? 1
      , indore
      Reviewed on Sep 30, 2017
    • Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was very good with Canara bank. My personal loan application got approved and disbursed within a week time. The customer service is good with Canara bank. The rate of interest is high nominal from Canara bank and I am satisfied with the loan amount.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Sep 05, 2017
    • Canara Bank Personal Loan
      "Approachable "
      0.5 5.0/5 "Blown Away!"
      Once I had applied for the personal loan with Canara bank. Actually this is the bank for my savings account. When I applied for the loan, I had received good response but I closed my application as I am not interested at that time. Customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 12, 2017
    • Canara Bank Personal Loan
      "Customer friendly bank and excellent service"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is really good, they are taking care of the customer and also they providing good service to all. They have sanctioned me Rs.1.9 lakhs with 9% of interest now it reversed into 8% and they not taking any processing fee and also part payment and preclosure option available without any charges.
      Was this review helpful? 1
      , aurangabad
      Reviewed on Jul 11, 2017
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from Canara bank. Our company has a tieup with this bank and the process for this loan was completed on time. The documentation was not much and it was the normal procedure, the rate of interest was 12% and charges were pretty nominal. I am happy that I got the loan when I needed it.
      Was this review helpful? 2
      , mohali
      Reviewed on Jun 15, 2017
    • Canara Bank Personal Loan
      "Good Process"
      0.5 3.0/5 "Satisfactory"
      Three years ago, I had taken the personal loan from Canara bank. The loan amount was 4 lakhs with the rate of 13.15% for the tenure of 4 years. I did not submit more documents just provided KYC documents. They disbursed the loan on time and the entire process went good without any hassles. I had cleared the loan within two years of time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 15, 2017
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