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    • Canara Bank Gold Loan is Rated as "Great!" by 92 Users

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    Canara Bank Gold Loan

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    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.

    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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    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

     

    Canara Bank Gold Loan Reviews

    Write a Review
    • Canara Bank Personal Loan
      "Good bank for personal loan"
      0.5 3.0/5 "Satisfactory"
      Bought my personal loan from Canara bank. 15 years ago, i have got this card and the rate of interest was low. They have offered me a loan through company wise. The EMI has been deducted through the salary. I have chosen the tenure period for 3 years.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jan 26, 2019
    • Canara Bank Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan with Canara bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 19, 2018
    • Canara Bank Personal Loan
      "Processing should be simpler"
      0.5 3.0/5 "Satisfactory"
      Before 2 years I took loan with Canara Bank, I have to visit to the bank twice or thrice. When directly going to the bank to take long time finally they taken 1.5 month to disburse the loan, The interest rate is low compared to Citi, but getting guaranteer is difficult. They were charging all the processing fee too.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 05, 2018
    • Canara Bank Personal Loan
      "Good Customer service"
      0.5 5.0/5 "Blown Away!"
      I do have Canara bank personal loan , its my nodel bank I have working in debt recovery. The bank gave me best interest rate, the loan process was also quick it went very smoothly. Everything completed within half working day and disbursed the loan with 2 days.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 30, 2018
    • Canara Bank Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I took personal loan based on the saving account, they gave me the interest around 7.5% for the loan amount Rs. 4 lakhs, the bank staff are cooperative and helpful with me. They processed my application within 24 hours they disbursed the loan amount.
      Was this review helpful? 4
      , bangalore
      Reviewed on Nov 14, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with CANARA BANK , they offered 12.99% interest rate and it is nominal in the market . There is no processing fee with this bank . The process and services was too smooth i receive my loan on time . Loan amount is 200000 and it is satisfactory .
      Was this review helpful? 9
      , bangalore
      Reviewed on Oct 22, 2018
    • Canara Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara bank and my experience was good, the loan amount was for Rs 2 lacs with nominal interest rate when compared to other banks. Customer service was good and they responded on time; The tenure period for this loan is 3 years.
      Was this review helpful? 9
      , bangalore
      Reviewed on Sep 29, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The experience i had with this personal loan had not been that great. The process has taken almost 15 days, the loan amount which they had provided had been okay. The interest rate with them has been good when compared with the other banks, their customer support and their staff responses also had been good as well.
      Was this review helpful? 5
      , chennai
      Reviewed on Sep 14, 2018
    • Canara Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is doing good in the loan process as well. I have taken a personal loan. The interest rate and processing charges is normal. The customer services and response is good and the process to provide the loan was smooth. The after loan services are good too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 27, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting the loan had been a little slow and had taken some more time than usual. The loan amount had been satisfactory and the interest rate which they had been charging had been nominal when compared with the market rate. Their customer support and the customer support also had been good and their staff responses had been prompt as well.
      Was this review helpful? 9
      , bangalore
      Reviewed on Jul 29, 2018
    • Canara Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 5
      , chennai
      Reviewed on Jul 18, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Canara bank as they have provided nominal rate of interest with zero processing fees . They instantly approved with 1-2 days . They gave the tenure period of 10 years .Payments get auto debited from my salary .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 21, 2018
    • 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? 3
      , 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? 1
      , 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? 2
      , 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? 1
      , 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? 2
      , bangalore
      Reviewed on Dec 28, 2017
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