Canara Bank Gold Loan – Interest, Process, Documents, and Application form

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Canara Bank Gold Loan: The best loan to take in bad times is Gold Loan. I am saying this because to take a gold loan, you do not need many frills and documents, along with this it is a loan that is not given according to your income or job. Gold Loan is a loan that falls under the category of a secured loan, so it does not have to be as many frills to get it as for other types of loans. To take a gold loan, you just have to decide from where to take it, that is, from which bank to take a gold loan, if you have decided this, then understand that 90% of your work is done.

Nowadays almost all government and privately owned banks provide a gold loan, along with many NBFCs (Non-Banking Finance Companies) such as Muthoot Finance, Manappuram Finance, Rupeek Gold Loan, etc. also provide gold loans. It is often seen that the rate of interest charged on gold loans given by NBFC or private sector is slightly higher than that of public sector or public sector banks.

Therefore goldloaninfo.com will give you the same opinion that if you want to take a gold loan, then your first priority should be a government bank if for some reason you are not able to take a gold loan from a government bank or you have trouble getting a gold loan. Then you can approach private sector bank or NBFC.

Now when you have decided that you have to take a gold loan from a public sector bank, first of all choose the bank where your account is already opened, but before that get information about the interest rates of that bank. Along with this, you must also find out the rate of gold per gram given in the form of loan so that you can get maximum amount in the form of loan.

In this article, we are going to talk about how to take Canara Bank Gold Loan, so if your account is already in Canara Bank, then it is very good, even if it is not there is no special problem. This is not the case, because if you have decided that you have to take a gold loan from Canara Bank itself, then your account will also be opened in the bank very comfortably.

How to take Gold Loan from Canara Bank?

How to get a Gold Loan from Canara Bank In this episode, it is necessary to first know that how many types of Gold Loan are available in Canara Bank and which is the best option for you?

Also Read: SBI pension Loan Scheme

What are the types of Canara Bank Gold Loan?

Canara Bank gives its gold loan to its customers in the name of gold loan. There are mainly three types of gold loan available in the bank.

Normal Gold Loan or Gold Loan

Gold loan is a loan given for a tenure of 1 year. Under the gold loan, both the loan amount taken by you and the interest on it will have to be returned to the bank after the completion of the period of 1 year.

Gold Over Draft

The gold overdraft is given for a maximum period of two years. In gold loan taken in the form of gold overdraft, the loan amount will be fully credited to your account, but you can use it according to your need and need, that is, you can withdraw from the bank as much as you need. And you will also be charged interest on the same amount as you have withdrawn from the bank. For example, if you take a gold loan of Rs 2 lakh from the bank in the form of gold overdraft and you are withdrawing only Rs 50 thousand from the bank, then the interest you will get will be applicable only on Rs 50 thousand and not 2 lakh on Rs.

Swarn Express

Swarna Express is a Gold Loan offered for a maximum tenure of 6 months. The loan amount availed under Swarna Express will have to be returned to you along with interest on the expiry of 6 months from the date of availing the loan.

Interest rate in Canara Bank Gold Loan

Talking about the interest rate charged by Canara Bank on gold loan, almost all types of gold loan banks are currently providing flat 7.35% interest rate.

Documents Required to take Gold Loan from Canara Bank

If you want to take Canara Bank Gold Loan, then it is mandatory to have an account in Canara Bank. In addition to the bank account, you may need the following documents.

  • Aadhar card
  • PAN card
  • passport size photograph

Application Form for Gold Loan (to be provided by the bank)

Stamp paper (Stamp paper of different value as per the states may be demanded by the bank. Usually Rs 1000 stamp paper is used by the bank nowadays.)

What is the processing charge for taking a Canara Bank Gold Loan?

Friends, the processing fee for taking a Canara Bank Gold Loan can be up to 0.50% of the amount of gold loan taken by you, this amount can be as low as Rs 500 and maximum up to Rs 5000.

How to apply for a Canara Bank Gold Loan?

If you want to take Canara Bank Gold Loan then contact your nearest Canara Bank branch. It does not take much time to apply for a gold loan and get the loan approved. Gold loan is a secured loan hence not much paperwork is required to avail gold loan. You can take a gold loan against gold ornaments or gold coins lying with you. Bank does not give gold loan against gold biscuits.

Canara Bank gives gold loan of minimum five thousand and maximum up to 20 lakh rupees. First of all, fill the application form for gold loan by visiting the nearest branch. After filling the application form, the bank will get your gold valuation done by any Sonar recognized by Canara Bank. After valuation, your gold will be valued for gold loan according to 18 carat, 22 carat and 24 carat. In most cases, if your jewelry is hallmarked, it will be valued at 22 carats.

The sonar will check the purity of your jewelry, which is called appraiser in the language of banking, you will also have to pay the fee for checking it i.e. appraisal charges. The appraisal charge can range from Rs.500/- depending on the number of jewellry you own.

Interest on Gold Loan in SBI

After the gold appraisal, the bank will give you a gold loan against your gold according to the value of 18 carats, 20 carat,s and 24 carat gold fixed by it every month. The price of gold fixed by the bank is much less than the price per gram of gold in the market, so if you ever go to take a gold loan from the bank, then keep this thing in mind in advance or find out from the bank that at that time the current What’s going on in the bank per gram rate?

Take a Canara Bank Gold Loan or any other bank, always remember one thing that public sector banks, which are also called government banks in common parlance, take a gold loan from there for you in the private or private sector. It is more beneficial than banks because on one hand you will get a loan at a lower interest rate and on the other, you will also get a higher rate of gram gold.

Conclusion

All the information given in this article is taken from publicly available sources, it is possible that the data or rules may change from time to time, so if you are thinking of taking Gold Loan from Canara Bank, then the nearest branch of Canara Bank Be sure to contact us to get all the information.

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