Canara Bank is providing a gold loan against the security of your gold jewelry under the scheme known as Swarn Loan. The gold loan can be availed by pledging your gold jewelry or coins primarily designed to meet personal and business financial emergencies.
Canara Bank accepts 18 to 22-carat gold jewelry of up to 50 grams. You can avail jewelry loan for meeting all sorts of requirements for a maximum tenure of twelve months. Canara Bank is offering gold loans at the lowest rate of interest with multiple repayment options. Swarn loan from Canara Bank is the best temporary contingency plan during a financial crisis. You can get your gold back in the same condition after the repayment of the loan amount.
Types of the Gold loan scheme
Swarna Loan - It can be taken for the tenure of 12 months with a bullet repayment option.
Swarna overdraft- It can be taken for the tenure of 24 months at terms and conditions discussed at the time of application.
Swarna Express- It can be taken for the tenure of 6 months with a bullet repayment option.
Factors determining Canara Bank Gold loan interest rate
Amount of loan
Interest rate is impacted by the amount of gold you want to borrow, the higher the loan amount will incur the high-interest rate.
Quantity & quality of gold
The purity of gold is assessed by a bank jewel appraiser. Based on that bank determines the amount of gold.
The interest rate is impacted by the repayment capacity of the borrower. The bank judges the client’s repayment capacity to determine the rate of interest.
Lending rates of banks
Interest rates are linked to the marginal cost of fund-based lending rates and repo rate-linked lending rates. Canara bank issues loans against RRLR rates.
Click to know More: IIFL Gold Loan