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Canara Bank Gold Loan Use Gold in Best Way

Canara Bank is soon introducing its new version of gold loan which will make it easy for the individuals to get gold loan easily and conveniently. The terms of Canara bank gold loan have been relaxed and made customer friendly as compared to different other private companies that offer gold loan. This was reported by the Managing Director and Chairman of Canara Bank, Rajiv Kishore Dubey.

Why keeping the gold idle when you need money at times of emergency? If you need money for purposes, like to meet the medical expenses or assorted kinds of contingencies, then you can take advantage of the Swarna Loan Scheme, which is considered ideal by the financial experts.

  • Features of Canara Bank Gold Loan
  • Hassle free process
  • No guarantee or co-obligation required
  • Process is fast and instant
  • Reasonable rate of interest
  • Repayment of Gold Loan
  • The entire gold loan must be repair in twenty four equal monthly installments.
  • It can also be paid back through bullet payment subject to the repayment of monthly interest.
  • Eligibility of the individual to avail gold loan

The individual that has credit worthy Savings Bank account with Canara Bank can apply for gold loan. It is must for them to have satisfactory dealings with the bank. New customers that are properly introduced and have sufficient credit worthiness can also apply for this gold loan.

  • Documents and formalities required

The documents and formalities required to be furnished for availing gold loan are mentioned below:

  • Salary certificate together with income proof/form no. 16
  • Certificate by Jewel Appraiser which is arranged by the bank
  • Application for Gold Loan
  • Security to be submitted

The security which is required to be submitted against the gold loan includes specially minted gold coins which are sold by banks and gold ornaments.

  • Canara Bank Gold Loan Interest Rate

The present rate of interest charged by Canara Bank on gold loan is mentioned as below:

The Canara Bank gold loan interest rate is calculated on the base rate of 9.5%. This rate of interest is very reasonable according to the present market rates.

Canara Bank gold Loan helps the individuals to exploit tax benefits to their advantage. The bank is further thinking on opening more cells for gold loans for the benefit of the public that needs money for different immediate purposes. With the ease of availability and flexibility of process, gold loans are becoming very popular amongst the Indian public.

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