Canara Bank Gold Loan Per Gram

Canara Bank Gold Loan Per Gram is Rs 2,900 to Rs 3,450

Gold Loan Per Gram TodayGold Loan Rate Per Gram Today is Rs 2,900 to Rs 3,450
Eligible Age18 to 75 years
Loan Amount EligibilityRs. 1,000 to Rs. 2 Cr
Documents RequiredBasic KYC documents for address and identity proof. No income documents and no CIBIL score documents are required.
Purity of Gold18 carat to 22 carat
Type of GoldGold jewellery and gold coins of 18-24 carats
Margin in Gold Loan for the Bank25% of the gold ornament’s market value

Canara Bank Gold Loan Per Gram Rate

Gold is one of the most common metals that can be found in every household. Gold was initially bought as a tradition in our country, but now it is being purchased as security so that a person in need can exchange or pledge them to the bank. This is why the Gold Loan facility has risen as one of the most important services as compared to any of the other services that are provided to us. If you are having some financial issues, you can apply for a gold loan submitting your gold to the bank. To apply for a gold loan, you have to submit your ornaments as collateral to the bank in exchange for money. Once you repay the loan amount, the bank will return the jewellery.

What is a Canara Bank Gold Loan?

The Canara Bank Gold Loan is a service that has been provided to us by the Canara Bank where one can use the gold in their possession to apply for a gold loan and fulfil their needs. The Canara Bank also allows one with many benefits and affordable interest rates.

Canara Bank Gold Loan Benefits:

Gold loans have become very common due to the benefits that it provides. Some of the advantages of gold loan are as following:

  • The loans are processed very fast, and they don’t need any documentation. The fast disbursal of the gold loan also makes it an ideal choice.
  • A gold loan can be used for any purpose, such as to pay for a wedding or for a vacation.
  • The interest rate decided by the bank for a gold loan is extremely low and can be easily afforded.
  • Most banks don’t charge any prepayment charges on gold loans, although some banks might charge some amount of money.
  • Banks and non-banking financial companies don’t ask for the CIBIL score of a person to approve a loan.
  • Gold loans are accessible to anybody who is above the age of 18 who can apply for a gold loan.
  • As the cost of gold increases, this has further assisted borrowers with bettering the gold advance rate per gram.

Canara Bank Gold Loan Interest Rates Types:

The various types of gold loans provided by the Canara Bank are:

  • Fixed-rate of interests:  The rate of interest in such loans stays the same throughout the loan tenure.
  • Floating rate of interest: The interest rate of gold loans is not static, and it keeps changing. In such a loan, the loan cost is related to the outside benchmarks that are decided by the bank. Since the rate isn’t fixed, the EMI on Gold credit might increase or decrease unexpectedly.
  • Reason for Lending: The interest rate on gold loans is usually founded on the motivation behind loaning. The banks normally offer a lower pace of revenue for any horticultural gold credit.
  • Non-Agricultural Gold Loans: Loans stretched out to anyone who is not an agriculturist are known as nonfarming gold advances. These loans are accessible to all people, such as salaried, independently employed experts, financial specialists, ladies, females, housewives, understudies, etc.

How to Apply for Canara Bank Gold Loan?

If you want to apply for a Gold Loan, you can do it in two ways:

Offline Process

To avail of a Gold Loan, you can find the nearest branch of the Canara Bank Bank and ask the staff for help.

Online Process

You can apply for a gold loan with us by following the steps mentioned below to get a Gold Loan as per your need.

  • Fill out the registration form at our facebook page.
  • Our Relationship Manager will contact you and help you through the process.
  • You will get personalized service, which will give you the option to compare and take the best deal according to your needs without any extra charges.

Canara Bank Gold Loan Customer Care Number

The Canara Bank Gold Loan customer care number is available on the bank’s website.

Canara Bank Gold Loan Per Gram FAQ

What is today’s gold loan rate per gram?

The gold loan rate per gram is Rs. 4,676 for 24-carat gold, Rs. 4,373 for 22-carat gold, Rs. 3,975 for 20-carat gold and Rs. 3,578 for 18-carat gold.

Does a gold loan have any specific eligibility requirements?

The eligibility criteria for a gold loan is as follows:

  1. the applicant has to be between 18 to 70 years, at the time of loan maturity
  2. the applicant or his/her family member should own gold ranging between 18 to 22 carats
  3. the applicant should be an Indian resident.

Why are gold loans better?

Gold loans are as better if:

  1. They do not depend on the applicant’s credit history and cibil score.
  2. they do not need a minimum income
  3. they don’t require much documentation
  4. they are secure and hence cheaper

What documents do I need for a gold loan? 

Only the basic documents such as identity proof, address proof, signature proof, and 2 photos of the applicant will be required.

Should I worry about my gold?

As your pledged gold is safely kept in the banks’ lockers according to the national standards, you have no reason to worry. Electronic surveillance technologies are also deployed, with well-trained staff.

How do I repay my gold loan?

After availing of a gold loan, you will have to make monthly EMI payments to the banks until the tenure is completed, a failure to do which would affect your credit score negatively. These payments can be made through cash/ DD/ cheque or even online transactions.

What is LTV in a loan against gold?

LTV is Loan to Value Ratio, which is basically the loan you can get against gold as collateral. In India, LTV for a loan against gold is set at 75% by RBI for all the banking and non-banking financial companies.

How much loan can I get on 10 grams of gold?

Depending upon the purity of gold, a person can avail of a loan amount between Rs.18,500 and Rs. 27,000 on 10 grams of gold.

What is the margin in a loan against gold?

Banks maintain a margin of at least 25% in the case of loans against gold. Suppose a person can avail a maximum of 75% of their gold’s market value as the loan amount. For example, if your gold is valued at Rs. 1 Lakh in the market then banks will offer you a maximum loan amount of Rs. 75,000.