Canara bank merging with syndicate bank and launches gold loan business vertical

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Canara bank merging with syndicate bank and launches gold loan business vertical

Canara Bank on Monday said it had launched a special vertical business that has been offered a gold loan. In a statement, the bank said that Syndicate Bank’s gold loan products were designed to keep in mind the immediate, uncomplicated demand for low-cost customers. Loans will help customers with much-needed funds to revitalize their business operations and restore normalcy to their lives. To this end, the Bank has also launched a special Gold Loan campaign until June 30, 2020.

D. Vijay Kumar, General Manager, Canara Bank said that they understand the depth of the problems faced by their customers due to this COVID-19 pandemic and will try their best to provide them with a quick credit support system. 

The special Gold Loan products are therefore designed to address the challenges faced by customers affected by the Covid-19 epidemic and these products come with a low-interest rate (7.85 percent/year), short conversion time (TAT), and high flexibility to meet their credit needs, “he added.

Earlier, on April 6, Canara Bank had reduced the Credit Claims (MCLR) for Loans and Development for All Tenors since April, of the merger. The bank reduced interest rates by 35 base points (bps) for less than one year, 30 bps for less than six months, 20 bps for less than three months, and 15 bps for less than one night and one month. By cut, the linked MCLR of the Bank will vary between 7.50 percent and 7.85 percent. The bank also lowered its Repo Linked Lending Rate (RLLR) by 75 points from 8.05 percent to 7.30 percent.

After merging with Syndicate Bank, Canara Bank now owns the fourth largest state-owned bank. This merger came into effect on April 1.

In today’s time where so many lenders have come up with their exciting deals with the offering of Gold Loans, it has become difficult for the borrowers to decide and select one single lender that suits their needs and situations the best.

We at Dialabank with a team of experts in the financial advisory are here to guide you through the various financial products available in the market.

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