The Canara Bank Gold Loan interest rate in the market is @ 7.65%, which is the lowest. These factors that are used by Canara Bank to evaluate the interest on the gold loan are the main loan amount against the jewelry, the tenure of the loan, and the loan required as a percent of the value of gold jewelry. Canara Bank’s existing account holders will get a gold loan at the best rates as compared to the other customers.
Canara Bank has also come up with a unique gold loan scheme for the diverse needs of the applicants and sectors with a lower interest rate of 7.85%. Applicants can avail of loans for agriculture, agri-allied sectors, medical and personal emergencies, and overdraft facilities against gold. The scheme is on offer till the 30th of June The gold loan scheme is introduced to boost the borrower amid the COVID 19 and following lockdown.
In addition to interest rates with Canara Bank, it also holds some other charges while they offer the gold loan that includes the processing fees with the Canara Bank that charges minimum processing fees of 1.50% of the loan amount. To get the lowest fee, gold loan interest rates comparison, offers and cashback apply can be done through. The Prepayment and foreclosure with the Canara Bank, as it allows prepayment of gold loan and typically applying prepayment or foreclosure charges. For individuals applying with Canara Bank, the bank needs to know that the bank does not offer any special gold loan scheme for agriculture. The applicant will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.
Generally, banks would offer a gold loan per gram for the jewel which is different by the purity of gold and loan to value ratio offered by the bank. The applicant. Banks offer lower interest rates for a higher amount with Canara Bank as it offers loans between ₹ 10,000 and ₹ 10 Lakh of the amount.