Canara Bank Gold Loan Interest Rates 2024,Canara Bank Gold Loan: A Comprehensive Guide

Canara Bank Gold Loan Interest Rates 2024: Gold loans are popular in India. They help people use their gold jewelry for quick money. Canara Bank is one of the leading banks offering gold loans. In this article, we will explore the details of Canara Bank Gold Loans, including features, benefits, and interest rates for 2024. This guide will also compare Canara Bank’s offerings with other banks.

Canara Bank Gold Loan Interest Rates 2024
Canara Bank Gold Loan Interest Rates 2024

Introduction to Canara Bank Gold Loan ,Canara Bank Gold Loan Interest Rates 2024

Canara Bank(Canara Bank Gold Loan Interest Rates 2024) offers several gold loan schemes. These schemes are designed to meet the needs of different customers. Here are the key aspects of Canara Bank Gold Loans:

  1. Interest Rates: The interest rates start at 9% per annum.
  2. Loan Amount: You can get a minimum loan amount of ₹5,000 and a maximum of ₹50 lakhs.
  3. Loan-to-Value (LTV) Ratio: Canara Bank provides up to 70% of the market value of your gold as a loan.
  4. Repayment Options: The bank offers flexible repayment options, including bullet repayment and EMI-based schemes.

Canara Bank Gold Loan Schemes

Regular Gold Loan

  • Interest Rate: Starts at 9% per annum.
  • Loan Amount: From ₹5,000 to ₹50 lakhs.
  • LTV Ratio: Up to 70% of the gold’s market value.
  • Repayment Method: Bullet repayment method. This means you pay the principal and interest at the end of the loan tenure.

For example, if you take a loan of ₹1 lakh for one year at 9% interest, the total interest will be ₹9,000. You will repay ₹1,09,000 at the end of the year.

Swarn Express Scheme

  • Interest Rate: Starts at 9% per annum.
  • Loan Amount: From ₹5,000 to ₹35 lakhs.
  • LTV Ratio: Up to 70% of the gold’s market value.
  • Tenure: Up to 6 months.
  • Repayment Method: Bullet repayment method.

Swarn Overdraft Scheme

  • Interest Rate: Starts at 9% per annum.
  • Loan Amount: From ₹5,000 to ₹35 lakhs.
  • LTV Ratio: Up to 70% of the gold’s market value.
  • Tenure: Up to 6 months.
  • Repayment Method: Interest payment method. Pay interest monthly and the principal at the end of the tenure.

MSME Gold Demand Loan (Canara Bank Gold Loan Interest Rates 2024)

  • Interest Rate: Starts at 9% per annum.
  • Loan Amount: From ₹5,000 to ₹50 lakhs.
  • LTV Ratio: Up to 65% of the gold’s market value.
  • Tenure: Up to 1 year.
  • Repayment Method: Interest payment method.

MSME Gold Overdraft

  • Interest Rate: Starts at 9% per annum.
  • Loan Amount: From ₹50,000 to ₹50 lakhs.
  • LTV Ratio: Up to 70% of the gold’s market value.
  • Tenure: Up to 1 year.
  • Repayment Method: Interest payment method.

Eligibility Criteria for Canara Bank Gold Loan

To be eligible for a gold loan from Canara Bank, you need to meet the following criteria:

  1. Residency: Both Indian residents and NRIs can apply.
  2. Age: You must be at least 18 years old.
  3. Gold Quality: The gold jewelry should have a purity of 18 to 24 carats.
  4. Employment: No specific employment criteria, but you need to provide proof of income if required.

Required Documents for Canara Bank Gold Loan

To apply for a gold loan, you need to submit the following documents:

  1. Application Form: Duly filled gold loan application form.
  2. Photograph: Recent passport-sized photograph.
  3. Address Proof: Any valid address proof such as Aadhaar card, passport, voter ID, or utility bill.
  4. ID Proof: Any valid ID proof such as Aadhaar card, PAN card, passport, or driving license.

Comparing Canara Bank Gold Loan with Other Banks

It’s important to compare Canara Bank’s gold loan offerings with other banks to make an informed decision. Here’s a comparison with a few other banks:

Axis Bank Gold Loan

  • Interest Rate: 9.90% per annum.
  • Loan Amount: From ₹20,000 to ₹50 lakhs.
  • LTV Ratio: Up to 75% of the gold’s market value.

HDFC Bank Gold Loan

  • Interest Rate: Starts at 10% per annum.
  • Loan Amount: From ₹25,000 to ₹50 lakhs.
  • LTV Ratio: Up to 75% of the gold’s market value.

ICICI Bank Gold Loan

  • Interest Rate: Starts at 11% per annum.
  • Loan Amount: From ₹10,000 to ₹1 crore.
  • LTV Ratio: Up to 75% of the gold’s market value.

Benefits of Canara Bank Gold Loan

  1. Quick Processing: The loan processing is fast, and you can get funds quickly.
  2. Flexible Repayment Options: Various repayment methods cater to different needs.
  3. High Loan Amount: You can get a high loan amount up to ₹50 lakhs.
  4. Competitive Interest Rates: Starting at 9% per annum, the interest rates are competitive.
  5. Minimal Documentation: Only a few documents are required, making the process hassle-free.

How to Apply for Canara Bank Gold Loan

You can apply for a Canara Bank Gold Loan through the following steps:

  1. Visit the Bank: Go to the nearest Canara Bank branch.
  2. Fill the Application Form: Complete the gold loan application form.
  3. Submit Documents: Provide the required documents along with your gold jewelry.
  4. Loan Approval: The bank will evaluate your gold and approve the loan amount.
  5. Disbursement: Once approved, the loan amount will be disbursed to your account.

Tips for Choosing the Right Gold Loan

  1. Compare Interest Rates: Check and compare the interest rates of different banks.
  2. Evaluate LTV Ratio: Higher LTV ratios mean you can get more money for your gold.
  3. Check Repayment Options: Choose a bank that offers flexible repayment options that suit you.
  4. Consider Processing Fees: Some banks may charge processing fees. Compare these fees before choosing.
  5. Read Terms and Conditions: Understand the terms and conditions before signing the loan agreement.

Conclusion (Canara Bank Gold Loan Interest Rates 2024)

Canara Bank Gold Loan (Canara Bank Gold Loan Interest Rates 2024) is a great option for those in need of quick funds. With competitive interest rates and flexible repayment options, it caters to a wide range of customers. By understanding the different schemes, eligibility criteria, and required documents, you can make an informed decision. Always compare with other banks to ensure you are getting the best deal. Whether for personal needs or business purposes, a gold loan from Canara Bank can be a reliable financial solution.


This article covers detailed information about Canara Bank Gold Loans, including interest rates, schemes, eligibility, and application process. The information provided should help you decide if a Canara Bank Gold Loan is right for you.

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