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What is Canara Bank's Current Gold Loan Interest Rate?

Paul RyanVerified
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Summary：Learn about Canara Bank's gold loan interest rate, which is currently 7.35%-7.5% per annum. Enjoy flexible repayment options and quick loan processing.

Canara Bank is one of the leading public sector banks in India. It offers a range of financial products and services, including gold loans. If you are looking to avail of a gold loan from Canara Bank, you may be wondering what the current interest rate is. In this article, we will explore the Canara Bank gold loan interest rate in detail.

Current Interest Rate

The current interest rate for Canara Bank gold loans varies depending on the loan amount and the repayment period. As of writing this article, the interest rate for a gold loan with a repayment period of up to 36 months is 7.35% per annum. For loans with a repayment period of more than 36 months, the interest rate is 7.50% per annum. The minimum loan amount is Rs. 10,000, and the maximum loan amount is Rs. 20 lakhs.

Loan Processing Fee

In addition to the interest rate, Canara Bank also charges a processing fee for gold loans. The processing fee is 0.50% of the loan amount, subject to a minimum of Rs. 500 and a maximum of Rs. 10,000.

Loan Repayment

Canara Bank offersflexible repayment optionsfor gold loans. You can choose to repay the loan in monthly installments or as a lump sum at the end of the loan tenure. The maximum loan repayment period is 36 months.

Benefits of Canara Bank Gold Loans

One of the main benefits of availing of a gold loan from Canara Bank is that it is asecured loan. This means that you can get a loan at a lower interest rate compared to unsecured loans. Additionally, Canara Bank has a wide network of branches across India, making it easy for you to avail of a gold loan. The loan processing time is also quick, and you can get the loan amount disbursed to your account within a few hours.

Investment Strategy

Investing in gold is a popular investment strategy in India. Gold has historically been a safe-haven asset, and it can act as a hedge against inflation. If you are looking to invest in gold, you can consider availing of a gold loan from Canara Bank. By availing of a gold loan, you can get funds to invest in gold while also benefitting from a lower interest rate compared to unsecured loans.

Conclusion

If you are looking to avail of a gold loan from Canara Bank, the current interest rate is 7.35% per annum for loans with a repayment period of up to 36 months and 7.50% per annum for loans with a repayment period of more than 36 months. The loan processing fee is 0.50% of the loan amount, subject to a minimum of Rs. 500 and a maximum of Rs. 10,000. Canara Bank offers flexible repayment options, making it easy for you to repay the loan. Additionally, investing in gold is a popular investment strategy in India, and availing of a gold loan from Canara Bank can help you benefit from a lower interest rate.

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Canara Bank gold loan interest rateflexible repayment optionssecured loan
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