Canara Bank launches special gold loan business vertical
Canara Bank launches special gold loan business vertical

Canara Bank launches special gold loan business vertical

  • Bengaluru-based Canara Bank, the fourth-largest public sector lender, has launched a special business vertical dedicated for gold loans.
  • The Bank’s gold loan products are aimed at providing quick, hassle-free experience for customers with low interest cost.
  • The loans will help the customers with the much-needed liquidity to revive their business activities and bring back normalcy in their lives, the bank said in a statement.
  • The bank has also launched a special gold loan campaign till June 30, 2020 with an interest rate as low as 7.85% per annum.
  • The credit can be utilised for different purposes, such as expenses for agriculture and allied activities, business needs, health emergencies, and personal needs among others.
  • The loan facility can be availed at all designated branches pan India.
  • Special Gold Loan products are designed keeping in mind the challenges faced by the customers affected by Covid-19 pandemic and these products come with lower rate of interest (7.85% /annum), minimum  turnaround time (TAT) and high flexibility to meet their credit needs.
  • The loans are payable within a period of one to three years with flexible repayment options.

Canara Bank Gold Loan Schemes-

  • Agricultural Operations and crop cultivation activities – This Loan can be availed against gold ornaments with maximum borrowing limit of Rs 10 lakh for crop cultivation expenses.
  • For allied agricultural activities – The loan can be availed to meet the expenses for allied agriculture activities/land development activities. The maximum limit per borrower is Rs. 20 lakhs.
  • OD facility to farmers against Gold-Jewellery (GL-OD) – Overdraft facilities on the security of gold jewellery to meet the expenses for cultivation of crops which include Cost of seeds, fertilizers, pesticides, harvesting, charges towards irrigation, labour, and any other production costs, and also  other working capital requirements related to allied agriculture and land development activities. Minimum limit is Rs 1.60 lakh and maximum limit for crop cultivation OD is Rs 10 lakh, and allied land-based activity is Rs 20 lakh.
  • Personal loan scheme ‘SWARNA LOANS’ can be availed to meet medical expenses, domestic expenses, business expenses or any unforeseen commitments/ contingencies that may arise. The maximum permissible limit is Rs.20 Lakhs.

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