When you need funds urgently, a gold loan can be a viable option for you. Canara Bank, one of the leading public sector banks in India, offers gold loans at an affordable interest rate. The loan is sanctioned against the gold you pledge, and the amount depends on the value of the gold. The bank offers a gold loan per gram facility, which means that you can calculate the loan amount based on the quantity of gold you pledge. In this article, we will discuss everything you need to know about Canara Bank gold loan per gram.
Introduction to Canara Bank Gold Loan
Canara Bank offers a gold loan facility to customers who require funds for various purposes such as marriage, education, medical expenses, or business needs. The bank offers a hassle-free and quick loan disbursal process with minimum documentation. The loan amount depends on the value of the gold pledged, and the interest rate is comparatively lower than other types of loans. The bank offers a gold loan per gram facility, which means that you can calculate the loan amount based on the quantity of gold you pledge. The repayment tenure is flexible, and you can choose the repayment period as per your convenience.
Understanding the Concept of Gold Loan Per Gram
Canara Bank offers a gold loan per gram facility, which means that the loan amount is calculated based on the weight of the gold you pledge. The bank determines the value of the gold based on its purity, and the loan amount is sanctioned accordingly. The current market rate of gold also influences the loan amount. The bank has a pre-determined per gram rate for different types of gold. You can multiply the per gram rate with the quantity of gold you pledge to calculate the loan amount. The loan amount can be up to 75% of the value of the gold pledged.
Factors That Affect the Canara Bank Gold Loan Per Gram Rate
The per gram rate of gold loan offered by Canara Bank depends on various factors. The purity of gold is the most crucial aspect that determines the per gram rate. The bank offers a higher per gram rate for gold with higher purity. The current market rate of gold is another factor that affects the per gram rate. If the market rate of gold is high, the per gram rate offered by the bank will be higher. The loan tenure and the loan amount also affect the per gram rate. If you choose a shorter loan tenure and a higher loan amount, the per gram rate will be higher.
Benefits of Taking a Canara Bank Gold Loan Per Gram
There are several benefits of taking a Canara Bank gold loan per gram. The loan is sanctioned against the gold you pledge, which means that you do not have to provide any collateral or security. The loan disbursal process is quick, and the documentation is minimal. The interest rate is lower than other types of loans, and you can choose the repayment tenure as per your convenience. The bank offers a higher per gram rate for gold with higher purity, which means that you can get a higher loan amount for your gold. You can use the loan amount for various purposes such as education, medical expenses, or business needs.
Eligibility Criteria for Canara Bank Gold Loan Per Gram
To be eligible for a Canara Bank gold loan per gram, you must meet the following criteria:
- You must be an Indian citizen.
- You must be at least 18 years old.
- You must have gold ornaments or coins to pledge.
- The gold you pledge must be of a minimum purity of 18 carats.
Documents Required for Canara Bank Gold Loan Per Gram
The following documents are required to apply for a Canara Bank gold loan per gram:
- Identity proof (Aadhaar card, PAN card, Voter ID, etc.)
- Address proof (Aadhaar card, Passport, Driving License, etc.)
- Two passport size photographs
- Proof of ownership of gold ornaments or coins
How to Calculate Canara Bank Gold Loan Per Gram
To calculate the Canara Bank gold loan per gram, follow the steps given below:
- Visit the Canara Bank website and click on the gold loan calculator.
- Enter the purity of the gold in carats.
- Enter the weight of the gold in grams.
- The loan amount will be calculated based on the per gram rate.
Tips for Getting the Best Canara Bank Gold Loan Per Gram Rate
Here are some tips that can help you get the best Canara Bank gold loan per gram rate:
- Choose gold with higher purity to get a higher per gram rate.
- Compare the per gram rate offered by different banks before applying for a loan.
- Choose a shorter loan tenure and a higher loan amount to get a higher per gram rate.
- Maintain a good credit score to get a lower interest rate.
Frequently Asked Questions About Canara Bank Gold Loan Per Gram
1. What is the maximum loan amount that I can get with a Canara Bank gold loan per gram?
You can get a loan amount of up to 75% of the value of the gold pledged.
2. What is the repayment tenure for Canara Bank gold loan per gram?
The repayment tenure for Canara Bank gold loan per gram is flexible, and you can choose the repayment period as per your convenience.
3. What is the interest rate for Canara Bank gold loan per gram?
The interest rate for Canara Bank gold loan per gram is comparatively lower than other types of loans.
4. Can I apply for a Canara Bank gold loan per gram online?
Yes, you can apply for a Canara Bank gold loan per gram online by visiting the official website of the bank.
Conclusion: Is Canara Bank Gold Loan Per Gram the Right Choice for You?
If you require funds urgently and have gold ornaments or coins to pledge, Canara Bank gold loan per gram can be a viable option for you. The loan is sanctioned against the gold you pledge, which means that you do not have to provide any collateral or security. The loan disbursal process is quick, and the documentation is minimal. The bank offers a higher per gram rate for gold with higher purity, which means that you can get a higher loan amount for your gold. However, before applying for a loan, make sure to compare the per gram rate offered by different banks and choose the one that suits your needs.