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Sunday, July 12, 2020
Home Press Releases Canara Bank launches Special Gold Loan Business Vertical

Canara Bank launches Special Gold Loan Business Vertical

  • Gold loan for agriculture, agri-allied sectors, medical and personal emergencies, and Over Draft facilities against Gold.
  • The special campaign period is till 30th June 2020 with an interest rate as low as 7.85% per annum.

Mumbai, 18th May 2020: The current pandemic has changed the socio-economic order of the country and managing everyday expenses, business continuity, health and family care are a challenge for many. Canara Bank, the fourth largest Public Sector Bank in India,has identified the emerging financial needs of customers and the need to support their livelihood in view of the current challenges and uncertainties. In order to address these needs and to provide hassle free credit, the Bank has launched a Special Business Vertical dedicated for Gold Loans

The Bank’s Gold Loan products are designed keeping in mind the need for 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 to bring back normalcy to their lives. With this objective, the Bank has also launched a special Gold Loan campaign till 30th June 2020 with an interest rate as low as 7.85% per annum.

The credit can be utilized for different purposes, such as expenses for agriculture and allied activities, business needs , health emergencies, personal needs etc among numerous other requirements .

The loan facility can be availed from all designated branches pan India.

Mr. D Vijay Kumar, General Manager, Canara Bank said, “Gold, a precious commodity, is widely held by Indians as family asset in the form of jewellery and coins, however seldom leveraged for monetary requirements. In times of need, this asset can be utilized to avail credit to support emergency cash requirements”.

Mr. D Vijay Kumar added, “We understand the depth of the issues our customers are currently facing due to Covid 19 pandemic and they are in need of immediate credit support to meet their emergency needs. Hence 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 a maximum borrowing limit of Rs. 10 lakh for corp 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 the cultivation of crops which include Cost of seeds, fertilizers, pesticides, harvesting, charges towards irrigation, labor, and any other production costs, and also other working capital requirements related to allied agriculture and land development activities. The minimum limit is Rs 1.60 lacs and the maximum limit for crop cultivation OD is Rs. 10 lakh, and allied and 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.

The rate of interest for all the above Gold Loan Schemes is 7.85% per annum till 30.06.2020 and the entire loan amount can be repaid in one year except in case of GL-OD facility which can be paid in 3 years. The interest is payable monthly in case of GL-OD and Swarna Loans and yearly in case of other schemes.

About Canara Bank:

Widely known for its customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through various phases of growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties period was characterized by business diversification. In June 2006, the Bank completed a century of operations in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones.

After amalgamation of Syndicate Bank into Canara Bank on 01.04.2020, the bank has attained the position of 4th largest Public Sector Bank in the country with a total business of Rs 15, 53,792 crores. With 10403 domestic branches, 13448 ATMs, and about 6000 Business Correspondents, the Bank has got the unparalleled potential to become the numero uno nationalized bank in the country with a premier position in the comity of Indian banks. https://www.canarabank.com/english/

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