Why Canara Bank gold loan is your best borrowing option?

A gold loan is an excellent choice for acquiring cash when you need it. Gold loans are always considered as the best financial decision that could be made by an individual. Gold ornaments that are inside your locker for years can be helpful to a great extent when you are in the middle of a crisis. 

Of many banks that are offering a gold loan to customers, Canara Bank is one of them.

Canara Bank Gold Loan has been availed by innumerous customers by submitting their gold articles to the bank. There are so many benefits you can acquire by getting a loan from Canara Bank. The reasons why the Canara Bank Gold Loan is the best borrowing option is listed below:

1. Low Interest Rates:

Canara Bank offers the lowest interest rates for a gold loan compared with the other banks that offer gold loans in the market. The Canara Bank Gold Loan Interest rate starts at 10.70 percentage. With this interest, the borrower can comfortably do the repayment without any worries as this is the lowest interest anyone can get.

2. No Extra Charges:

Along with the Canara Bank Gold Loan Interest rate, only the processing fee of 1 percentage has to be paid to the bank.

Other than that, there are absolutely no extra charges that are to be paid to the bank in addition to the monthly interest. The bank does not charge any pre-payment or post-payment charges from the borrowers, which is commonly charged by other banks. 

3. Tenure Period:

The flexibility of tenure is one of the factors that have to be checked before approaching the bank for a gold loan. In Canara Bank Gold Loan, the tenure period is available in the range of 3 months to a maximum of 12 months of duration. The EMI amount varies based on the tenure you choose. Calculate the loan amount using the Canara Bank Gold Loan Calculator.

4. Gold Loan per Gram:

The Canara Bank Gold Loan is offered with maximum value for your gold. Each gram of gold will be calculated and most profit can be made out of it. Canara bank offers about  ₹2430 to ₹2970 for the gold that you are pledging to the bank. The amount is based on the purity of the gold. 

To calculate the value of per gram of your gold, use Canara Bank Gold per Gram.

5. Easy Loan Processing:

Provided that you are completely eligible for the gold loan from the Canara Bank, your loan proceeds will be processed without any hassle. The process will take just few minutes to ger approved and the amount will be disbursed to the applicant within the same day, thus making the process of acquiring gold loan much easier than ever.

6. Eligibility:

The eligibility to apply for the Canara Bank Gold Loan is very lenient. The applicant must be between 21 to 70 years of age. The applicant must possess address proof, identity proof with KYC documents. Along with these, they should also carry 2 copies of passport sized photos along with them.

These are the only eligibility that a person must have. Thus, this makes the Canara Bank a good option to approach for a gold loan.

It should be clear by now that the ease, flexibility, and affordability of the Canara Bank Gold Loan is what makes most of the benefits of it. Make wise decisions when it comes to financial planning and remember that gold loans are the most beneficial among the various options available. 

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