Hyderabad: The current pandemic has changed the socio-economic order of the country and managing everyday expenses, business continuity, health, and family care is 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 a family asset in the form of jewelry 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 a 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.
The Gold loan scheme can be availed for various purposes including agricultural operations and crop cultivation activities, for allied agricultural activities, personnel loan schemes, etc.
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 the case of GL-OD and Swarna Loans and yearly in case of other schemes.