Money & Banking

Canara Bank launches special gold loan biz vertical

Our Bureau | Updated on May 19, 2020

Identifying an emerging financial need in these times of the Covid-19-led pandemic, Bengaluru-based public sector lender Canara Bank, has launched a special gold loan business vertical.

The pandemic is seeing the country’s socio-economic order undergo a change; managing day-to-day expenses, business continuity, health and family care are becoming challenges. The bank’s latest business vertical is aimed at helping resolve these issues and support livelihoods in the current challenging times.

The business vertical is expected to address these needs and to provide hassle-free credit. The gold loan products are designed keeping in mind the need for a quick, hassle-free experience for customers, and at low interest cost. The loans are expected to help the customers with much-needed liquidity to revive their business activities, and bring normalcy back to their lives.

With this objective, Canara Bank has launched this special gold loan campaign till June 30 with interest rate as low as 7.85 per cent per annum.

The low turnaround time (TAT) ― time taken from applying for the loan till the loan is disbursed ― and high flexibility of the loan, are the highlights of the product. The loans, which come with flexible repayment options, are payable within one to three years.

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

D Vijay Kumar, General Manager, Canara Bank, said, “The loan facility can be availed from all designated branches pan India. Gold, a precious commodity, is widely held by Indians as family asset in the form of jewellery and coins, but is seldom leveraged for monetary requirements. In times of need, this asset can be utilised to avail credit to support emergency cash requirements.”

He added, “We understand the depth of the issues our customers are currently facing due to the Covid-19 pandemic and they are in need of immediate credit support to meet their emergency needs.”

Published on May 19, 2020

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