2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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UCO Bank
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Canara Bank
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Indian Bank
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None of the above
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Detailed explanation-1: -Canara Bank on Monday said that it has launched a special business vertical dedicated to gold loans.
Detailed explanation-2: -Maximum Amount-Rs. 35.00 Lakh. Against the pledge of gold ornaments / Jewellery. Loan shall be against Ornaments, specially minted Gold Coins sold by Banks and not against Gold Coin, Bullion etc.
Detailed explanation-3: -You can apply for a gold loan from Canara Bank where the lender charges interest rates at their MCLR rates at 7.25% p.a. with maximum loan amount up to Rs. 35 lakh. The maximum repayment tenure is up to 2 years and 0.5% of the loan amount subject to a minimum of Rs.
Detailed explanation-4: -But the most significant push for gold loan comes from its benefits to the borrower. One can monetise idle gold jewellery for small or larger amounts, unlike a personal loan that comes with both lower and upward limits. Moreover, gold loans entail the lowest interest rates to the borrower.