Canara Bank is now offering gold loans. The bank said it has decided to enter this segment in the light of the prevailing pandemic, which has changed the socio-economic order of the country and managing everyday expenses, business continuity, health and family care are a challenge for many. In order to meet the financial needs of customers and the need to support their livelihood in view of the current challenges and uncertainties, the bank intends to make the gold loans a source of hassle free credit. It said the 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. The bank is offering a special interest rate of 7.85% for the loans. The loans 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 bank said. D. Vijay Kumar, general manager at the bank, said, gold, a precious commodity, is widely held by Indians as 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.
