New Delhi, Canara Bank on Monday said that it has launched a special business vertical dedicated for gold loans.

In a statement, the bank said that its 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 cent per annum," it said.

The credit can be utilised for different purposes, including 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 across the country, it said. The loans are payable within a period of one to three years with flexible repayment options.

D. Vijay Kumar, General Manager, Canara Bank said: "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 lower rate of interest (7.85 per cent/annum), minimum turnaround time (TAT) and high flexibility to meet their credit needs," he added.