Bengaluru: Canara Bank has launched a special business vertical dedicated for gold loans, keeping in mind the challenges faced by its customers due to the Covid-19 pandemic.

A gold loan campaign will be held till June 30 this year with a 7.85 per cent interest rate per annum. The credit can be utilised for different purposes, such as expenses for agriculture and allied activities, business needs, health emergencies and personal needs, the bank said in a statement

The loan facility can be availed of from all designated branches across the country, the statement said. The loans are payable within a period of one to three years with flexible repayment options. The bank’s general manager D Vijay Kumar said: “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.” The special gold loan products are designed keeping in mind the challenges faced by the customers, he added.

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