Maximise your gold's value with the Union Bank of India Gold Loan
✓ No Limit on Loan Amounts ✓ Interest Rate Starting @0.74% p.m. ✓ Minimal Documentation
The Union Bank of India offers gold loans for various purposes, including your personal needs, agriculture, MSMEs, and more. You can get up to ₹50 Lakhs by providing your gold assets as collateral. The loan is available at low interest rates starting from just 0.83% per month for a tenure of up to 12 months. Furthermore, the loan-to-value (LTV) ratio offered is up to 60%, allowing to borrow a major portion of the gold’s current market value. It is easy to apply for the loan and the charges for processing your application are also minimal, ranging from Nil to ₹500 + GST.
Features and Benefits
The following are some of the pros of getting a Union Bank of India Gold Loan:
High Loan Amount
You can borrow up to ₹50 Lakhs with a Union Bank of India Gold Loan
No Restricted Usage
You can use this loan for a variety of personal and professional purposes like managing unexpected expenses, meeting educational costs, financing marriage requirements, and more
Convenient Option
Submit minimal documentation and get a gold loan effortlessly
Low-interest Rates
Opt for this secured loan at affordable rates starting from 9.95% p.a.
High LTV Ratio
You can get a high loan-to-value ratio of up to 60% with these loans
The following are the Union Bank of India Gold Loan eligibility criteria you need to meet:
The gold assets in the form of jewellery, ornaments, and coins
The total weight of the coin must not be over 50 grams
Pawnshop owners and Union Bank of India staff are not eligible to avail of certain gold loan schemes
Following are some of the documents required:
Identity proof
Proof of residence
Follow these simple steps to apply for the loan online:
Visit the official website of the Union Bank of India
Go to the ‘Products’ category, click on ‘Gold Loan’ under the ‘Loans’ option
Choose the ‘Apply Now’ option visible on the right side of the page
Click on the ‘Apply Now’ option displayed on the screen
Enter the required information and agree to the terms and conditions
- Click on the ‘Submit’ button to complete the application process
To apply for the loan offline, visit the nearest branch office with the required documents. Reach out to a bank executive who will guide you through the process.
Frequently Asked Questions
What is the repayment tenure of the Union Bank of India Gold Loan?
The repayment tenure of a gold loan from Union Bank of India can extend up to 12 months.
Can I put gold assets of less than 22K as collateral to avail of a gold loan?
Yes, you can get a gold loan from the Union Bank of India if the purity of pledged assets is less than 22K. However, the loan amount you can get will be restricted to ₹5 Lakhs.
Can I jointly apply for a Union Bank Gold Loan?
Yes, you can jointly apply for a gold loan from the Union Bank of India.
What is the gold loan interest rate of the Union Bank of India?
The interest rates start from 9.95% p.a.
Do I need to have a guarantor to get a Union Bank of India Gold Loan?
No. It is not compulsory to have a guarantor when applying for a gold loan from the Union Bank of India. However, having a guarantor or co-applicant can boost your loan eligibility, especially if they have good credit health and repayment history. This usually helps you get better loan terms like low interest rates, longer tenures, and high loan amounts.
