United Commercial Bank (UCO) of India is one of the largest public sector banks, a commercial bank and a Government-owned bank. The bank was founded by Ghanshyam Das Birla on 6 July 1943. The bank has ranked 1860 on Forbes Global 2000 list. The bank has 4000 plus service units and 49 zonal offices spread all over India.
UCO Bank Gold Loan
UCO Bank offers a Gold Loan to meet financial requirements of customers who require immediate cash against their gold assets. Primarily catering to borrowers from the middle and lower income group, this loan offers instant credit for multiple purposes. UCO Gold loan provides an effective solution to meet temporary monetary contingencies. The funds from the Gold loan can be used for weddings, education, business expansion or any other similar purpose. With minimal documentation and secure storage, the UCO gold loan is a simple funding option to meet your needs.
UCO Bank Gold Loan Features & Benefits
Multipurpose – UCO Gold loan can be used for any genuine purpose, ranging from education to housing to business.
Quick approval – This loans can be availed without additional hassles, with minimal paperwork and documentation required.
High quantum – Borrowers can avail Gold loans of different denominations, subject to their requirement and background.
Competitive interest – Gold loan comes at a competitive rate of interest, making repayment light on the pocket.
Prepayment – Borrowers can choose to prepay the UCO Gold loan without the worry of prepayment charges.
UCO Bank Gold Loan Interest Rate
The rate of Interest charged by UCO Bank depends on a number of factors, including the purpose for which a loan is availed. Loans up to Rs 5 lakhs which are designed to cater to priority sector needs are charged an interest of 7%. Gold Loan for other priority sector needs, including agriculture and retail, are charged an interest of 10.25%. Gold loans availed for non-priority sector retail is charged an interest of 11%.
Know More - Gold Loan: Factors to Remember
Accountholder- A borrower should have an account in UCO Bank. Both individuals and companies are eligible for this loan, depending on the purpose for which lone is to be used.
Gold owner- Applicants should be the owners of the gold which she/he aims to pledge.
ID Proof- Driving License / PAN Card / Passport Copy / Voter ID card / Aadhaar Card / Ration Card
Address Proof- Driving License / Voter ID Card / Ration Card / Aadhaar Card / Passport Copy / registered lease agreement with not older than 6 months utility bills in the name of the landlord
Declaration- A declaration mentioning the purpose for which a gold loan is being used
Purity certificate- A certificate highlighting the purity and quality of gold being kept as security
Know More - Gold Loan Interest Rate
Fees and Charges
Type of fee/charge
Service charge for Priority sector loans
under Rs 10 lakh-Rs 250
loans exceeding Rs 10 lakh-Rs 500
Service charge for non-priority sector loans
under Rs 5 lakh-Rs 500
loans between Rs 5 and 10 lakh-Rs 1,000
loans exceeding Rs 10 lakh-0.2% of loan subject to a maximum of Rs 5,000
How to Apply?
After that fill the required fields, including your contact number.
1. How does Gold Loan work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
2. Is Gold Loan secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
3.What happens when you don’t repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
4.Do I need a co-applicant to get a gold loan?
No, to avail Gold loan you don’t need any co-applicant
5.Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.
6.What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
7.Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
8.Is gold loan a good option?
A gold loan is an excellent choice because:
Disbursal in 30 minutes
Flexible Loan Tenure
Wide-ranging Repayment Options
Negligible Processing Fees
9.How can I avail a gold loan?
You can avail the service of a gold loan in a few clicks.
Fill in your expected details in the web-form on Dialabank.
Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
We will suggest you the loan which meets your requirements, in your specific region.
Submit the required documents with our representative, who will be in touch with you.
Accept the loan amount in just 30 minutes.
10.Is Gold Loan better than a personal loan?
Yes, a gold loan is far better than a personal loan. Reasons being:
A gold loan does not require a CIBIL score or any proof of your income.
Gold loans are less time-consuming and hustle free in comparison with Personal Loans.
A gold loan is a secured loan and therefore, is the most opted loan nation-wide.Gold Loan Interest Rate of Different Banks - Updated on 2019
11.What is the benefit of gold loan?
Gold loans have various benefits, which are why it is the most opted loan in the country. Some of the benefits are listed below:
Proof of your income is not needed Loan
Disbursal in just 30 minutes
CIBIL score is not required
It is a Secure Loan
|Bank||Gold Loan Rate|
|SBI Gold Loan||11.50%|
|IIFL Gold Loan||11.75%|
|Allahabad Bank Gold Loan||11.75%|
|Muthoot Gold Loan||12.00%|
|Federal Bank Gold Loan||12.00%|
|Manappuram Gold Loan||12.25%|
|PNB Gold Loan||12.25%|