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, UCO Gold loan offers instant credit for multiple purposes. UCO Gold loan provides an effective solution to meet temporary monetary contingencies. The funds from the UCO Bank 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.
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.
Rate of Interest
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%.
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
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?