City Union Bank Gold loan set to break all records

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City Union Bank Gold loan set to break all records

By pleading the gold that individuals own, they can avail themselves the benefits of a gold loan from City union bank. The bank has given their customers an option to pledge their gold and attain up to 80% of the market value as the loan amount. The benefit of applying for a gold loan is that the loan amount and interest remain unaffected by the change in the gold price. For instance, you have taken a loan of Rs. 1 lakh from City Union Bank, if the price of gold drops, you will not be asked to pay the loss amount, similarly, if there is a hike in the gold rate, you will not be credited with more amount. The market value during the time of pledge g remains fixed for the customer depending upon the amount of gold kept as collateral and the market value at the time.

City Union Bank Gold loans come with a minimum interest rate with the processing fee depending upon the customer’s profile and the amount of loan disbursed. The bank has been getting the maximum amount of profits from their gold loans. As compared to a personal loan, a gold loan comes with less documentation and easy approval. The loan approval has nothing to do with the CIBIL credit score, so even if you have a low score, you are most likely to get the loan sanctioned. The approval of a gold loan requires an address proof, an identity proof, the physical gold to be kept as collateral and done! 

Due to easy processing and less cumbersome formalities, City union bank gold loans make them gain major profits. Having the convenience to get instant money in exchange for gold is not a bad option for the bank or the customer. The management of City Union Bank keeping this profit rate in view is all set to make gold loans more customizable and accessible to all.

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