About City Union Bank Gold Loan
The City Union Bank Limited is a scheduled commercial in the private sector. The Bank has 550 branches and 1486 ATMs. The bank was founded on 31 October 1904 and located in Thanjavur, Tamil Nadu. The bank provides a gamut of technological services like net banking, mobile banking, self-service kiosks, Bulk Note Acceptors and Point of Sales etc. The bank offers loan products to service the financial needs of small individual customers to large industries.
City Union Bank Gold loan is the quickest way to get funds for personal or business requirements. The funds from the loan can be used for weddings, education, business expansion or any other similar purpose. With minimal documentation and secure storage, the Gold Loan is a simple funding option to meet your needs.
|City Union Bank Gold Loan at a Glance|
|Interest Rate||Starts at 11%|
|Gold Loan Per Gram||₹1755 to ₹2145 depending on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% + GST|
City Union Bank Gold Loan Features and Benefits
- Loan amount from Rs.50,000 onwards- Minimum of Rs.50,000/- onwards Gold Loans for less than Rs 50000/- also available for rural markets
- Instant funds– Get funds instantly against your gold, and repay with affordable value.
- Low-Interest Rates– City Union Bank Gold Loan comes with competitive Interest Rates on Term Loan, Overdraft and EMI based loan. Repay your gold loan in easy lower EMIs, over a tenor of your choice.
- Collateral Held securely– Any gold surrendered to the bank as collateral is kept safely in a locker, so you don’t have to worry about the safety or security of your gold.
- Quick and Efficient Servicing– City Union Bank Gold Loan is Over the counter disbursement in just 60 minutes with minimal documentation
- Complete Transparency– Loan rates and charges are communicated up front in writing, along with the quotation, so you don’t have to worry about any hidden costs or fees.
Know More – Gold Loan Per Gram
City Union Bank Gold Loan Eligibility
Gold Loan is a financial product provided by the City Union Bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of interest and also requires minimal documentation for the same. City Union Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the City Union Bank Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the City Union Bank Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
City Union Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the City Union Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire City Union Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for City Union Bank Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents :
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the City Union Bank Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
City Union Bank Gold Loan Interest Rate
City Union Bank Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the City Union Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank starts at 11% per annum.
City Union Bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
City Union Bank Gold Loan Rate per Gram
The amount of City Union Bank Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the City Union Bank Gold Loan Rate per Gram also varies every day. City Union Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
You will get ₹1755 to ₹2145 for a gram of Gold depending on its purity and the market price for your City Union Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
City Union Bank Gold Loan Apply Online
Applying for the City Union Bank Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below mentioned steps to get a Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have to just fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Difference Between a Personal Loan and a Gold Loan
A personal loan comes into the category of unsecured loans however City Union Bank Gold Loan is a secured loan. The consequence of this is the rates of interest of a personal loan are quite high because of high risk.
- City Union bank provides a gold loan at very low rates of interest. City Union Bank Interest Rate is 11% per annum and onwards.
- Loan processing charges are 1 percent plus GST.
- Valuation Fee will be Rs. 250 for a loan up to Rs 1.5 lacs and Rs. 500 for a loan which is over and up to Rs. 1.5 lacs.
- Foreclosure charges: If closed within three months then it will be 2 percent with GST foreclosure charges and if closed within six months later it will be 1 percent plus GST foreclosure charges.
- Charges you pay for late loan payment, are 2 percent per annum as penal interest over and up to interest rate.
- Renewal processing fees will more than Rs. 350 including tax.
- Prepayment or part payment charges will be more than 2 percent including GST (within three months).
Use of City Union Bank Gold Loan
The funds acquired by availing the City Union Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About City Union Bank Gold Loan
Q. How much Gold Loan can I get per gram in City Union Bank?
City Union Bank provides loans against gold for agricultural and non-agricultural purposes. The Gold Loan per gram ranges between ₹1755 to ₹2145 and it is based on the purity of the gold and market prices.
Q. What is City Union Bank Gold Loan?
City Union Bank provides Gold Loans at attractive interest rates for a maximum tenure of 12 months. Any creditworthy individual in possession of gold can apply for this loan. The loan is provided by the bank within an hour with minimal documentation.
Q. What is the Gold Loan interest rate in City Union Bank?
The interest rate in City Union Bank for Gold Loan starts at 11% per annum(One-year MCLR + 4.75%). The bank also charges some processing and documentation fees.
Q. How to pay City Union Bank Gold Loan online?
You can pay the City Union Bank Gold Loan online by giving a Standing Instruction on your account to deduct the monthly EMI automatically from your CUB bank account or through ECS for your Non-CUB account.
Q. How to apply Gold Loan in City Union Bank?
Applying for the CUB Gold Loan scheme is a simple and hassle-free process where quick disbursal is guaranteed with minimal documentation. You can apply for the loan by filling an online application form on the bank’s website or by visiting the nearest City Union Bank branch with your Gold.
Q. How to renew City Union Bank Gold Loan online?
Renew your Gold Loan with City Union Bank by visiting your loan branch. You will be required to fill a renewal application form and upon revaluation of your Gold, your loan will be renewed for another term.
Q. How to take Gold Loan from City Union Bank?
You can take a quick disbursing Gold Loan from City Union Bank by visiting the branch in person or through the online portal of the bank. You may also apply with Dialabank to avail of the best deals and offers as per your needs.
Q. What is Gold Loan in City Union Bank?
City Union Bank provides Gold Loans at attractive rates for the fulfillment of your urgent expenses whether agricultural or non-agricultural. They provide Gold Loans with interest rates starting from 11% per annum for a maximum loan amount of ₹5 lacs depending on your requirement and the quality of your gold. You can take the loan for a maximum tenure of 12 months.
Q. How to get City Union Bank Gold Loan?
Getting a Gold Loan from City Union Bank is a stress-free process as they provide loans with minimal documentation and ensuring complete security of your gold ornaments. You just have to visit the nearest branch and your loan will be disbursed within hours.
Q. How to check City Union Bank Gold Loan status?
You can check your Gold Loan status online at City Union Bank’s website or by contacting your loan branch either in person or through customer care number.
Q. How to close City Union Bank Gold Loan?
Once you are ready to pay your principal loan amount, you can close your Gold Loan by visiting the branch. After verification of your payments, your Gold will be returned back to you.
Q. How to renew City Union Bank Gold Loan?
Renewal of your City Union Bank Gold Loan can be done by visiting the branch with all the loan-related documents. Release your pledged gold and get it revalued on the current market rates. Your loan will be renewed with new terms.
Q. What happens if someone defaults City Union Bank Gold Loan?
The bank charges a penal fee from the defaulters of the loan. The bank can also auctions the gold pledged to recover the amount in case the defaults are continued.
Q. How many branches of City Union Bank Gold Loan?
The bank has over 600 branches spread across the country to provide financial services to the people.
Table of Contents
- 1 About City Union Bank Gold Loan
- 2 City Union Bank Gold Loan Features and Benefits
- 3 City Union Bank Gold Loan Eligibility
- 4 City Union Bank Gold Loan Documents Required
- 5 City Union Bank Gold Loan Interest Rate
- 6 City Union Bank Gold Loan Rate per Gram
- 7 City Union Bank Gold Loan Apply Online
- 8 Difference Between a Personal Loan and a Gold Loan
- 9 Use of City Union Bank Gold Loan
- 10 FAQs About City Union Bank Gold Loan
- 10.1 Q. How much Gold Loan can I get per gram in City Union Bank?
- 10.2 Q. What is City Union Bank Gold Loan?
- 10.3 Q. What is the Gold Loan interest rate in City Union Bank?
- 10.4 Q. How to pay City Union Bank Gold Loan online?
- 10.5 Q. How to apply Gold Loan in City Union Bank?
- 10.6 Q. How to renew City Union Bank Gold Loan online?
- 10.7 Q. How to take Gold Loan from City Union Bank?
- 10.8 Q. What is Gold Loan in City Union Bank?
- 10.9 Q. How to get City Union Bank Gold Loan?
- 10.10 Q. How to check City Union Bank Gold Loan status?
- 10.11 Q. How to close City Union Bank Gold Loan?
- 10.12 Q. How to renew City Union Bank Gold Loan?
- 10.13 Q. What happens if someone defaults City Union Bank Gold Loan?
- 10.14 Q. How many branches of City Union Bank Gold Loan?