Starts at 11.99%
Loan Per Gram
From Rs. 2,472 to Rs. 3,023
Up to 36 months
Up to 1% + GST
About UCO Bank Gold Loan
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 offers a Gold Loan to meet financial requirements of customers who require immediate cash against their gold assets. 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.
Why Choose UCO Bank Gold Loan?
UCO Bank offers loan against gold at the lowest Interest rate. Being one of the significant gold loan suppliers, UCO Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.
Advantages of UCO Bank Gold Loan
- Multipurpose – UCO Bank Gold loan can be used for fulfilling any need of the applicant which can be a personal expense like a wedding or a vacation or any business purpose such as buying raw material, expansion, etc.
- Quick approval – Gold Loan from UCO Bank is quickly approved if the applicant is an existing account holder with the bank. In this case, the applicant does not require any documents; he/she just need to visit the branch of the bank with the gold that is to be pledged.
- High quantum – Borrowers can avail UCO Bank Gold loan in different denominations, subject to their requirement and background.
- Competitive interest – UCO Bank Gold loan comes at a competitive rate of interest, making repayment light on the pocket and provides convenient methods for the same.
- Prepayment – Borrowers can choose to prepay the UCO Gold loan without the worry of prepayment charges.
- UCO Bank gives funding of up to 70% of the total market price of your gold keeping the remaining 30% as a security margin.
UCO Bank Gold Loan Eligibility
UCO Bank Gold Loan is a financial product provided by the 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. UCO 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 UCO 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 a 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, etc. are not recognised as valid forms of gold to be kept as security for the UCO 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.
UCO Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the UCO 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 UCO 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 UCO 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, 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 have required in the case the applicant wants the UCO 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.**
UCO Bank Gold Loan Interest Rate, Fees and Charges
UCO 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 UCO Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the bank start at 7% per annum.
UCO 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.
UCO Bank Gold Loan Rate per Gram
The amount of UCO 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 UCO Bank Gold Loan Rate per Gram also varies every day. The amount that you will get for a gram of gold varies depending on its purity and the market price for your UCO Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
UCO Bank Gold Loan Apply Online
Applying for the UCO 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 necessary 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 just to 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 various banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
UCO Bank Gold Loan
How to Pay Your UCO Bank Gold Loan EMI?
Your UCO Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with UCO Bank, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the UCO Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-UCO Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-UCO Bank account at your closest UCO Bank Loan Branch. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Gold Ornaments Accepted by UCO Bank
Gold jewellery such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.
Quality: The quality of gold should lie between 18 Carat to 22 Carat. Aby gold ornament which is 24 Carat, cannot be used for availing a gold loan.
Uses of UCO Bank Gold Loan
The funds acquired by availing the UCO Bank Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, 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 UCO Bank Gold Loan
Per gram Gold Loan rates in UCO Bank varies according to the purity of your gold and the current prevailing market rates.
UCO Bank Gold Loan is a loan against a gold scheme that comes with maximum funding of 75% of the total market value of your gold. The loan amount can be used for all your personal and business needs.
UCO Bank Gold Loan interest rates can be as low as 7% per annum depending on the amount and the purpose of your loan. They also charge some documentation, valuation, and processing fee from the applicant.
Gold Loans are secured loans that are repaid on a monthly EMI basis. You can contact the nearest branch of UCO Bank for all your loan related queries.
You can apply for a quick disbursing UCO Bank Gold Loan by visiting their branch with your gold and the requisite documents. You can also apply online with Dialabank to avail the best offers and deals for all your financial needs.
Renew your Gold Loan with UCO Bank by visiting the branch with your loan documents. Your gold will undergo a revaluation process, and upon confirmation of terms, your Gold Loan will be renewed for another tenure.
You can take UCO Bank’s Gold Loan by walking into any of the branches with your Gold ornaments and documents. Once your gold has been valued, loan terms will be decided, and the loan amount will be disbursed into your account.
Gold Loan by UCO Bank is a financial product that can fulfil your short term fiscal requirements. If you are above the age of 18 years and are a permanent resident of the country with possession of gold you can apply for UCO Bank Gold Loan.
UCO Bank Gold Loan is easy to get and gives you a funding of up to 75% of the market value of your gold at attractive interest rates for a loan tenure that depends on the purpose of your loan. With UCO Bank you get same-day disbursal of the loan amount.
You can quickly check the status of your Gold Loan by contacting the loan officer at your loan branch.
UCO Bank gives you the option to pay the monthly instalment of the interest payable on the loan with an option of bullet payment as well of the principal loan amount at the end of the tenure. For more details, visit your loan branch today.
Renewal of Gold Loan can be done after the end of tenure by visiting the bank with all the loan documents. New terms are decided after revaluation of your gold, and the loan is renewed for another term.
If someone defaults the UCO Bank Gold Loan payment, the bank charges a penalty on the amount due and may also auction the gold ornaments pledged to recover the amount.
The bank has 4000 plus service units, and 49 zonal offices spread all over India.
Table of Contents
- 1 About UCO Bank Gold Loan
- 2 Why Choose UCO Bank Gold Loan?
- 3 Advantages of UCO Bank Gold Loan
- 4 UCO Bank Gold Loan Eligibility
- 5 UCO Bank Gold Loan Documents Required
- 6 UCO Bank Gold Loan Interest Rate, Fees and Charges
- 7 UCO Bank Gold Loan Rate per Gram
- 8 UCO Bank Gold Loan Apply Online
- 9 UCO Bank Gold Loan
- 10 How to Pay Your UCO Bank Gold Loan EMI?
- 11 Gold Ornaments Accepted by UCO Bank
- 12 Uses of UCO Bank Gold Loan
- 13 FAQs About UCO Bank Gold Loan