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.
|UCO Bank Gold Loan at a Glance|
|Interest Rate||Starts at 7%|
|Gold Loan Per Gram||Depends on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% or ₹1000 whichever is higher|
UCO Bank Gold Loan Features
- 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 a existing accountholder with the bank. In this case, the applicant does not require any documents, he/she just needs 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 a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
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 Interest Rate
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 starts 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 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 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 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, 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 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.**
Know More – Gold Loan Interest Rate
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 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.
Fees and Charges for UCO Bank Gold Loan
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
Use of UCO Bank Gold Loan
The funds acquired by availing the UCO 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 UCO Bank Gold Loan
Q. How much Gold Loan can I get per gram in UCO Bank?
Per gram Gold Loan rates in UCO Bank varies according to the purity of your Gold and the current prevailing market rates.
Q. What is UCO Bank Gold Loan?
UCO Bank Gold Loan is a loan against a gold scheme that comes with a 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.
Q. What is the Gold Loan interest rate in UCO Bank?
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.
Q. How to pay UCO Bank Gold Loan online?
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.
Q. How to apply Gold Loan in UCO Bank?
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.
Q. How to renew UCO Bank Gold Loan online?
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.
Q. How to take Gold Loan from UCO Bank?
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.
Q. What is Gold Loan in UCO Bank?
Gold Loan by UCO Bank is a financial product that can fulfill your short term financial 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.
Q. How to get 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.
Q. How to check UCO Bank Gold Loan status?
You can easily check the status of your Gold Loan by contacting the loan officer at your loan branch.
Q. How to close UCO Bank Gold Loan?
UCO Bank gives you the option to pay the monthly installment 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.
Q. How to renew UCO Bank Gold Loan?
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.
Q. What happens if someone defaults UCO Bank Gold Loan?
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.
Q. How many branches of UCO Bank Gold Loan?
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 UCO Bank Gold Loan Features
- 3 UCO Bank Gold Loan Rate per Gram
- 4 UCO Bank Gold Loan Interest Rate
- 5 UCO Bank Gold Loan Eligibility
- 6 UCO Bank Gold Loan Documents Required
- 7 UCO Bank Gold Loan Apply Online
- 8 Use of UCO Bank Gold Loan
- 9 FAQs About UCO Bank Gold Loan
- 9.1 Q. How much Gold Loan can I get per gram in UCO Bank?
- 9.2 Q. What is UCO Bank Gold Loan?
- 9.3 Q. What is the Gold Loan interest rate in UCO Bank?
- 9.4 Q. How to pay UCO Bank Gold Loan online?
- 9.5 Q. How to apply Gold Loan in UCO Bank?
- 9.6 Q. How to renew UCO Bank Gold Loan online?
- 9.7 Q. How to take Gold Loan from UCO Bank?
- 9.8 Q. What is Gold Loan in UCO Bank?
- 9.9 Q. How to get UCO Bank Gold Loan?
- 9.10 Q. How to check UCO Bank Gold Loan status?
- 9.11 Q. How to close UCO Bank Gold Loan?
- 9.12 Q. How to renew UCO Bank Gold Loan?
- 9.13 Q. What happens if someone defaults UCO Bank Gold Loan?
- 9.14 Q. How many branches of UCO Bank Gold Loan?