Union Bank of India Gold Loan Per Gram

AT 0.49%* INTEREST RATE
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    Union Bank of India Gold Loan Per Gram

    Union Bank of India Gold Loan Per Gram Today is ₹ 2,900 to ₹ 3,450

    Union Bank of India Gold Loan Per Gram Today Gold Loan Rate Per Gram Today is ₹ 2,900 to ₹ 3,450
    Eligible Age 18 to 75 years
    Loan Amount Eligibility Rs. 1,000 to Rs. 2 Cr
    Documents Required Basic KYC documents for address and identity proof. No income documents and no CIBIL score documents are required.
    Purity of Gold 18 carat to 22 carat
    Type of Gold Gold jewellery and gold coins of 18-24 carats
    Loan to Value 75% of the gold ornament’s market value

    Union Bank of India Gold Loan Per GramThe Union Bank of India offers gold loans at an interest rate of 7%. The current gold loan rate per gram is ₹ 2,900 to ₹ 3,450. The maximum loan repayment tenure offered by this Bank is 12 months, which is exactly one year from the time you avail of the loan. However, the maximum amount that can be availed through the Union Bank of India Gold loan is Rs. 1 crore if you provide your income proof along with the documents attached. They also have flexible repayment schemes available to suit the needs of the customers.

    Union Bank of India Gold Loan Calculator

    The Union Bank of India Gold Loan Calculator would give you a rough estimate on how much you would get from a gold loan based on the following factors.

    1. The purity and weight of the gold being pledged: The banks use their in-house valuers to assess the gold’s purity and net weight in your jewellery. The gold used in the jewellery should have purity in the range of 18 to 24 carats.
    2. The price of the gold: After estimating the purity and the net weight, the Bank has to multiply it with the current price e of the gold to calculate the actual value of the gold. RBI has given out clear instructions to all banks to apply and keep for the past 30 days average of 22-carat gold multiplied by a factor of 20/22 to adjust the value of the gold.
    3. The LTV ratio: After the exact value of the jewellery is calculated, the Union Bank of India would apply for an LTV of up to 75% to calculate your jewel loan amount eligibility. 

    Union Bank of India Gold Loan Rate Per Gram by Gold Purity

    The table below gives an approximate estimation of the gold loan per gram that the Union Bank of India would offer against gold jewellery of different purity levels.

    Gold Purity Gold Rate Per Gram- Average Of Past 30 Days Highest Gold Loan Per Gram Lowest Gold Loan Per Gram
    22 carat ₹ 4,620 ₹ 4,999 ₹ 4,956
    20 carat ₹ 3,939 ₹ 4,178 ₹ 3,795
    18 carat ₹ 3,545 ₹ 3,784 ₹ 3,460

    The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

    • Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
    • Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
    • Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

    Union Bank of India Gold Loan Rate Per Gram

    The table below shows the Union Bank of India Gold Loan Rate Per Gram- updated  Jun 30 2022

    Updated - Gold Loan Per Gram Rate w.e.f Jun 30 2022

    Gold Weight Gold Purity
    24 Carat
    Gold Purity
    22 Carat
    Gold Purity
    20 Carat
    Gold Purity
    18 Carat
    1 gram 4621 4290 3900 3510
    10 gram 46210 42900 39000 35100
    20 gram 93600 85800 78000 70200
    30 gram 140400 128700 117000 105300
    40 gram 187200 171600 156000 140400
    50 gram 234000 214500 195000 175500
    100 gram 468000 429000 390000 351000
    200 gram 936000 858000 780000 702000
    300 gram 1404000 1287000 1170000 1053000
    400 gram 1872000 1716000 1560000 1404000
    500 gram 2340000 2145000 1950000 1755000

    Historical Gold Loan Rate Per Gram

    Indians are among the world’s leading consumers of gold, with the precious metal constituting a significant portion of our total imports. Indians believe that buying gold as their asset would be a safer option than investing in other kinds of assets.

    This Table Contains the Average Annual Gold Rate from 1965 - 2022
    Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
    2022 ₹ 52,950 1993 ₹ 4,140
    2021 ₹ 50,045 1992 ₹ 4,334
    2020 ₹ 48,651 1991 ₹ 3,466
    2019 ₹ 35,220 1990 ₹ 3,200
    2018 ₹ 31,438 1989 ₹ 3,140
    2017 ₹ 29,667 1988 ₹ 3,130
    2016 ₹ 28,623 1987 ₹ 2,570
    2015 ₹ 26,343 1986 ₹ 2,140
    2014 ₹ 28,006 1985 ₹ 2,130
    2013 ₹ 29,600 1984 ₹ 1,970
    2012 ₹ 31,050 1983 ₹ 1,800
    2011 ₹ 26,400 1982 ₹ 1,645
    2010 ₹ 18,500 1981 ₹ 1,800
    2009 ₹ 14,500 1980 ₹ 1,330
    2008 ₹ 12,500 1979 ₹ 937
    2007 ₹ 10,800 1978 ₹ 685
    2006 ₹ 8,400 1977 ₹ 486
    2005 ₹ 7,000 1976 ₹ 432
    2004 ₹ 5,850 1975 ₹ 540
    2003 ₹ 5,600 1974 ₹ 506
    2002 ₹ 4,990 1973 ₹ 279
    2001 ₹ 4,300 1972 ₹ 202
    2000 ₹ 4,400 1971 ₹ 193
    1999 ₹ 4,234 1970 ₹ 184
    1998 ₹ 4,045 1969 ₹ 176
    1997 ₹ 4,725 1968 ₹ 162
    1996 ₹ 5,160 1967 ₹ 103
    1995 ₹ 4,680 1966 ₹ 84
    1994 ₹ 4,598 1965 ₹ 72

    Major Banks’ Gold Loan Rate Per Gram Comparison

    Feature
    HDFC Bank
    ICICI Bank
    Muthoot Finance
    Interest Rate
    9.90%
    10.50%
    12%
    Min Loan Amt
    Metro : 25000, Non : 15000
    25000
    15000
    Max Loan Amt
    1 Cr
    1 Cr
    1 Cr
    Loan Tenure
    3 months to 24 months
    9 months to 24 months
    1 month to 24 months
    Processing Fee
    0.25% to 1.50% of the Loan Amt
    0.25% to 1.50%
    Nil
    Preclosure Chgs
    2%, Nil foreclosure charges after 3 months
    2%, Nil foreclosure charges after 9 months
    Nil
    Overdraft Facility
    Yes
    Yes
    Yes
    Pay Only Interest Facility
    Yes
    Yes
    Yes
    Gold Rate Per Gram
    2500
    2600
    2700*

    Tips to Get The Highest Gold Loan Amount from Union Bank of India

    • The Union Bank of India is known for accepting all kinds of jewellery for giving a loan. However, if you want a higher gold loan amount, then it’s best if you pledge hallmarked jewellery for it has more value, and some banks even reduce the processing fees for the same.
    • The Bank is said to adjust the price of 22-carat gold for the purity of the gold. Hence, it is very important to borrow against higher purity jewellery as it will get you a higher gold loan amount.
    • The Union Bank of India would also calculate the net wright of jewellery to calculate and predict the amount of loan that you would get for the given quantity of gold. Always pledge gold jewellery with minimal stones and gems. As it is the weight of the gold that they would take into account and not the stones. Having stones or gems would reduce the value of the gold and reduce the amount that you get as a gold loan.
    • Always try to get the maximum LTV on the value of gold. The Union Bank of India is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

    GOLD LOAN @ 0.49%*

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    ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr A and his two friends Mr B and Mr C, own different amounts of gold with varying purity. Mr A has 70 grams of gold with a purity of 18 carats. Mr B has 60 grams of gold with a purity of 20 carats, and Mr C has 50 grams of gold with purity or 22 carats. They approach the Union Bank of India to avail themselves of a gold loan. The price applied to calculate their gold loan amount eligibility based on a maximum LTV of 75% will vary by the purity of gold, resulting in varying gold loan eligibility.

    Union Bank of India Gold Loan Per Gram FAQs

    ✅ What is the Union Bank of India Gold Loan scheme?

    Union Bank of India gold loan is a scheme that provides a loan against your gold. Any person in need of quick lump sum money can avail of this facility that is offered by Union Bank of India and other leading banks and non-banking financial companies. The current rate for Union Bank of India Gold Loan Per Gram is ₹ 3,506 to ₹ 4,621.

     How much Gold Loan can I get per gram in Union Bank of India?

    Union Bank of India Gold Loan Per Gram Depends upon the weight and purity of your gold. Union Bank of India Gold Loan Per Gram ₹ 3,506 to ₹ 4,621.

    ✅ How is Union Bank of India Gold Loan Per Gram calculated?

    The Union Bank of India Gold Loan Per Gram amount depends upon the purity of one’s gold and the current market Gold Rate. Union Bank of India Gold Loan Per Gram interest rate is then calculated based on several factors: loan amount, loan tenure, relationship with the lender, and loan to value ratio.