About Union Bank of India Gold Loan
Union Bank of India is one of the largest government-owned banks in India. It is listed in Forbes and inaugurated by Mahatma Gandhi at the time of independence.
It provides banking and financial services like consumer banking, corporate banking, finance and insurance, investment banking, private banking and wealth management.
It provides different types of loans to the customer like a Business loan, Car Loan, Gold Loan, Personal loan and Education Loan. Union Bank of India provides high funding to the customer. If you are going through a financial crisis and need immediate funds to fulfill personal needs, medical emergency, and business expansion, etc then go for a Gold loan. Loan against Gold is known as Gold Loan.
If you have the asset of Gold with you then worrying about financial problem is total waste of that resource. Keeping Gold in Locker will give you nothing but taking a loan against it, will definitely help you in fulfilling your needs and dreams.
To apply for Gold Loan in Union Bank of India at an attractive rate of interest visit Dialabank, We offer full support during the whole loan procedure.
|Union Bank of India Gold Loan at a Glance|
|Interest Rate||Starts at 10.70%|
|Gold Loan Per Gram||Depends on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% or ₹1000 whichever is higher|
Union Bank of India Gold Loan Advantages
- The borrower can use the amount of loan wherever one wants. Following are some basic reasons given for which one can get the gold loan.
- Most people use the gold loan for the wedding purposes.
- Sometimes one can prefer to get a gold loan in case of a medical emergency.
- Education can also be a reason for the usage of a gold loan.
- One can also boost their business by using the gold loan.
- The customer can get a gold loan to pay the bills related credit cards.
Union Bank of India Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Union Bank of India 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 Union Bank of India 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 Union Bank of India 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 Union Bank of India 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.**
Who can get a Union Bank of India Gold Loan?
- Any salaried individual.
- Any self-employed.
- Students (age should more than 18 years).
- A farmer.
Union Bank of India Gold Loan Apply Online
Applying for the Union Bank of India 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.
Union Bank of India Gold Loan Interest Rate
Union Bank of India 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 Union Bank of India are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Union Bank of India starts at 10.70% per annum.
The 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.
Union Bank of India Gold Loan Features
- Union Bank of India avails high funding to the customer against Gold Loan
- Provides Gold Loan at a low rate of Interest
- Canara Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
- Totally safe and secure custody to the Gold provides by the customer
- Processing fees is also minimum.
- It offers quick disbursals and easy processing
- There are easy repayment with multiple modes of payment
- Documentation is minimal for Union Bank of India Gold Loan.
- Applicants who are not customers of Union Bank of India till now can also avail this facility
- You can easily apply for the Union Bank of India Gold Loan through Dialabank
Union Bank of India Gold Loan Eligiblity
Gold Loan is a financial product provided by the Union Bank of India 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. Union Bank of India 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 Union Bank of India 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 Union Bank of India 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.
Union Bank of India Gold Loan Rate per Gram
The amount of 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 Union Bank of India 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 Canara Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Mode of repayment of EMI
- Standing instruction
- Electronic clearing service
- Post-Dated cheques
If EMI is not paid on time then there will be penal charges charged to the applicant.
Use of Union Bank of India Gold Loan
The funds acquired by availing the Union Bank of India 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 Union Bank of India Gold Loan
Q. How much Gold Loan can I get per gram in Union Bank of India?
The amount of loan against per gram of gold depends on the quality of your gold and the market rates. Union Bank of India provides funding of up to 75% against your pledged gold.
Q. What is Union Bank of India Gold Loan?
Gold Loans is the answer to all your urgent financial needs. You can avail Gold Loans from Union Bank of India at attractive interest rates. All you need to do is bring your gold for valuation in the nearest branch and upon agreement of loan terms, the amount will be given to you.
Q. What is the Gold Loan interest rate in Union Bank of India?
Union Bank of India provides Gold Loans for as low as 10.70% per annum. They charge a minimal processing fee for non-agricultural uses and charge zero fees for agricultural purposes.
Q. How to pay Union Bank of India Gold Loan online?
You can use the Net banking facility of the bank to pay the EMIs of your loan account. To start your net banking services contact the customer care executive of the bank.
Q. How to apply Gold Loan in Union Bank of India?
Union Bank of India gives the Gold Loan facility to people to fulfill their monetary requirements. You can apply for the loan by visiting the branch of the bank with basic identity proofs and gold for valuation. You can apply also online at Dialabank’s digital platform.
Q. How to renew Union Bank of India Gold Loan online?
You can renew your Gold Loan with Union Bank by visiting the branch and applying for a renewal. Your gold will be revalued and new loan terms will be decided.
Q. How to take Gold Loan from Union Bank of India?
You can easily take a Gold Loan from Union Bank of India for your emergency monetary needs. The bank provides these loans at competitive rates for a maximum loan amount of Rs.10 lakhs.
Q. What is Gold Loan in Union Bank of India?
Union Bank of India provides the Gold Loan facility to anyone who is eligible for the loan and possesses gold ornaments or coins which can be pledged as security for the loan. The Bank provides loans at low-interest rates with simple repayment options for your loan.
Q. How to get Union Bank of India Gold Loan?
You can get a Union Bank of Indian Gold Loan by visiting your nearest branch. Union Bank of India provides Gold Loans with the simple application procedures and speedy processing to fulfill your emergency requirement of money. The applicant should be at least 18 years of age and in possession of gold.
Q. How to check Union Bank of India Gold Loan status?
You can check the status of your Gold Loan by using the net banking and mobile banking facilities of the Union Bank of India.
Q. How to close Union Bank of India Gold Loan?
Closing Union Bank of India Gold Loan is a simple and hassle-free process. You can pay monthly EMIs or bullet payment at the end of your tenure. The bank does not charge you any prepayment fee.
Q. How to renew Union Bank of India Gold Loan?
Renewal can be done by visiting the branch with all the loan related documents and getting the previously pledged gold revalued. The bank will then decide your new loan terms and renew your loan.
Q. What happens if someone defaults Union Bank of India Gold Loan?
If someone defaults on Union Bank of India Gold Loan repayment the bank will have the legal right to auctions your gold and recover the amount. Your credit score will also take a hit-making it difficult to avail loans in the future.
Q. How many branches of Union Bank of India Gold Loan?
Union Bank of India provides a wide range of financial services to its customers with over 4200 branches.
Table of Contents
- 1 About Union Bank of India Gold Loan
- 2 Union Bank of India Gold Loan Advantages
- 3 Union Bank of India Gold Loan Documents Required
- 4 Who can get a Union Bank of India Gold Loan?
- 5 Union Bank of India Gold Loan Apply Online
- 6 Union Bank of India Gold Loan Interest Rate
- 7 Union Bank of India Gold Loan Features
- 8 Union Bank of India Gold Loan Eligiblity
- 9 Union Bank of India Gold Loan Rate per Gram
- 10 Mode of repayment of EMI
- 11 Use of Union Bank of India Gold Loan
- 12 FAQs About Union Bank of India Gold Loan
- 12.1 Q. How much Gold Loan can I get per gram in Union Bank of India?
- 12.2 Q. What is Union Bank of India Gold Loan?
- 12.3 Q. What is the Gold Loan interest rate in Union Bank of India?
- 12.4 Q. How to pay Union Bank of India Gold Loan online?
- 12.5 Q. How to apply Gold Loan in Union Bank of India?
- 12.6 Q. How to renew Union Bank of India Gold Loan online?
- 12.7 Q. How to take Gold Loan from Union Bank of India?
- 12.8 Q. What is Gold Loan in Union Bank of India?
- 12.9 Q. How to get Union Bank of India Gold Loan?
- 12.10 Q. How to check Union Bank of India Gold Loan status?
- 12.11 Q. How to close Union Bank of India Gold Loan?
- 12.12 Q. How to renew Union Bank of India Gold Loan?
- 12.13 Q. What happens if someone defaults Union Bank of India Gold Loan?
- 12.14 Q. How many branches of Union Bank of India Gold Loan?