Union Bank Of India Gold Loan Key Features – Apply Now
|Union Bank Gold Loan Interest Rate||Starting 7.0% per annum|
|Union Bank Gold Loan Rate Per Gram||Rate Per Gram Today is ₹ 5,121|
|Union Bank Gold Requirement||Minimum 18 Carat|
|Union Bank Gold Loan Processing Fee||1% of the Principal Loan Amount|
|Union Bank Minimum Loan Amount||90% LTV on Your Gold Market Price|
|Union Bank Maximum Loan Amount||Up to Rs. 1 Crore (With Income Proof)|
|Union Bank Prepayment Charges||2%+GST (Within 3 Months), 0 (After 3 months)|
|Union Bank Repayment Tenure||up to 12 Months|
|Union Bank Gold Loan Schemes||Bullet Payment Scheme, EMI Scheme|
Union Bank Of India GL Explanation
Gold Loans are loans availed by pledging your gold ornaments with a bank. Corporation Bank gold loan can be taken for meeting urgent personal expenses like children’s education, marriage, and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from Axis Bank has the following benefits:
Union Bank of India offers Jewel loan for a long tenure of up to 36 months, which allows you to repay the loan in EMIs of low amount.
Comparison Of Bank Gold Union Bank of India Loan With Other Banks
Corporation Bank offers gold loans at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewelry loan.
|Particulars||Union Bank||SBI||HDFC Bank|
|Interest Rate||10.00% – 16.00%||7.50% – 7.50%||9.90% – 17.55%|
|Processing Fees||Up to 1% of loan amount, minimum Rs. 750||0.50% of the loan amount, minimum Rs. 500||1.50% of the loan amount|
|Loan Tenure||3 months to 12 months||3 months to 36 months||3 months to 24 months|
|Loan Amount||₹ 10,000 to ₹ 10 Lakh||₹ 20,000 to ₹ 20 Lakh||₹ 25,000 to ₹ 50 Lakh|
|Foreclosure Charges||Up to 1% of outstanding amount||Nil||Nil after 3 months|
|Lowest EMI Per Lakh||₹ 8,792 per lakh||₹ 3,111 per lakh||₹ 4,610 per lakh|
Tips To Get Best Gold Loan Amount Per Gram from Union Bank Of India
- Union Bank of India accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get the highest Gold Loan Per Gram for hallmark jewelry, as it reduces the chances of under-valuation by the value. Also, some banks charge a lower processing fee on hallmarked gold jewelry.
- Union Bank of India adjusts the price of 22-carat gold for the purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for a gold loan.
- Union Bank of India will calculate the net weight of jewelry to calculate the amount of loan against the gold you can get. Always, try to choose jewelry that has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from the total weight of the jewelry. Corporation Bank will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in a lower amount of jewel loan you can are eligible get Further, Union Bank of India will not accept diamond jewelry if the gold used is of less than 18-carat purity. Most of the diamond jewelry is made in 16 carats to 18-carat gold and hence, will result in a very low gold loan per gram.
- Always try to get the maximum LTV on the value of gold. Punjab and Sind Bank is allowed by RBI to charge a maximum LTV of up to 85% to calculate the amount of gold loan you are eligible for.
Advantages Of Union Bank Of India Gold Loan
- The borrower can use the amount of loan wherever one wants. The following are some basic reasons given for which one can get the gold loan.
- Most people use the gold loan for 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 to credit cards.
- About 0.50% of the principal amount is charged as foreclosure charges.
How Much Gold Loan Can I Get Through The Union Bank Of India Gold Loan
According to the latest gold prices, the Union Bank of India is offering gold loans per gram at Rs5121. Highest Union Bank of India Bank gold loan rate per gram today is ₹ 5,121 for 24-carat jewelry calculated at a maximum LTV of 75% and average gold loan prices of the last 30 days in 2020 are ₹ 5,121 of 22 carats.
Union Bank Of India Gold Loan Per Gram – Apr 22 2021
Updated - Gold Loan Per Gram Rate w.e.f Apr 22 2021
|Gold Weight||Gold Purity
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 fulfil personal needs, medical emergency, and business expansion, etc then go for a Gold loan. A loan against Gold is known as Gold Loan.
If you have the asset of Gold with you then worrying about the financial problem is a 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 call on 9878981144, We offer full support during the whole loan procedure.
- Union Bank of India Gold Loan Interest Rate is 7.0% per annum.
- Union Bank of India Gold Loan Per Gram Rate is ₹ 5,121.
- Union Bank of India Gold Loan Tenure: Up to 12 months.
- Union Bank of India Gold Loan Processing Fee is Up to 1.0% of the Loan Amount or Rs 1000(Which one is higher) + GST.
Union Bank Of India Gold Loan Eligibility Criteria
Gold Loan is economical merchandise produced by the Union Bank of India, which feeds to your demands of short term or long term supplies. It is accessible to avail of business assistance given by banks at Interest rates on Gold loan and also needs minimum documentation for the corresponding. Union Bank of India provides you the Loan amount in an hour of utilization 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:
|Age||18-70 years of age|
|Employment Status||Salaried, Self-Employed|
|Gold Quality||Minimum 18 Carats|
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.
Union Bank Of India (UBI) Gold Loan Documents Required
Documents required for Applying for the Union Bank of India Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
|Photographs||2 Passport Size|
|Identity Proof||Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)|
|Residence Proof||Aadhar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)|
|Agricultural Land Proof||Required only if the Loan is taken for Agricultural Purpose|
**Any other documents as requested by the bank shall be duly submitted.**
Union Bank Of India Gold Loan Interest Rate, Fees and Charges
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 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 Rate is 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 is 7.0% per annum.
The bank also charges some additional fees along with the rate of interest in some cases, which are :
|Union Bank of Loan Gold Loan Interest Rate||7.0% per annum|
1.0% of the Principal Loan Amount
2%+GST (Within 3 Months), 0 (After 3 months)
Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs
Late Repayment Charges
2% p.a. + Applicable rate of interest.
Renewal Processing Fees
|Rs 350 + GST|
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 connect with Dialabank by regarding the below-mentioned measures to get a Gold Loan as per your necessity.
- Open Dialabank’s digital program, where you will have to fill the details without any registration.
- Our Alliance Manager will reach you and help you during the Gold Loan process and lead you in meeting your commercial indigence’s.
- You will get personalized help providing you the opportunity of examining and catching the best agreement according to your requirements without any extra charges.
- With Dialabank, you can resemble the diverse proposals and plans from varied banks based on funding granted and the rate of interest imposed for determining the best loan deal for yourself.
Union Bank Of India EMI Calculator
How To Pay Your Union Bank Of India Gold Loan EMI?
Your Union gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): Person with a current record owner with Union Bank of India, Standing Instruction is the most reliable way of repayment. Your EMI sum will be credited automatically toward the end of the month to month cycle from the Union Bank of India account you intimate.
- Electronic Clearing Service (ECS): This method can be employed if you have a non-Union Bank of India account and might need your EMIs to be required consequently to the termination of the month to month cycle from this account.
- Post-Dated Checks (PDC): You can offer post-dated EMI checks from a non-HDFC Bank account at your most adjacent Union Bank of India Loan Center. A distinct composition of PDCs should be administered hastily. It will be exemplary if you perceive Post Dated Checks will be gathered non-ECS ranges as it were.
UBI Gold Loan Contact Number
To apply for Gold Loan in Union Bank of India at an attractive rate of interest call on 9878981144, We offer full support during the whole loan procedure.
Gold Ornaments Accepted By Union Bank Of India
- Gold jewelry such as Gold Bangles, Gold bands, Gold anklets, Gold chains, etc. all of these is allowed by the Bank for availing a Gold Loan.
- Quality: The essence of gold should be within 18 Carat to 22 Carat. Any gold embellishment which is 24 Carat, cannot be utilized for availing a gold loan.
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.
Union Bank Of India Agricultural Jewel Loan Scheme
|Scheme||Agricultural Jewel Loan Scheme|
|Interest Rate||Starting at 7%|
|Least amount of Loan||Depends on the value of jewel|
|Loan period||Adjustment of advance sum inside 2 months from the date of reap of yields|
Benefits Of Union Bank Of India Agricultural Jewel Loan Scheme
- Union Bank does not charge a large processing fee.
- For 0.30% of the loan amount, a Minimum of ₹ 300 is charged ranging from more than ₹25,000 – less than ₹ 5 lakh.
- 0.28% of the credit sum, subject to at least Rs.1,500 applicable on more than Rs.5 lakh and less than Rs.1 crore.
Union Bank Of India Gold Loan Overdraft Scheme
In the Union Bank Gold loan, the loan amount is provided as a Credit Card. The Gold Loan Amount is spent as the borrower deems necessary. Though the overall loan amount has a Credit Limit. The bank charges the interest only on the amount that is utilized.
Union Bank Of India Gold Loan Highlights
|Minimum Loan Amount||Rs. 25,001|
|Maximum Loan Amount||Rs. 25 Lakh|
|Union Bank of India Gold Loan Interest Rate||7% p.a. onwards|
|Loan Tenure||From 3 months up to 36 months|
|Gold Items accepted||Jewellery and gold coins sold by banks|
|Union Bank of India Gold Loan Processing Charges||0.23% of the loan amount|
How Does Union Bank Of India Gold Loan Work, Here’s An Example
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 50 grams of gold with a purity of 22 carats. Mr. B has 60 grams of gold with a purity of 20 carats and Mr. C has 70 grams of gold with purity or 22 carats. They approach Corporation Bank to avail themselves a gold loan. The price applied to calculate their gold loan amount eligibility based on a maximum LTV of 85% will vary by the purity of gold and hence, will result in varying gold loan eligibility.
FAQs About Union Bank Of India Gold Loan
✅ What is the Union Bank of India Gold Loan?
A gold loan is an answer to all your urgent financial needs. You can avail of Gold Loans from the 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.
✅ How Can I Get Gold Loan From Union Bank of India?
Union Bank of India gives the Gold Loan facility to people to fulfill their monetary requirements. You can apply offline for the loan by visiting the branch of the bank with the simple application procedures and speedy processing to fulfill your emergency requirement of money. You can apply also online at Dialabank’s digital platform. You may call on the number 9878981144 in case of any queries.
✅ How much Gold Loan Can I get per gram from the Union Bank of India?
Union Bank of India gives a loan amount of ₹ 5,121 against per gram of Gold. The amount of Gold loan rate per gram 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.
✅ How Does Union Bank of India Gold Loan work?
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. Once you fill a form and give your ornaments as collateral, the loan is sanctioned and consequently disbursed.
✅ What is the Gold Loan interest rate in Union Bank of India?
Union Bank of India provides Gold Loans for as low as 7.0% per annum. They charge a minimal processing fee for non-agricultural uses and charge zero fees for agricultural purposes.
✅ How to check gold loan status in Union Bank of India?
You can check the status of your Gold Loan by using the net banking and mobile banking facilities of the Union Bank of India. You can also do so by visiting the nearest branch of your bank personally. After providing them with your application details, you can track your loan.
✅ How to calculate gold loan interest in the Union Bank of India?
To calculate the gold loan interest rate, subtract the principal from the amount. Use our EMI calculator to calculate your EMIs and plan your repayment properly.
✅ What is the maximum gold loan amount I can avail of on a gold loan from Union Bank of India?
With income proof, you can avail of a loan amount of Rs. 10000 to Rs. 1 crore. The Union Bank allows you to avail of a loan amount up to 70% of the value of the collateral.
✅ What is the loan tenure of the Union Bank of India gold loan?
The standard tenure for a gold loan extends up to 12 months but can be renewed after this tenure ends. You can opt for this after filling up a form.
✅ How much processing fee is applicable to the Union Bank of India Gold loan?
The bank charges a processing fee of 1% of the loan or Rs. 1000, whichever is higher. This is charged to arrange for your loan amount and disburse it.
✅ What are the charges for pre-payment in the Union Bank of India gold loan?
Prepayment occurs when you repay a part of your loan before the ending of the tenure. This helps reduce the burden of your EMIs. The Union Bank charges from 0 to 1% of the loan amount for prepayment.
✅ How to renew the Union Bank of India Gold Loan online?
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.
✅ How to pay Union Bank of India Gold loan interest 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.
✅ What if I can’t pay the interest on the Union Bank of India Gold loan for 3 months?
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 of loans in the future.
✅ How can I apply for the EMI moratorium on the Union Bank of India Gold loan?
You can apply for a moratorium online through the mobile app of the bank or by visiting its branch in person. You can do so 5 days before the day when you have to pay your EMI.
✅ How to pay the Union Bank of India Gold loan through a credit card?
This option isn’t available according to the RBI guidelines. You can pay through demand drafts, debit cards, net banking, cheques, cash and also PayTM.
✅What is the Overdraft Scheme for Union Bank Gold Loan?
Union Bank’s Overdraft Scheme has a Credit/Loan Limit. They charge interest on the amount withdrawn/utilized.
✅What is the Union Bank Gold Loan closure procedure?
The Gold loan will automatically close after the payment is done in full.
✅What is the Union Bank customer care number?
9878981144 is the customer care number.
✅ What are Union Bank Gold Loan Preclosure charges?
The Bank preclosure charges are 2%+GST (Within 3 Months), 0 (After 3 months).
✅ What is the maximum gold loan tenure?
The maximum gold loan tenure is 12 months.
✅ What are Union Bank Gold Loan Foreclosure charges?
About 0.50% of the principal amount as Foreclosure charges.
✅ What is the minimum gold loan tenure?
The minimum gold loan tenure is 6 months.
Table of Contents
- 1 Union Bank Of India Gold Loan Key Features – Apply Now
- 2 Union Bank Of India GL Explanation
- 3 Comparison Of Bank Gold Union Bank of India Loan With Other Banks
- 4 Tips To Get Best Gold Loan Amount Per Gram from Union Bank Of India
- 5 Advantages Of Union Bank Of India Gold Loan
- 6 How Much Gold Loan Can I Get Through The Union Bank Of India Gold Loan
- 7 About Union Bank Of India Gold Loan
- 8 Union Bank Of India Gold Loan Eligibility Criteria
- 9 Union Bank Of India (UBI) Gold Loan Documents Required
- 10 Union Bank Of India Gold Loan Interest Rate, Fees and Charges
- 11 Union Bank Of India Gold Loan Apply Online
- 12 Union Bank Of India EMI Calculator
- 13 How To Pay Your Union Bank Of India Gold Loan EMI?
- 14 UBI Gold Loan Contact Number
- 15 Gold Ornaments Accepted By Union Bank Of India
- 16 Union Bank Of India Agricultural Jewel Loan Scheme
- 17 Benefits Of Union Bank Of India Agricultural Jewel Loan Scheme
- 18 Union Bank Of India Gold Loan Overdraft Scheme
- 19 Union Bank Of India Gold Loan Highlights
- 19.1 ✅ How much Gold Loan Can I get per gram from the Union Bank of India?
- 19.2 ✅ How Does Union Bank of India Gold Loan work?
- 19.3 ✅ What is the Gold Loan interest rate in Union Bank of India?
- 19.4 ✅ How to check gold loan status in Union Bank of India?
- 19.5 ✅ How to calculate gold loan interest in the Union Bank of India?
- 19.6 ✅ What is the maximum gold loan amount I can avail of on a gold loan from Union Bank of India?
- 19.7 ✅ What is the loan tenure of the Union Bank of India gold loan?
- 19.8 ✅ How much processing fee is applicable to the Union Bank of India Gold loan?
- 19.9 ✅ What are the charges for pre-payment in the Union Bank of India gold loan?
- 19.10 ✅ How to renew the Union Bank of India Gold Loan online?
- 19.11 ✅ How to pay Union Bank of India Gold loan interest online?
- 19.12 ✅ What if I can’t pay the interest on the Union Bank of India Gold loan for 3 months?
- 19.13 ✅ How can I apply for the EMI moratorium on the Union Bank of India Gold loan?
- 19.14 ✅ How to pay the Union Bank of India Gold loan through a credit card?
- 19.15 ✅What is the Overdraft Scheme for Union Bank Gold Loan?
- 19.16 ✅What is the Union Bank Gold Loan closure procedure?
- 19.17 ✅What is the Union Bank customer care number?
- 19.18 ✅ What are Union Bank Gold Loan Preclosure charges?
- 19.19 ✅ What is the maximum gold loan tenure?
- 19.20 ✅ What are Union Bank Gold Loan Foreclosure charges?
- 19.21 ✅ What is the minimum gold loan tenure?