Union Bank of India -
Gold Loan

Bank Profile and Loan Eligibility

Union Bank of India is a public sector bank.
It is listed on BSE and NSE.
It was incorporated in 1919.
It is headquartered in Mumbai.
Loans can be granted against gold ornaments/jewelry and specially minted pure gold coins sold by banks.
Applicant should be above 18.

Rate of intereest is 8.25% (MCLR +1%). Lowest rate offered by a public sector bank.

Maximum loan upto INR 25.00 Lakh

Loan upto 75% of the appraised value of Gold Ornaments of 22 carat fineness

Term loan can be availed for a tenure upto 3 years.

Processing Fee

1.5% of the loan amount

Prepayment Charges

2%+GST (Within 3 Months), 0 (After 3 months)

Gold Valuation Fee

Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs

Loan Limit

Loan available upto INR 25 Lakh

Tenure

3 Months to 24 Months

Quality

The quality of Gold should be between 18 to 22 Carat

Late Payment Charges

2% p.a. + Applicable rate of interest.

Renewal Processing Fees

Rs 350 + GST

No Income Bounds

There are no restrictions on the salary of the applicant. Hence, applicants with any income level can avail a gold loan.

Repayment Type

Bullet Payment Scheme, Overdraft Scheme

Safety of Jewellery

Union Bank of India is accountable for the security of your gold

Lowest Interest Rate

Union bank of India is offereing lowest interest rate amongst public sector banks.

2 passport size photographs.
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)