Bank Profile and Loan Eligibility
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Union Bank of India is a public sector bank.
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It is listed on BSE and NSE.
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It was incorporated in 1919.
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It is headquartered in Mumbai.
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Loans can be granted against gold ornaments/jewelry and specially minted pure gold coins sold by banks.
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Applicant should be above 18.
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Unique Features
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
Key Features
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.
Documents Required
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2 passport size photographs.
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Identity Proof: Aadhar Card, Passport, PAN Card, etc. (Only 1 is required).
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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)
What We Did Not Like
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Loan only upto 75% of the value of the gold.
MyRupaya Rating
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