Union Bank of India Gold Loan Highlights |
|
|---|---|
| Interest Rate | 9.30% – 10.65% p.a. |
| Processing Fees | Up to Rs 1,000 |
| Loan Amount | Up to Rs 1 crore |
| Repayment Tenure | Up to 1 year |
| Appraisal Charges | 0.4% of the loan amount, with a minimum of Rs 100 and a maximum of Rs 500. |
| LTV Ratio | Up to 85% of the value of 22 Karat gold pledged as collateral can be availed as a loan. |
Union Bank of India Gold Loan Interest Rates
Union Bank of India offers gold loans with interest rates ranging between 9.30% per annum and 10.65% per annum. The specific interest rates for different loan schemes may vary.
Rate of Interest for 18 to below 22 Karat
0.25% higher than the interest rates for 22 Karat
Rate of Interest for 22 Karat
| Product | Up to Rs 5 Lakhs | Above Rs 5 Lakh & Upto Rs.25 Lakh | Above Rs.25 lakhs |
|---|---|---|---|
| Union Bank of India MSME Gold Loan Plus | 9.30 | 9.30 | 9.40 |
| Union Bank of India Gold Loan-MSME | 9.30 | 9.30 | 9.40 |
| Union Bank of India Secured Overdraft Gold Loan (MSME) | NA | 9.80 | 9.90 |
| Union Bank of India Swarna Shakti Loan Scheme (Retail) | 9.30 | 9.30 | NA |
| Union Bank of India Secured Overdraft Gold Loan (Retail) | NA | 10.25 | 10.40 |
| Union Bank of India Gold Loan (Retail) | 9.30 | 9.75 | 9.90 |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Types of Gold Loans from Union Bank of India
Union Bank of India Gold Loan (Retail)
Purpose: Union Gold Loan (Retail) enables individuals to fulfill their personal and business-related financial requirements.
Tenure: The repayment tenure for Union Bank of India Gold Loan (Retail) can extend up to 1 year.
Loan Amount: The loan amount for Union Gold Loan (Retail) is up to Rs 5 lakh per borrower for 18-20 Karat gold and up to Rs 50 lakh for 22 Karat gold.
LTV ratio: The Loan-to-Value (LTV) ratio for Union Bank of India Gold Loan (Retail) is as follows:
- Up to 65% of the total value of 18-20 Karat gold pledged as collateral.
- Up to 75% of the total value of 22 Karat gold pledged as collateral.
Union Bank of India Swarna Shakti Loan Scheme (Retail)
Purpose: The Union Swarna Shakti Loan Scheme (Retail) enables individuals to fulfill their educational needs and to purchase or construct dwelling units.
Tenure: The repayment tenure for Union Bank of India Swarna Shakti Loan Scheme (Retail) can extend up to 1 year.
Loan Amount: For Union Swarna Shakti Loan Scheme (Retail), borrowers can avail up to Rs 5 lakh for 18-20 Karat gold and up to Rs 20 lakh for 22 Karat gold.
LTV ratio: The Loan-to-Value (LTV) ratio for Union Bank of India Swarna Shakti Loan Scheme (Retail) is as follows:
- Up to 75% of the total value of 22 Karat gold pledged as collateral.
- Up to 65% of the total value of 18-20 Karat gold pledged as collateral.
Union Bank of India Gold Loan (MSME)
Purpose: Union Gold Loan (MSME) enables businesses to fulfill their working capital requirements, purchase furniture & fixtures, and more.
Tenure: The repayment tenure for Union Bank of India Gold Loan (MSME) can extend up to 1 year.
Loan Amount: For Union Gold Loan (MSME), borrowers can avail up to Rs 5 lakh for 18-20 Karat gold and up to Rs 50 lakh for 22 Karat gold.
LTV ratio: The Loan-to-Value (LTV) ratio for Union Bank of India Gold Loan (MSME) is as follows:
- Up to 75% of the total value of 22 Karat gold pledged as collateral.
- Up to 65% of the total value of 18-20 Karat gold pledged as collateral.
Union Bank of India Secured Overdraft Gold Loan
Purpose: Union Secured Overdraft Gold Loan provides an overdraft facility that can be utilized for agriculture and allied activities, consumption, and other contingencies.
Loan Amount: The loan amount for Union Bank of India MSME Gold Loan Plus ranges from Rs 5 lakh to Rs 50 lakh.
LTV ratio: The Loan-to-Value (LTV) ratio for Union MSME Gold Loan Plus is up to 75% of the total value of 22 Karat gold pledged as collateral.
Union Bank of India MSME Gold Loan Plus
Purpose: Union MSME Gold Loan Plus enables MSME units to fulfill their working capital and business expansion needs.
Loan Tenure: The repayment tenure for Union Bank of India MSME Gold Loan Plus can extend up to 1 year.
Loan Amount: For Union MSME Gold Loan Plus, borrowers can avail up to Rs 5 lakh for 18-20 Karat gold and up to Rs 50 lakh for 22 Karat gold.
LTV ratio: The Loan-to-Value (LTV) ratio for Union Bank of India MSME Gold Loan Plus is as follows:
- Up to 75% of the total value of 22 Karat gold pledged as collateral.
- Up to 65% of the total value of 18-20 Karat gold pledged as collateral.
Other Features of Union Bank of India Gold Loan
Loan Amount: Union Bank of India offers gold loans up to Rs 1 crore for 22 Karat Gold and up to Rs 5 lakh per borrower for Hallmark gold of 18/20 Karat. The final loan amount depends on factors like the weight and purity of the gold offered as collateral, the market price of gold, and the Loan-to-Value (LTV) ratio set for the gold loan applicant.
Loan Tenure: The loan tenure offered by Union Bank of India for its gold loan schemes extends up to 1 year.
Repayment: Union Bank of India offers loan repayment options through lump sum or part payments. However, the entire loan amount, along with the accrued interest, must be repaid within a year.
Also read: Best Gold Loan EMI Calculator
Union Bank of India Gold Loan Fees & Charges
Processing Fees
| Particulars | Charges |
|---|---|
| Processing Fees |
|
| Appraisal Charges | 0.4% of the loan amount, with a minimum of Rs 100 and a maximum of Rs 500. |
Eligibility Criteria for Union Bank of India Gold Loan
- This loan is available to both new and existing customers.
- You can get a gold loan from Union Bank of India if you own gold jewelry or coins, either by yourself or jointly.
- The bank can give you a loan using your gold ornaments, jewelry, or certain pure gold coins sold by banks. Each customer can use coins weighing up to 50 grams.
Eligibility criteria for Union Swarna Shakti Loan Scheme – Retail
- Pawnbrokers and jewelry shop owners cannot apply for this loan scheme.
- You can apply for the loan if you own gold jewelry or coins, whether by yourself or with someone else.
- Branches need to make sure that all borrowers meet anti-money laundering (AML) and know your customer (KYC) requirements.
Eligibility criteria for Union MSME Gold Loan Plus
- Pawnbrokers and jewelry shop owners can't apply for this loan.
- Union Bank of India staff members aren't eligible for this loan.
- You can apply for the loan if you own gold jewelry or coins, whether alone or with someone else.
- Branches need to make sure all borrowers follow anti-money laundering (AML) and know your customer (KYC) rules.
Eligibility criteria for Union MSME Gold Loan Plus
- Branches must ensure that all borrowers meet KYC/AML requirements.
- Pawnbrokers and jewelry shop owners can't apply for this scheme.
- If you're an individual running a micro, small, or medium-sized enterprise (MSME), self-employed professional, proprietorship firm, business owner, woman entrepreneur, or involved in retail/wholesale trade and own gold jewelry/ornaments/coins, whether alone or jointly, you can apply.
Also read: Best Gold Loan Eligibility
Union Bank of India Gold Loan Documents Required
While Union Bank of India has not specified the documents required for availing gold loans, lenders ask applicants to submit the following documents:
- Identity Proof
- Residential Proof
- Signed application form
Also Read : Best Gold Loan Documents Required
FAQs on Union Bank of India Home Loan
1. Who can be a co-applicant for my housing loan?
You can include your immediate family members like parents, spouse, earning children, or siblings as co-applicants for the loan. Having a co-applicant boosts your loan eligibility because the combined income of all applicants is considered when deciding the maximum loan amount you qualify for.
2. Can I apply for Union Bank of India Home Loan online?
You can apply online via the Union Bank of India website.
3. What is the moratorium period?
The moratorium period is a time during your loan term when you don't need to make any repayments. You start paying back your loan through EMIs only after this period ends. It's also called a repayment holiday.
4. What is an amortisation schedule?
An amortization schedule is like a chart that shows all your loan repayments over time. It breaks down each payment to show how much goes towards paying off the interest and how much goes towards reducing the principal amount of the loan.
Union Bank of India Credit Cards
