Union Bank of India Gold Loan: Union Bank of India is a huge public sector bank that provides gold loan facilities to its customers. Many gold loan schemes are available for customers, who can take a loan against their gold in just a few minutes.
Union Bank Gold Loan interest rates and processing fees are low, which makes it different from its competitors.
This bank has been providing various types of banking services to its customers for a long time due to which the customers have continued to trust it.
If you also need a gold loan, then in this article you have been told the complete process of taking a Union Bank Gold Loan, so that you will not have any problem in taking the loan.
Union Bank of India Gold Loan Details
| Interest Rate | Union Bank Gold Loan Interest Rate Starting from 8.70% per annum onwards. |
| Loan Amount | Up to ₹50 lakhs |
| LTV (Loan-to-value) | Maximum LTV set by the RBI 75%. |
| Processing Fee | Equivalent to 0.50% of the loan amount or a maximum of Rs. 1000. |
| Gold Loan Rate Per Gram Today | Today the rate of gold loan per gram (22 Carat) is Rs 4448. |
Union Bank Gold Loan Interest Rate Types
| Loan Scheme | Less than Rs. 5 lakhs (in %) | More than Rs. 5 lakh and less than Rs. 25 lakhs (in %) | More than Rs. 25 lakhs (in %) | |||
| Union Krishi Kamdhenu Gold Loan Scheme | MCLR for 1 Year | 8.70 | MCLR for 1 Year | 8.70 | NA | |
| Union Gold Loan-MSME | EBLR | 9.30 | EBLR | 9.30 | EBLR + 0.10% | 9.40 |
| Union Gold Loan-Retail | EBLR | 9.30 | EBLR + 0.45 | 9.75 | EBLR + 0.60% | 9.90 |
| Union Gold Loan-Agriculture | MCLR for 1 Year | 8.70 | MCLR for 1 Year | 8.70 | 1-year MCLR + 0.10% | 8.80 |
| Union MSME Gold Loan Plus | EBLR | 9.30 | EBLR | 9.30 | EBLR + 0.10% | 9.40 |
| Union Swarna Shakti Loan Scheme-Retail | EBLR | 9.30 | EBLR | 9.30 | NA | |
| Union Secured Overdraft Gold Loan | ||||||
| Agriculture | NA | MCLR for 1 Year + 0.25% | 8.95 | MCLR for 1 Year + 0.25% | 8.95 | |
| Retail | EBLR + 0.95% | 10.25 | EBLR + 1.10% | 10.40 | ||
| MSME | EBLR + 0.50% | 9.80 | EBLR + 0.60% | 9.90 | ||
Union Bank Gold Loan Rate Per Gram Today
| Weight | Loan on 22 Carat Gold | Loan on 20 Carat Gold | Loan on 18 Carat Gold |
| 1 gram | 4448 | 4044 | 3640 |
| 10 grams | 44480 | 40440 | 36400 |
| 20 grams | 88960 | 80880 | 72800 |
| 30 grams | 133440 | 121320 | 109200 |
| 40 grams | 177920 | 161760 | 145600 |
| 50 grams | 222400 | 202200 | 182000 |
| 100 grams | 444800 | 404400 | 364000 |
Union Bank of India Gold Loan Rate Per Gram – HDFC, SBI, Muthoot Finance, ICICI Bank, Manappuram, IIFL & Rupeek Gold Loan
There are many banks and NBFCs in India that give loans against gold. All banks and NBFCs charge interest rates according to their customers. Here we have given information about some banks and NBFCs that provide you with gold loans per gram.
| Bank/NBFC | Gold Loan Per Gram Rate | Interest Rate (per annum) | Min-Max Loan Amount |
| HDFC Gold Loan | Rs 3640 to Rs 4448 | 9.90% | Rs 10000 to 5 Crore |
| SBI Gold Loan | Rs 3640 to Rs 4448 | 9.75% | Rs 20000 to 50 lakhs |
| Muthoot Finance Gold Loan | Rs 3640 to Rs 4448 | 12.00% | Rs 1500 to 5 Crore |
| ICIC Gold Loan | Rs 3640 to Rs 4448 | 10.00% | Rs 50000 to 1 Crore |
| Manappuram Gold Loan | Rs 3640 to Rs 4448 | 7.25 % | Rs 3000 to 1.5 Crore |
| IIFL Gold Loan | Rs 3640 to Rs 4448 | 12.00% | Rs 3000 to 50 Lakhs |
| Rupeek Gold Loan | Rs 3640 to Rs 4448 | 8.88% | Higher value for your Gold |
Features of Union Bank of India Gold Loan
Union Bank of India provides various facilities to its customers with Gold Loan, due to which customers are attracted to Union Bank Gold Loan. Here we have discussed some of the features and benefits of this loan.
Loan Amount: Union Bank offers gold loans to customers up to a maximum of Rs 50 lakh. The loan amount is determined based on the value of the gold you pledge as collateral.
Minimal Documentation: You will not be burdened with excessive paperwork. The bank keeps documentation requirements to a minimum.
Attractive interest rates: Union Bank of India offers competitive interest rates for gold loans, making them affordable compared to personal loans or credit cards.
Quick Disbursement: Once your gold is appraised, the loan amount can be disbursed within an hour.
Secure Storage: Your gold jewelry, jewelry, or coins are safely stored during the loan tenure.
Loan-to-value: LTV ratio reflects the ratio of the loan amount sanctioned and the value of gold deposited by the borrower as collateral. It is the ratio of how much money you can borrow against the value of the gold pledged.
As per the guidelines set by the Reserve Bank of India (RBI) for gold loans, the LTV ratio is fixed at 75% of the value of the gold jewelry and jewelry pledged.
Eligibility Criteria for Union Bank Gold Loan
To access the benefits of the Union Bank Gold Loan, you fulfill some simple eligibility criteria. These norms ensure the loan process is streamlined and you and the lender are protected. Here are the eligibility requirements:
- Any Indian citizen above the age of 21 years is eligible for Union Bank Gold Loan.
- Applicant must be a citizen of India.
- A salaried and self-employed person can easily apply for a gold loan.
Documentation Required for Union Bank Gold Loan
- Identity Proof: Driving License, PAN Card, Form 60/61, Passport Copy, Voter ID Card, Aadhar Card, Ration Card.
- Address Proof: Driving License, Voter ID Card, Ration Card, Aadhaar Card, Passport Copy, Registered Lease Agreement along with a utility bill not more than 3 months old in the name of the landlord (any), in case of agriculture loan above Proof of land holding ‘1 lakh’.
- Ownership of Gold: You need to be the rightful owner of the gold you intend to pledge as collateral. This requirement prevents any disputes over ownership during the loan tenure.
- Purity and Weight: The gold you’re pledging should meet certain purity and weight standards. Muthoot Finance will appraise your gold to determine its value, and this evaluation is based on factors like purity, weight, and current market rates.
- Passport-sized Photographs: Recent passport-size photographs that comply with the specifications provided by Union Bank of India.
How to apply for a Union Bank Gold Loan online?
Following are the steps to apply for Union Bank Gold Loan online:
Step 1: Visit the loan application page of Union Bank.
Step 2: Select the Gold Loan option from the ‘Select Product’ drop-down.
Step 3: After correctly completing the application form and submitting it, the bank official will come to your home and evaluate the purity and weight of the gold.
Step 4: Once these steps are completed, the bank will process your loan and transfer the amount to your account.
How to Apply for Union Bank Gold Loan Offline?
Union Bank of India also offers a straightforward offline application process for its gold loan. Follow these simple steps to get started:
Step 1: Go to the nearest Union Bank of India branch, with your gold jewelry, and necessary documents, including proof of identity, address proof, and income documents, as per Union Bank’s requirements.
Step 2: Fill out the application form provided by the representatives at the branch. You can also download the form from the official website of the Union Bank of India.
Step 3: Submit the complete application form along with the required documents.
Step 4: The lender will assess the value of your gold, which will determine your loan amount.
Step 5: The loan amount will be credited to your bank account once the authentication process is complete.
FAQs Related to Union Bank Gold Loan
What is the interest rate for Union Bank Gold Loan?
Union Bank of India (UBI) offers gold loans at competitive interest rates. Union Bank Gold Loan interest rate ranges from 8.70% to 9.75%. The specific rate depends on the loan amount, plan chosen, and repayment tenure. You can avail of a gold loan from Union Bank of India by pledging your gold jewelry, ornaments, or gold coins as collateral to meet your personal or business needs.
Is Union Bank safe for gold loan?
Transparency is the best way to gain the trust of your customers. Union Bank of India Gold Loan is available with low-interest rates and less documentation and all the details related to the gold loan are kept transparently in front of the customer, also the bank keeps your gold safely in its locker. Considering all these things, we can say that Union Bank Gold Loan is quite safe.
What is Union Bank Gold Loan Rate per Gram Today?
As per the guidelines set by the Reserve Bank of India (RBI) for gold loans, the LTV ratio is fixed at 75% of the value of the gold ornaments and jewelry pledged. You can get a loan of Rs 4448 per gram of gold (22 Carat) through Union Bank.
What is the maximum gold loan in Union Bank?
Union Bank of India provides loans to gold loan customers under many schemes. The bank offers loan schemes to customers as per their profile and needs. The bank gives a maximum loan of up to Rs 50 lakh.
