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Union Bank of India Gold Loan Highlights 2024 |
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| Interest Rate | 9.95% p.a. |
| Repayment Tenure | Up to 1 year |
| Loan Amount | Up to Rs 1 crore |
| LTV Ratio | Up to 85% of the value of 22 Karat gold pledged as collateral |
| Processing Fees | Up to Rs 1,000 |
| Appraisal Charges | 0.4% of loan amount with minimum Rs 100 and maximum of Rs 500 |
Last Updated on 20th Nov 2024.
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Union Bank of India Gold Loan Types and Interest Rates
Union Bank of India offers gold loans at interest rates ranging between 9.95% p.a. onwards The gold loan interest rates offered for different loan schemes are as follows:
| Gold Loan Schemes | Interest rates |
| Union Krishi Kamdhenu gold loan Scheme | 10.00% p.a. |
| Union Gold Loan-Agriculture | 10.00% p.a. |
| Union Swarna Shakti Loan Scheme-Retail | 9.95% p.a. |
| Union MSME Gold Loan Plus | 9.95% p.a. |
Note: Rate of Interest for below 22 Karat & upto18 Karat would be applicable 0.25% higher.
Updated as on 20th Nov 2024.
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Union Bank of India Gold Loan Fees & Charges
Processing Fees
| Particulars | Charges |
| Processing Fees |
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Other Charges
| Particulars | Charges |
| Appraisal Charges | 0.40% of loan amount with minimum Rs 100 and maximum of Rs 500 |
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Types of Gold Loans from Union Bank of India
Union Bank of India Gold Loan (MSME)
Purpose
Union Gold Loan (MSME) allows businesses to meet their working capital requirements, purchase furniture & fixtures, etc.
Loan Tenure
The repayment tenure of Union Bank of India Gold Loan (MSME) can go up to 1 year.
Loan Amount
The loan amount for Union Gold Loan (MSME) 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 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 18-22 Karat gold pledged as collateral
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Union Bank of India Gold Loan (Retail)
Purpose
Union Gold Loan (Retail) allows individuals to meet their personal and business related needs.
Loan Tenure
The repayment tenure of Union Bank of India Gold Loan (Retail) can go 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 LTV ratio for Union Bank of India Gold Loan (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 18-22 Karat gold pledged as collateral
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Union Bank of India Swarna Shakti Loan Scheme (Retail)
Purpose
Union Swarna Shakti Loan Scheme (Retail) allows individuals to meet their educational needs and for purchase/ construction of dwelling units.
Loan Tenure
The repayment tenure of Union Bank of India Swarna Shakti Loan Scheme (Retail) can go up to 1 year.
Loan Amount
The loan amount for Union Swarna Shakti Loan Scheme (Retail) is up to Rs 5 lakh per borrower for 18-20 Karat gold and up to Rs 20 Lakh for 22 Karat gold.
LTV ratio
The 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 18-22 Karat gold pledged as collateral
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Union Bank of India MSME Gold Loan Plus
Purpose
Union MSME Gold Loan Plus enables MSME units to meet working capital and business expansion needs
Loan Tenure
The repayment tenure of Union Bank of India MSME Gold Loan Plus can go up to 1 year.
Loan Amount
The loan amount for Union MSME Gold Loan Plus 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 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 18-22 Karat gold pledged as collateral
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Union Bank of India Secured Overdraft Gold Loan
Purpose
Union Secured Overdraft Gold Loan offers the overdraft facility for agriculture and allied activities, consumption and other contingencies
Loan Amount
The loan amount for Union Bank of India MSME Gold Loan Plus ranging from Rs 5 lakh to Rs 50 Lakh
LTV ratio
The LTV ratio for Union MSME Gold Loan Plus is up to 75% of the total value of 22 Karat gold pledged as collateral.
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Other Features of Union Bank of India Gold Loan
Loan Amount
Union Bank of India offers gold loans for loan amounts of 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 amount offered to Union Bank of India Gold Loan applicants depends on the weight of gold offered as collateral, purity, market price of gold and LTV ratio set for the gold loan applicant.
Tenure
The loan tenure offered by Union Bank of India for its gold loan schemes go up to 1 year.
Repayment
Union Bank of India offers loan repayment facility through lump sum or part payments. However, the loan amount should be repaid within a year along with the accrued interest amount.
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Eligibility Criteria for Union Bank of India Gold Loan
The eligibility criteria for availing Union Bank of India Gold Loans are as follows:
- Any individual owning gold jewellery or coins, either singly or jointly.
- Union Bank of India can grant loan against gold ornaments, jewellery or specially minted pure gold coins sold by banks. The coin weight should not exceed 50 grams per customer.
- Both existing and new customers are eligible under this loan scheme
Eligibility criteria for Union Swarna Shakti Loan Scheme – Retail
- Any individual owning gold jewellery or coins, either singly or jointly.
- Branches to ensure that all AML/KYC norms are complied with for all borrowers.
- Pawnbrokers and owners of jewellery shops are not eligible under this scheme.
Eligibility criteria for Union MSME Gold Loan Plus
- Individual MSME, including Self-employed professionals, Proprietorship firm, Business owners, Women Entrepreneurs, Individuals doing Retail/Wholesale trade business owning gold ornaments/Jewellery/Coins, either singly or jointly.
- Branches to ensure that all KYC/AML norms are complied with for all borrowers.
- Pawnbrokers and jewellery shop owners are not eligible under the scheme.
Eligibility criteria for Union MSME Gold Loan Plus
- Any individual owning gold jewellery or coins, either singly or jointly.
- Branches to ensure that all AML/KYC norms are complied with for all borrowers.
- Pawnbrokers and owners of jewellery shops are not eligible under this scheme.
- Union Bank of India staff are not eligible for availing this loan.
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Union Bank of India Gold Loan Documents Required
Union Bank of India has not specified the documents required for availing gold loans. However, lenders usually ask their applicants to submit the below mentioned gold loan documents:
- Identity Proof
- Residential Proof
- Signed application form