Union Bank Gold Loan

Union Bank of India offers gold loans as a secured financial product for individuals seeking quick financing by pledging their gold ornaments. This loan is popular for its low interest rates, easy accessibility, and minimal documentation, making it suitable for personal, agricultural, and business-related financial needs. Union Bank provides various types of gold loans catering to different customer segments, including farmers, MSMEs, and individuals, to meet various financial requirements.

Table of Contents:

• ⇾ Union Bank Gold Loan
• ⇾  Highlights of Union Bank Gold Loan
• ⇾ Union Bank Gold Loan Interest Rates & Charges
• ⇾ Types of Union Bank Gold Loan
• ⇾ Features & Benefits of Union Bank Gold Loan
• ⇾ Union Bank Gold Loan Interest Rates Vs Other Banks
• ⇾ Union Bank Gold Loan Eligibility
• ⇾ Documents Required for Union Bank Gold Loan
• ⇾ Steps to Apply for Union Bank Gold Loan
• ⇾ Union Bank Gold Loan Interest Repayment
• ⇾ Union Bank Customer Care Numbers
• ⇾ Frequently Asked Questions

Highlights of Union Bank Gold Loan

Union Bank Gold Loans come with flexible loan amounts, different tenure options, and competitive interest rates. Here is a summary:

Union Bank Gold Loan Interest Rates & Charges

Union Bank offers various gold loan products at low interest rates linked to MCLR or EBLR, depending on the loan type and amount. Below is a detailed table showcasing the applicable Union Bank gold loan interest rates across different loan categories and borrowing limits.

Union Secured Overdraft Gold Loan

Types of Union Bank Gold Loan

Union Bank of India provides multiple gold loan options tailored to meet the specific needs of diverse customer segments, including farmers, MSMEs, and individuals. Here’s a detailed look at the various Union Bank Gold Loan products:

Union Krishi Kamdhenu Gold Loan Scheme

The Union Krishi Kamdhenu Gold Loan Scheme is designed for individuals, specifically farmers, engaged in agriculture and allied activities. This loan offers financial support by pledging gold ornaments, jewelry, or coins. The scheme is suitable for owners, entrepreneurs, tenant farmers, and sharecroppers in rural, semi-urban, and select urban branches.

Key Features of Union Krishi Kamdhenu Gold Loan Scheme:

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Union Gold Loan - Retail

The Union Gold Loan - Retail is a non-priority sector gold loan aimed at individuals needing funds for personal expenses, investments, or to meet unforeseen liabilities. It is accessible to both new and existing customers who can pledge their gold ornaments, jewelry, or coins.

Key Features of Union Gold Loan - Retail:

Union Gold Loan - Agriculture

The Union Gold Loan - Agriculture is a loan product designed specifically for farmers and individuals engaged in agricultural activities. It allows them to pledge gold ornaments to secure funding for various farming-related needs. This product is suitable for cultivators, agricultural entrepreneurs, and farmers in allied fields such as dairy, poultry, and fishery.

Key Features of Union Gold Loan - Agriculture:

Union MSME Gold Loan Plus

The Union MSME Gold Loan Plus is a gold-backed loan specifically designed to support MSME (Micro, Small, and Medium Enterprises) in trading, services, and manufacturing sectors. This loan helps meet business requirements such as working capital, petty trade, and operational expenses.

Key Features of Union MSME Gold Loan Plus:

Features & Benefits of Union Bank Gold Loan

Union Bank Gold Loans offer a reliable and flexible financing option, allowing individuals, farmers, and businesses to leverage their gold assets to meet various financial needs.Here are the key features and benefits of Union Bank Gold Loans:

• Quick Processing and Approval: Union Bank Gold Loans are processed quickly with minimal documentation, making them ideal for urgent financial needs.
• Flexible Loan Amount: Borrowers can avail of loan amounts up to ₹50 lakh, depending on the type of loan and the value of the gold pledged.
• Competitive Interest Rates: Interest rates are linked to MCLR or EBLR, ensuring borrowers get competitive rates that vary with loan type and amount.
• Wide Range of Loan Products: Union Bank offers specialized gold loan products tailored for personal needs, agriculture, MSME business needs, and more, making it suitable for a variety of customers.
• High Loan-to-Value Ratio (LTV): With LTV ratios up to 75%, borrowers can secure a significant loan amount relative to the gold’s value.
• Gold Security: The pledged gold is securely held by the bank, ensuring safety for the borrower’s assets throughout the loan tenure.

Union Bank Gold Loan Interest Rates Vs Other Banks

The table below shows the gold loan interest rates of Union Bank Gold Loan in comparison to other banks & NBFCs.

Union Bank Gold Loan Eligibility

To be eligible for a Union Bank Gold Loan, applicants must meet the following criteria:

• Must be 18 years or older.
• Individuals, joint account holders, MSMEs, and farmers depending on the loan type.
• Must own gold ornaments, coins, or jewelry of 22-karat purity (specific policies for specially minted coins and hallmarked gold).
• Proper identification and address verification through Aadhaar, PAN, etc.

Documents Required for Union Bank Gold Loan

Applying for a Union Bank Gold Loan requires these essential documents:

• Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.
• Address Proof: Utility bill, ration card, or similar.
• Agriculture Proof: For agricultural loans, land records, or permissions as evidence of agricultural activity.
• Business Proof: For MSME loans, registration documents, or declarations for business usage.

Steps to Apply for Union Bank Gold Loan

Applying for a Union Bank Gold Loan is easy and convenient, with both online and offline options available. Here’s a step-by-step guide for each method:

Steps to Apply for a Union Bank Gold Loan Online

1. Go to the Union Bank of India’s official website and navigate to the loan application section.
2. Choose the "Gold Loan" option from the ‘Select Product’ drop-down menu.
3. Fill in the required details accurately. Once submitted, a bank representative will arrange a visit to your home to evaluate the purity and weight of your gold.
4. After the gold evaluation, the bank will process your loan and disburse the approved amount directly to your bank account.

Steps to Apply for a Union Bank Gold Loan Offline

1. Locate and visit your nearest Union Bank branch, bringing your gold ornaments and necessary documents.
2. Complete the form provided at the branch, or download it in advance from the Union Bank website.
3. Submit the filled application form along with all required identification and verification documents.
4. The bank representative will assess the value of your gold to determine the eligible loan amount.
5. After verification, the loan amount will be credited to your bank account.

Union Bank Gold Loan Interest Repayment

Union Bank of India provides multiple convenient options for repaying the interest on your Gold Loan, allowing you to choose the method that best suits your banking preferences. Here are the repayment options available:

1. Standing Instruction (SI): For Union Bank of India account holders, this is the easiest option. You can set up a Standing Instruction to automatically debit the EMI amount from your Union Bank account at the end of each month.
2. Electronic Clearing Service (ECS): This option is available for borrowers who hold accounts with other banks. With ECS, your EMI amount will be automatically debited from your non-Union Bank account at the end of each monthly cycle.
3. Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Union Bank account at your nearest Union Bank branch. This option is available for non-ECS states only, and you must ensure that updated PDCs are submitted promptly to avoid any issues.

Union Bank Customer Care Numbers

Union Bank of India customer care offers a comprehensive 24/7 service to assist customers with their banking needs, fraud reports, premium accounts, and NRI inquiries.
Here are the key contact numbers:

1. All-India Toll-Free Numbers: 1800 208 2244 / 1800 425 1515 / 1800 425 3555
2. Fraud/Disputed Transactions Helpline: 1800 2222 43
3. Premium Account Helpline: 1800 425 2407
4. NRI Customer Call Back Facility: +918484848458
5. Charged Customer Care Number: 080-61817110
6. Dedicated NRI Customer Number: +918061817110