Union Bank Gold Loan – Benefits, Eligibility, and How to Apply

Union Bank Gold Loan

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Union Bank of India or UBI is an Indian public sector bank. It is one of the leading public sector banks of the country. It provides various banking facilities to the peoples.

Union Bank Gold Loan

If you want gold loan for your financial purpose, then you can apply from Union Bank of India at competitive interest rate. UBI gold loans is a convenient choice because they require no paperwork, you will receive your cash quickly and moreover your gold is stored securely. In this post we will have a close look on the gold loan of UBI, Interest Rate and many more.

Also Read: PNB Gold Loan

Benefits of Availing Gold Loan

• If you are in urgent need of cash then you can avail for a gold loan against your gold jewellery or ornaments by keeping as a security in bank
• No external collateral required
• No end use restrictions
• It can be availed for the education of your child
• For medical emergencies
• To get urgent fund while going for a trip
• Minimal paperwork and documentation required
• Gold Loan Tax benefits
• Lower Interest Rates
• Safety and security of your physical gold etc.

Advantages of Availing Union Bank Gold Loan

• Quick approval of the loan within an hour
• Minimal documents are required
• No income limits
• Flexible loan tenure
• It also provides gold loan for the benefits of farmers

UBI Gold Loan Interest Rate

Eligibility Criteria

• Anyone who have a gold in any form including jewellery, gold coins etc.
• One whose age lies between 18 and 75 years can apply for the loan
• An applicant who has a good source of income having sufficient means to repay the loan amount can avail for the loan.

Documents Required

• Id proof
• Address proof
• 2 passport size photographs
• Income proof
• Dully filled application form
• Witness letter in case of illiterate borrowers
• Current house lease agreement, the most recent electricity bill, phone or mobile bill most recent credit card statement

How to Apply for Union Bank Gold Loan

You can apply for gold loan by visiting the nearest branch of Union Bank of India and submitting your gold jewellery, ask for a loan and you will receive the loan amount within an hour. You can also through online, bank representative will come to your home to do all the verification before processing and disbursing the loan amount to your account.

Gold Loan EMI Calculator

You can calculate your monthly EMI (Equated Monthly Income) you will have to pay on the availed gold loan through UBI EMI Calculator. To use this EMI calculator is very simple, all you need to enter the details of loan amount, tenure, gold weight etc., and you will get to know how much amount you will have to pay on the given tenure.

FAQs

1. Who is eligible for Union Bank Gold Loan?

Ans: Anyone whose age is between 18 to 75 years of age and who possess a gold in any form including jewellery, coins etc., can avail for a gold loan from UBI.

2. Do I need a guarantor to acquire a gold loan from Union Bank of India?

Ans: No, you don’t need a guarantor to secure a gold loan from the Union Bank of India.

3. What will occur if the loan amount is not paid by the due date?

Ans: A penal interest will be applied if the loan amount is not paid back on time or before the due date.

4. Are the gold pledges secure at the Union Bank of India?

Ans: Yes, your gold is completely secure and is well maintained at the UBI locker.

5. What are the documents required to apply for gold loan?

Ans: Certain documents are required to apply for a gold loan:

• Id proof
• Address proof
• 2 passport size photographs
• Income proof
• Dully filled application form
• Witness letter in case of illiterate borrowers
• Current house lease agreement, the most recent electricity bill, phone or mobile bill most recent credit card statement

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.