Union Bank of India Gold Loan


  • What makes Union Bank of India Gold Loan so much popular among customers?
  • Know about its interest rates, eligibility criteria and the documents you will require at the time of loan application!

Do you know that a Union Bank of India Gold Loan can come to your rescue when you struggle to overcome the financial emergency? Yes, it holds true! You can get the required loan by pledging your gold ornaments. Union Bank of India has now moved up as far as the size and presence is concerned after its merger with Andhra Bank and Corporation Bank. The merger has not deterred its gold loan facility, rather, has enhanced the same. You can get the loan to serve various purposes such as your child’s education, the downpayment of your vehicle or medical expenses. Looking to know more about this loan facility? Just keep on reading!

Union Bank of India Gold Loan Interest Rate December 2023

One of the best features of the Union Bank of India Gold Loan is its affordable interest rates due to which you face no problem in repayment. As you get the loan amount against your pledged gold ornaments or bank-minted gold coins, the lender faces less credit risk, hence it gets the opportunity to lower interest rates on the gold loan. Lower interest rates means only one thing – Lower repayment amount. That’s why Interest Rate is one of the most crucial things to look for while opting for any kind of loan.

Union Bank of India Gold Loan Interest Rates range from 9.40% to 10.15% per annum. The final loan amount will depend on the value of gold and your overall profile. We have provided the interest rate and other important details of Union Bank of India Gold Loan in the table below. Have a look!

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Union Bank of India Gold Loan Rate of Interest and Other Important Details

Loan AspectsDetails
Minimum Loan AmountCustomized
Maximum Loan AmountINR 20 lakh for Priority Sector
INR 10 lakh for Non-priority Sector
Interest Rate for other Priority Sector (Other than Agriculture)9.40% per annum
Interest Rate for Non-Priority SectorUpto INR 25,000 - 9.40% per annum
Above INR 25,000 - 10.15% per annum
Minimum TenureCustomized
Maximum TenureCustomized
Processing FeeCustomized

What are the Highlights of Union Bank of India Gold Loan?

After knowing some useful information about the Union Bank of India Gold Loan, it’s time to know about the highlights of this loan facility which makes it one of the one of the exciting options for both individuals and farmers. You can look at the below mentioned highlights of Union Bank of India Gold Loan. Do check them before applying for the loan.

  • An individual can opt for a maximum loan amount of INR 20 lakh if he or she comes from the priority sector while the maximum amount is fixed at INR 10 lakh for those in the non-priority sector.
  • Before sanctioning you the loan amount, the lender will assess your gold and decide the loan amount. The maximum loan amount is thus capped to 75% of the value of gold pledged by you. Suppose your overall gold value is INR 4 lakh, in that case, you can get a maximum loan amount of INR 3 lakh.
  • The gold ornaments pledged by you must be of 22 carats.
  • There are no processing charges if the gold loan is sanctioned for agricultural purposes.
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How to Apply for the Union Bank of India Gold Loan?

After knowing so much about the Union Bank of India, you must be thinking about the application process by which you can apply. Well, Union Bank of India provides a pretty easy and convenient offline application process. We are providing below the steps that you need to follow to apply for this loan.

  1. First of all, you will need to find the nearest Union Bank of India branch. After finding it, you just need to go there with your gold ornaments and documents.
  2. The representatives over there will ask you to fill the application form and submit it along with necessary documents. (You can also download this application form by visiting the official website of the Union Bank of India).
  3. After submitting this form, the lender will assess your gold value according to which your loan amount will be decided.
  4. As soon as the authentication is done, you will get the loan amount in your bank account.

Documents Required for Union Bank of India Gold Loan

While applying for any kind of loan, you will need to submit a list of documents fixed by the lender. The documents which you will need for the Union Bank of India Gold Loan are mentioned below.

  • Two Passport Size Photographs
  • Duly-signed Application Form
  • D. P. Note
  • Pledge of Gold Ornaments
  • Appraisers Valuation Report
  • Letter of Continuity in case of CC/Overdraft Facility

Eligibility Criteria for Union Bank of India Gold Loan

To be eligible for a Union Bank of India gold loan, an applicant has to qualify a certain set of conditions known as eligibility criteria. Failing to meet any of these conditions could lead to the rejection of the loan application. That’s why it is quite important to look at them closely before applying for it. These are mentioned below for you to look at.

  • The applicant must have a stable source of income so that he or she can have a smooth repayment.
  • All individuals can apply for the Union Bank of India Gold Loan.
  • The applicant must be an Indian Citizen.
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How to Get in Touch with Union Bank of India Customer Care?

If at any point of your loan tenure, you face a condition when you have any kind of doubt or query regarding your Union Bank of India Gold Loan, you just need to dial the toll-free number 1800-222-244 or 1800-208-2244. The representatives will resolve your problem as quickly as possible.

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