Gold Loan Interest Rates 2020351 views
- Looking to opt for the United Bank of India Gold Loan?
- Know about its features, interest rates, eligibility criteria, and the required documents!
United Bank of India gold loan could be an excellent choice for those individuals who are facing a sudden financial emergency in their lives. Because, with the help of a gold loan from United Bank of India, a renowned public sector bank, you can overcome any financial struggle. If you are thinking how, let us tell you that you can get the required loan amount against your gold ornaments or gold coins specially minted by the banks. Well, yes, you’ve read this right! Your unutilized and idle gold sitting in your home can get you the required funds and end your financial struggle.
With the help of the United Bank of India Gold Loan, you can get a loan amount upto INR 10 lakh. The only thing you need to remember that your gold value will affect your gold loan amount. Higher the value will be, higher will be your loan amount. With this loan amount, you can easily fulfill your purposes that had been delayed due to the lack of funds, whether it was your child’s marriage or some equipment for your shop. We will tell you more about this loan product by the United Bank of India in this article. So keep reading to know more about it!
Table of Contents
- 1 United Bank of India Gold Loan Interest Rate
- 2 United Bank of India Gold Loan Interest Rate and Other Important Details
- 2.1 United Bank of India Gold Loan Highlights
- 2.2 How Much Loan Amount You Can Get?
- 2.3 How Can You Apply for the United Bank of India Gold Loan?
- 2.4 United Bank of India Loan Eligibility Criteria
- 2.5 Documents Required for the United Bank of India Gold Loan
- 2.6 United Bank of India Gold Loan Customer Care
United Bank of India Gold Loan Interest Rate
The most important thing in any loan facility is the interest rate charged by the lender. With the United Bank of India gold loan, you can enjoy affordable interest rates. The reason behind low interest rates is the secured nature of the gold loan. Since you are getting the loan amount against the gold ornaments, the credit risk factor is quite low for the lenders. Due to the low interest rates, the repayment amount will be automatically low and you will be able to repay smoothly.
United Bank of India Gold Loan interest rates are fixed at 9.35% per annum for both term loan and overdraft facility. The final rate of interest will be decided by the lender after assessing your loan requirement and overall gold value. We have given some other important details related to it in the table below. Do check them out!
United Bank of India Gold Loan Interest Rate and Other Important Details
|Minimum Loan Amount||INR 25,000|
|Maximum Loan Amount||INR 10,00,000|
|Interest Rate||8.60% - 8.85%|
|Term Loan Tenure||12 months|
|Overdraft Tenure||12 months|
|Margin||Minimum 25% of the Assessed Gold Value|
|Late payment Charges||Nil|
|Part prepayment/ Foreclosure Charges||Customized|
|Credit Assessment Charges||Nil|
United Bank of India Gold Loan Highlights
Before applying for the United Bank of India Gold Loan, it is important to know about the aspects that make it one of the most preferred loan products among the customers. Knowing them would help you make the right decision, so take a look.
- The first and foremost thing that you need to know about this loan facility is that you can take a loan amount as low as INR 25,000 which can go up to a maximum of INR 10 lakh. The maximum amount will depend on your overall profile, repayment capacity, and most importantly on the overall value of the gold.
- The loan amount can be taken either through a term loan or overdraft facility. However, you need to remember that you can not take up an advance loan amount at any point in your tenure.
- The loan amount will only be given against the gold ornaments and the gold coins specially minted by the Banks. The purity of your gold should also be between 21 to 22 carats.
- United Bank of India provides an applicant a maximum repayment period of 12 months in both term loans and overdraft facilities. So while choosing the repayment period, you must check your repayment capability carefully.
How Much Loan Amount You Can Get?
The maximum loan amount will directly depend on your gold value. But with the help of the United Bank of India, you can only get a loan amount upto 75% of the total assessed value of your gold. The remaining 25% will be the margin by the bank. Suppose your total assessed value is INR 10 lakh, so you will not get the full 10 lakh as the loan amount. Instead, you will get only INR 7.5 lakh as the loan amount. So it is important to keep this fact in mind while applying for the United Bank of India Gold Loan.
How Can You Apply for the United Bank of India Gold Loan?
After having some useful information about the interest rates and other highlights of the United Bank of India Gold Loan, you must be thinking about the application process. We want to tell you that applying for this gold loan facility is quite easy and convenient. United Bank of India Gold loan can be applied mainly by two methods – Online and Offline. We will tell you about both of these methods so that you can choose the one according to your comfort.
First, we will tell you about the traditional method which is the Offline Method.
- To apply for this loan via this method, you just need to visit the nearest United Bank of India branch with the gold and required documents.
- After reaching there, the bank representatives will tell you about the gold loan scheme and will give you an application form.
- After filling the form and submitting your gold and documents, the bank will assess your application and decide the loan amount. As soon as the authentication is completed, you will get the loan amount in your bank.
Digital is the new normal. That’s why the United Bank of India provides you the option of applying for a gold loan from any part of the world anytime. You just need an Internet connection and a laptop or mobile.
- First, you will need to visit the official website of the United Bank of India, where you will see the Gold Loan section.
- On reaching there, you will see the useful information about this loan facility. You will also see the Apply Online button over there.
- On clicking that button, an application form will be displayed before you. You will need to fill that application form by mentioning details such as your name, mobile number, email id, etc.
- Submit that form after filling all the required details. The representatives will soon call you regarding your application.
United Bank of India Loan Eligibility Criteria
Before applying for a United Bank of India gold loan, it is important to know whether you are eligible for this or not. This criterion tends to change from one lender to another lender and is generally an assemblage of conditions that are must for an applicant to adhere to. It is important to know them beforehand to save yourself from rejection. So, check the criteria below.
- The Gold Loan can be availed by anyone such as Individuals, Joint Borrowers or Proprietorship/ Partnerships Firms with the due KYC procedure followed
- The loan can’t be taken by Companies or Co-operative Societies or any other entities like this.
- The applicant should have at least one Savings Bank account.
- The age of an applicant must be between 21 and 70 years.
Documents Required for the United Bank of India Gold Loan
Apart from eligibility, documentation is also a crucial part of the United Bank of India Gold Loan process. You will need to submit a few documents at the time of application without which your application will not be forwarded. We are mentioning below the list of documents so that you can know them and submit them properly to get a hassle-free approval.
- Duly Signed Application Form
- Passport Size Photographs
- KYC Documents – Aadhar Card/ Passport/Voter’s ID Card/ PAN Card/ Driving Licence
- Income Proof – Form No 16 or Copy of ITR of last one year ( If the Required Loan Amount is above INR 1 lakh)
United Bank of India Gold Loan Customer Care
In case you have some questions or queries in your mind about the Gold Loan facility provided by the United Bank of India, you are only one phone call away from the customer care representatives of the bank. You will just need to dial 1800-345-0345 from your mobile number and all your queries will be resolved as soon as possible.