Union Bank of India offers attractive gold loan interest rates. This makes it a top choice for those seeking a low interest gold loan. The interest rate is set at one-year MCLR + 2.40%, providing competitive rates. Union Bank’s rates are among the best in the market.
A low interest gold loan can greatly reduce the loan’s cost. Union Bank’s rates are designed to be affordable. They aim to offer the best gold loan interest rate for personal or business needs.

Union Bank’s gold loans offer up to INR 20 Lakhs. The loan amount per gram ranges from INR 1755 to 2145. This makes the loans flexible and convenient.
The bank’s fast disbursal feature allows for quick access to funds. This is ideal for those who need money fast. Union Bank’s competitive rates, minimal documentation, and secure gold storage make it a popular choice.
Key Takeaways
- Union Bank offers competitive gold loan interest rates, with a rate set at one-year MCLR + 2.40%.
- The bank provides a low interest gold loan with a focus on affordability and flexibility.
- Customers can borrow up to INR 20 Lakhs, with a gold loan amount per gram ranging from INR 1755 to 2145.
- Union Bank’s fast disbursal feature disburses the loan amount within 1 hour.
- The bank has a wide network of 4214 branches across India, making it easily accessible to customers.
- Union Bank’s gold loans require minimal documentation, making it a convenient option for borrowers.
Understanding Union Bank Gold Loans
Union Bank gold loans help with needs like farm expenses. They offer quick money and safe gold storage. To get a gold loan, you must own gold jewelry, ornaments, or coins.
The gold loan rates today at Union Bank are good, starting at 8.40% p.a. You can find union bank gold loan details on their website. It includes loan amounts, terms, and fees.
Here are some key features of Union Bank gold loans:
- Quick disbursal of loan amount
- Secure storage of pledged gold
- Competitive interest rates
- Flexible loan terms
For more info on Union Bank gold loans, visit their website. Or talk to a bank representative. They can help with gold loan eligibility criteria and gold loan rates today.
Current Union Bank Gold Loan Interest Rate Structure
The interest rate for Union Bank gold loans is 9.95%. This rate is competitive, making Union Bank a top choice for those with gold to pledge. It’s a key factor to think about when considering a gold loan.
Union Bank is known for its quick gold loan processing. This means you can get the loan you need fast. The 9.95% interest rate applies to various schemes, including:
- Gold loan schemes for individuals
- Gold loan schemes for businesses
- Overdraft facilities against gold
The bank focuses on making the loan process easy and fast. With a competitive interest rate and quick processing, Union Bank offers a reliable gold loan experience.
The interest rate and processing time may change based on your situation. But, Union Bank’s competitive rate and fast service make it a great choice for gold loans.
Scheme | Interest Rate | Processing Time |
---|---|---|
Gold Loan Scheme for Individuals | 9.95% | Quick processing |
Gold Loan Scheme for Businesses | 9.95% | Efficient processing |
Overdraft Facility against Gold | 9.95% | Hassle-free experience |
Factors Affecting Gold Loan Interest Rates
Understanding what affects gold loan interest rates is key. The amount you borrow and how long you need the loan matter a lot. Also, the gold’s purity is important, as higher purity can mean better rates.
Market conditions also play a big role. The Reserve Bank of India’s policies and the economy can change interest rates. A gold loan calculator is very useful here. It helps you figure out your monthly payments and make smart choices.
Here are some main factors that influence gold loan interest rates:
- Loan amount: The more you borrow, the higher the interest rate might be.
- Gold purity: Higher purity gold can get you better rates.
- Market conditions: The economy and RBI policies can change rates.
Knowing these factors and using a gold loan calculator can help you get a good deal. This way, you can find a low interest gold loan that fits your needs.
Benefits of Choosing Union Bank for Gold Loans
Choosing a reputable bank for a gold loan is key. Union Bank is a top choice, known for its competitive rates and flexible terms. With union bank gold loan details easily found, you can make smart choices. To apply for a union bank gold loan, just visit their website or branch. You’ll need ID, address, and income proof.
Union Bank makes getting a gold loan easy and secure. You get fast access to cash when you need it. Here are some main benefits of choosing Union Bank for gold loans:
- Minimal documentation required
- Secure storage of pledged gold
- Competitive interest rates
- Immediate access to funds
Union Bank also has various gold loan schemes. The Union Krishi Gold Loan Scheme and the Union Swarna Shakti Loan Scheme start at 8.40% p.a. interest. With these perks and rates, Union Bank is a great pick for a gold loan.

Gold Loan Scheme | Interest Rate |
---|---|
Union Krishi Gold Loan Scheme | 8.40% p.a. |
Union Swarna Shakti Loan Scheme | 8.40% p.a. |
Union Gold Loan Retail | 9.50% p.a. to 9.65% p.a. |
Gold Loan Eligibility Criteria at Union Bank
To get a gold loan at Union Bank, you need to meet some criteria. You must own gold, show your identity, and follow KYC/AML rules. Also, the interest rate is key when applying for a gold loan.
The rules help ensure you can pay back the loan. You must be between 18 and 70 years old. You also need to provide ID and proof of address.
Age Requirements
At Union Bank, you must be between 18 and 70 to apply for a gold loan. This makes sure you’re old enough and have a steady job to repay the loan.
Documentation Needed
Here’s what you need for a gold loan at Union Bank:
- Government-issued ID
- Address proof
- Income proof (for loans up to Rs. 1 Crore)
Income Criteria
The income rules for a gold loan at Union Bank depend on the loan size. For loans up to Rs. 1 Crore, you need to show your income. The interest rates are good, making it a great choice for borrowers.
By meeting these criteria, you can get a gold loan with a good interest rate. This helps you reach your financial goals more easily.
Step-by-Step Application Process
To get a Union Bank gold loan, you can go to a branch or apply online. The steps are easy and fast, with a gold loan processing time that’s quick. Here’s what you need to do:
Start by collecting the needed documents. These usually include ID, address proof, and gold ownership proof. Then, you can apply in person or online. The bank will check your gold’s value and decide how much you can borrow.
The gold loan processing time comes next. The bank will look over your documents and check your gold’s value. This step is usually quick. After it’s done, the loan money will go into your account. For more on how to apply for union bank gold loan, check the Union Bank website or talk to a branch rep.

- Gather required documents
- Submit application in person or online
- Bank assesses value of gold and determines loan amount
- Loan amount is disbursed to your account
By following these steps, you can apply for a Union Bank gold loan. You’ll get good interest rates and quick gold loan processing time. Make sure to understand the loan terms before applying. If you have questions, don’t hesitate to contact the bank about how to apply for union bank gold loan.
Understanding Gold Loan Processing Time and Charges
When you apply for a gold loan, think about the processing time and fees. Union Bank’s gold loan processing fee is 0.50% of the loan amount, up to Rs. 1000. This fee is important because it adds to the loan’s cost.
Use a gold loan calculator to understand the total cost. It includes the interest rate and the processing fee. Union Bank can approve loans in as little as 60 minutes. This is great for those who need money fast.
Processing Fee Structure
Union Bank’s gold loan fees are clear. The minimum fee is 0.50% of the loan amount. There might also be late payment charges, at 2% of the overdue amount.
Typical Timeline for Approval
Gold loan approval times vary, but Union Bank is quick. They can approve loans in 60 minutes. A gold loan calculator helps plan your repayment and understand the loan’s total cost.
Additional Charges to Consider
When getting a gold loan, remember the extra charges. Foreclosure charges are 2% + GST on the principal amount. Knowing these charges helps you make a smart loan choice.
Using the Union Bank Gold Loan Calculator
Union Bank offers a gold loan calculator to help borrowers figure out their monthly payments. This tool makes it easy to understand repayment options and plan finances. It considers the loan amount, interest rate, and how long you’ll take to pay it back.
The interest rates for gold loans at Union Bank range from 7% to 17.5% per year. Loans can be from ₹1 Lac to ₹1 Crore. You can choose a repayment period from 1 year to 7 years. The calculator lets you easily find your EMI and pick a payment plan that fits your budget.
How to Calculate EMI
To find your EMI, just put in the loan amount, interest rate, and how long you’ll pay it back. The calculator will show you your monthly payment, total interest, and the total amount you’ll pay. For instance, a ₹4,80,000 loan at 10% interest for 5 years means a monthly payment of about ₹10,641.
Understanding Repayment Options
Union Bank gives borrowers flexible ways to pay back their loans, including monthly installments. The gold loan calculator helps you see your options and pick the best one for you. This way, you can manage your finances and pay on time.
The gold loan calculator is a great tool for anyone looking to figure out their monthly payments. It helps you make smart choices about your gold loan and find a payment plan that works for you. Knowing the interest rates and using the calculator are key for anyone considering a gold loan from Union Bank.
Tips for Securing the Best Gold Loan Rates
To get the best gold loan interest rate, it’s key to research and compare rates. A low interest gold loan can save you a lot of money over time. Here are some tips to help you find the best gold loan rates:
Comparing interest rates is vital, as they can differ a lot between lenders. For example, some banks might offer a lower rate for bigger loans, while others might charge more for shorter terms. Having a good credit score can also help you get a better rate. A score above 750 is usually considered good and can lead to lower rates.
Other things to think about include the loan-to-value ratio, gold purity, and market conditions. The Reserve Bank of India’s (RBI) repo rate also affects gold loan interest rates. By considering these and doing your homework, you can find a low interest gold loan that fits your needs.
Also, keep an eye out for special offers or discounts. Some lenders might offer lower rates for a short time. It’s important to watch the market and grab these deals. By following these tips, you can get the best gold loan interest rate and make the most of your loan.
Conclusion: Making an Informed Decision About Union Bank Gold Loans
When looking at union bank gold loan interest rate and gold loan rates today, Union Bank stands out. They offer a simple application and clear prices. This makes them a solid choice for your gold loan needs.
Union Bank’s gold loans are great for quick cash or using your gold’s value. Knowing how interest rates and eligibility work helps you choose wisely. This way, you meet your financial goals.
Keep an eye on market trends and rules to get the best gold loan deals. Use Union Bank’s online tools to explore and find the perfect loan for you.
FAQ
What is a Union Bank Gold Loan?
A Union Bank Gold Loan lets you use gold jewelry or coins as collateral. This way, you can get a loan from Union Bank.
What are the features and benefits of a Union Bank Gold Loan?
Union Bank Gold Loans are easy to apply for and need little paperwork. They are also quick to get. The benefits include low interest rates and safe gold storage.
You can use the loan for many things.
What types of gold are accepted as collateral for a Union Bank Gold Loan?
Union Bank accepts 22-karat and 18-karat gold jewelry and coins.
What is the current interest rate for a Union Bank Gold Loan?
The interest rate for Union Bank’s gold loans is 9.95%.
What factors can influence the interest rate of a Union Bank Gold Loan?
The interest rate can change based on the loan amount, loan duration, gold purity, and market conditions.
What are the eligibility criteria for a Union Bank Gold Loan?
To get a Union Bank Gold Loan, you need to meet age, documentation, and income requirements.
How can I apply for a Union Bank Gold Loan?
Apply online or visit a branch. The process includes several steps from application to loan disbursal.
How long does it take to process a Union Bank Gold Loan?
Processing time varies based on fees and approval timeline. Use a gold loan calculator to understand charges and timeline.
How can I use the Union Bank Gold Loan Calculator?
The calculator helps calculate your Equated Monthly Installment (EMI). It shows loan options based on amount, rate, and tenure.
What tips can I follow to secure the best gold loan rates from Union Bank?
To get the best rates, compare rates, look for special offers, and keep a good credit score. This can help you negotiate better rates.