Union Bank gold loan interest rates are either linked to the 1-year MCLR or EBLR of the bank which is 7.75% and 8.20% at present. Current gold loan interest rates are highly competitive and start from as low as 7.75% p.a., depending upon the loan type, the amount of loan to be availed of and other factors.
Gold loan interest rate Union Bank is either linked to MCLR (Marginal Cost of Funds Based Landing Rate) or EBLR (External Benchmark-based Lending Rate). The EBLR of Union Bank of India from 11.08.2022 is 8.20% (i.e. RBI Repo Rate 5.40% + Spread 2.80%), and 1-year MCLR from 11.09.2022 is 7.75%.
The Union Bank of India gold loan interest rate today w.e.f 04.05.2022 are mentioned below in detail:
|Category||Loans up to Rs. 25 Lakhs||Loans above Rs. 25 Lakhs|
|Gold loan under agriculture & allied activities||1 Year MCLR = 7.75% p.a.||1 Year MCLR + 0.10% = 7.85% p.a.|
|Gold loan under other priority sector (other than agriculture)||EBLR + 0.45% = 8.65% p.a.||EBLR + 0.55% = 8.75% p.a.|
|Gold loan under non-priority sector||EBLR + 0.55% = 8.75% p.a.||EBLR + 0.70% = 8.90% p.a.|
|Union Krishi Kamdhenu Gold Loan Scheme||1 Year MCLR = 7.75% p.a.||Not Applicable|
Below is the comparison of the Union Bank gold loan interest rate with other lenders. You can check the interest rates of top gold loan providers to see which is the best gold loan bank in India before you apply for the loan.
|Bank||Rate of Interest (p.a.)||Processing Fee|
|Union Bank of India||7.75% - 8.90%|
As per the extant guidelines
|SBI Gold Loan||8%||Nil till 31.01.2023|
|Federal Bank Gold Loan||8.49% onwards||Up to 0.80%|
|Bank of India Gold Loan||7.25% - 8.90%||Up to Rs. 125 per lakh; Maximum Rs. 1,000|
|Bajaj Finserv Gold Loan||10% - 28%||Rs. 75 (inclusive of applicable taxes)|
|Bank of Baroda Gold Loan||9.20% - 9.30%||Up to 0.50% + GST|
|Canara Bank Gold Loan||13% onwards||1%|
|HDFC Bank Gold Loan||7.60% - 16.81%||1%|
|Indian Bank Gold Loan||8.25% onwards||0.50%|
|ICICI Bank Gold Loan||10% - 17.95%||1%|
|Kotak Gold Loan||8% - 17%||Up to 2% + GST|
|Axis Bank Gold Loan||17% - 19%||Up to 0.50%|
Following are some attractive features of Union Bank gold loan:
Following are the two types of Union Bank of India gold loans and their key features mentioned in detail:
Currently, the Union Bank of India's gold loan rate per gram today is Rs. 2,900 to Rs. 3,450. The rates are subject to change and depend on the loan amount, gold’s value, tenure of the loan and other factors.
Union Bank bank gold loan calculator can be used to borrow money from the bank in the form of a gold loan. The tool is very useful and helps the borrower to plan their budget according to the estimated EMI. The gold loan calculator will calculate the amount of EMI that you will need to pay for the gold loan amount that you have borrowed. You can try on different combinations of various rates of interest and tenures that are offered by the bank to make sure that you get the best option available.
Following are the fees and charges associated with the Union Bank of India gold loan:
You can apply for the Union Bank of India gold loan from the comfort of your home. You can either do it online or by visiting the bank’s official website and submitting an application form with basic information about yourself and the loan you wish to avail of.
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
You can get a gold loan from Union Bank through their website or by visiting the nearest Union Bank of India branch.
Union Bank of India gold loan 1 gram rate varies between Rs. 2,900 to Rs. 3,450 at present.
The maximum tenure for a Union Bank of India gold loan can be up to 3 years, depending on the loan type, amount and other factors.
Loans against gold ornaments in Union Bank can be sanctioned in any of the following forms:
The post office department has not been authorised to sanction any loan against gold as of now.
A gold loan is a secured loan and hence has a cheaper interest rate than a personal loan, which is an unsecured loan.
A person can check the Union Bank gold loan status by calling the numbers 1800 22 22 44 or 1800 208 2244 or by visiting the nearby branch.
If the gold loan is not paid by the borrower, the lender holds the right to auction the gold against which the borrower took the loan.
Gold loan EMI is an EMI (Equated Monthly Instalment) that you have to pay for the borrowed loan amount till the end of your loan tenure.
It means that your yearly interest would be 2 x 12. = 24%.
It is an overdraft gold loan with a transaction facility, and monthly interest is to be served by the borrower.