How to avail Gold Loan

It is very important to come up with what the specific details of gold loans are as no particular individual is aware of the proper detailed terms and conditions used during the application of loans, but then in some way or another, they are not aware of the specific significance and presence of gold loans and how it is important for the improvement of the financial condition in their lives.

Procedure to avail gold loan in a bank, One needs to visit the bank branch along with the Easy Way to avail gold loans, gold, KYC documents, and residential proof. The bank evaluates the value of the gold and offers a certain amount as a loan against the gold Article. The amount is then transferred to the account of the loan applicant, and the gold is kept with the bank in safe custody.

There are several banks that provide the applicants with good policies for gold loans and also other loans, and one of them is the United Bank Of India, and it provides the applicant with a number of loan schemes such as the United Bank of India Gold Loan scheme.

Gold loans always differ due to the value of the gold and the weight of the gold ornaments deposited by the applicant. The bank approves and transfers the loan amount after going through the Gold Rate Today, which means the day the applicant is applying for the gold loan or the day when all the paperwork is done for the gold loan, and the loan amount is to be dispersed to the Client's bank account. Several Banks provide the applicant with different schemes with different loan policies and have different interest rates against the gold loan plans.

All the details about the scheme of the United Bank Of India Gold Loan are mentioned below:-

1. Aspects of Loan Details Regarding the Aspects of Loan
2. Loan Amount (Minimum) INR 25,000
3. Loan Amount (Maximum) INR 10 lakhs
4. Rate of Interest 7.95% - 9.00%
5. Tenure (Minimum) 12 Months
6. Tenure (Overdraft) 12 Months
7. Processing Fee It can be customized as per the gold loan plan.

Union Bank of India provides its customers with Gold Plan schemes starting with an option to choose a plan of the minimum amount of INR 25,000 rising up to plans of the maximum amount of INR 10 lakhs, the amount to be dispersed will be considered with the current price of gold with the total gold ornament deposited by the Client. The loan repayment minimum tenure is 12 months, and also the overdraft tenure shouldn't exceed 12 months. The interest rate of Union Bank is comparatively lesser than other banks. The Client must also note that the Articles that he/she is submitting for evaluation must be of 22 Carats or 24 Carats.

The Union Bank of India Provides both online and offline modes for applying for a gold loan. If you are applying online, still you need to be present thereafter. All the online verification is done in order to evaluate the Gold Article so that the final step of application of Gold Loan in which he needs to have the Gold Article along with KYC Documents.

Conclusion :

The Article written above gives an idea to the Client how to opt for gold loans and what steps and procedures are to be followed while applying for a gold loan in The Union Bank of India. It also mentions the dual-mode of the application process.