{"id":7597,"date":"2018-06-26T11:00:15","date_gmt":"2018-06-26T05:30:15","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=7597"},"modified":"2018-06-26T11:00:15","modified_gmt":"2018-06-26T05:30:15","slug":"uco-bank-gold-loan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/uco-bank-gold-loan\/","title":{"rendered":"UCO Bank Gold Loan"},"content":{"rendered":"<p><strong>UCO Bank offers a Demand Gold Loan<\/strong>\u00a0to meet financial requirements of customers who require immediate cash against their gold assets. Primarily catering to borrowers from the middle and lower income group, this loan offers instant credit for multiple purposes. Given the fact that most households own gold, this loan can be an effective solution to meet temporary monetary contingencies.<\/p>\n<h2>Features of UCO Bank Gold Loan<\/h2>\n<p>UCO Bank Gold Loan comes with a number of significant features, some of which are mentioned below.<\/p>\n<ul>\n<li><strong>Multipurpose<\/strong>\u00a0\u2013 This loan can be used for any genuine purpose, ranging from education to housing to business.<\/li>\n<li><strong>Quick approval<\/strong>\u00a0\u2013 Gold loans can be availed without additional hassles, with minimal paperwork and documentation required.<\/li>\n<li><strong>High quantum<\/strong>\u00a0\u2013 Borrowers can avail loans of different denominations, subject to their requirement and background.<\/li>\n<li><strong>Competitive interest<\/strong>\u00a0\u2013 This loan comes at a competitive rate of interest, making repayment light on the pocket.<\/li>\n<li><strong>Prepayment<\/strong>\u00a0\u2013 Borrowers can choose to prepay the loan without the worry of prepayment charges.<\/li>\n<\/ul>\n<h2>UCO Bank Gold Loan Interest Rates<\/h2>\n<p><strong>The interest rate charged by UCO Bank<\/strong>\u00a0depends on a number of factors, including the purpose for which a loan is availed. Loans up to Rs 3 lakhs which are designed to cater to priority sector needs are charged an interest of\u00a0<strong>7% per year<\/strong>\u00a0(in cases where subvention is applicable).\u00a0Gold loans\u00a0for other priority sector needs, including agriculture and retail are charged an interest of\u00a0<strong>9.75% per annum (Base Rate + 0.05%).<\/strong>\u00a0Gold loans availed for non-priority sector retail are charged an interest of\u00a0<strong>10.7% per annum<\/strong>\u00a0(Base Rate + 3%).<\/p>\n<p><em>Note: Interest rates mentioned above are as of May 2016, with these rates subject to change. Any change in the base rate is likely to reflect in gold loan rates and borrowers should check the rates applicable before applying for a loan.<\/em><\/p>\n<h2>Eligibility criteria to avail UCO Bank Gold Loan<\/h2>\n<div class=\"pull-right top-pad btm-pad tax-img-responsive\"><\/div>\n<p>The eligibility criteria for a\u00a0<em>UCO Bank Gold Loan<\/em>\u00a0are simple, with applicants expected to meet a few basic requirements.<\/p>\n<ul>\n<li><strong>Accountholder<\/strong>\u00a0\u2013 A borrower should have an account with UCO Bank. Both individuals and companies are eligible for this loan, depending on the purpose for which it is to be used.<\/li>\n<li><strong>Gold owner<\/strong>\u00a0\u2013 Applicants should be the owners of the gold which they aim to pledge.<\/li>\n<\/ul>\n<h2>Documents required for UCO Bank Gold Loan<\/h2>\n<p>Eligible applicants need to furnish the following documents before they can avail a loan.<\/p>\n<ul>\n<li><strong>ID\/address proof<\/strong>\u00a0\u2013 Valid government approved ID\/address proof (Passport, PAN card, DL, etc.)<\/li>\n<li><strong>Declaration<\/strong>\u00a0\u2013 A declaration mentioning the purpose for which a loan is being used<\/li>\n<li><strong>Purity certificate<\/strong>\u00a0\u2013 A certificate highlighting the purity and quality of gold being kept as security<\/li>\n<\/ul>\n<h2>Fees and charges associated with UCO Bank Gold Loan<\/h2>\n<p>The table below highlights the charges associated with a\u00a0<u>UCO Bank Gold Loan<\/u>.<\/p>\n<table class=\"table table-curved\">\n<tbody>\n<tr>\n<td><strong>Type of fee\/charge<\/strong><\/td>\n<td><strong>Amount<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Service charge for Priority sector loans<\/td>\n<td>\n<ul>\n<li>For loans under Rs 10 lakh \u2013 Rs 250<\/li>\n<li>For loans exceeding Rs 10 lakh \u2013 Rs 500<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Service charge for non-priority sector loans<\/td>\n<td>\n<ul>\n<li>For loans under Rs 5 lakh \u2013 Rs 500<\/li>\n<li>For loans between Rs 5 and 10 lakh \u2013 Rs 1,000<\/li>\n<li>For loans exceeding Rs 10 lakh \u2013 0.2% of loan subject to maximum of Rs 5,000<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>UCO Bank Gold Loan FAQs<\/h2>\n<ol>\n<li><strong>What is the maximum loan amount one can avail under this scheme?<\/strong>There is no upper limit on the amount one can avail as a loan, subject to conditions laid down by the bank.<\/li>\n<li><strong>What is the security one needs to provide?<\/strong>Borrowers need to provide security in the form of gold coins, jewellery or ornaments.<\/li>\n<li><strong>Is prepayment of the loan permitted? If so, are there any prepayment charges?<\/strong>Yes, borrowers can choose to prepay the loan, with no prepayment charges imposed by the bank.<\/li>\n<li><strong>What is the repayment tenor of a gold loan?<\/strong>UCO Bank fixes the repayment schedule depending on the purpose of a loan and the repayment capacity of a borrower. This can change from case to case.<\/li>\n<li><strong>Can one apply for this loan online?<\/strong>Yes, individuals can apply for this loan through the official website of the bank.<\/li>\n<\/ol>\n<div class=\"row btm-pad\">\n<div class=\"container product-interlinks\">\n<div class=\"clearfix\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>UCO Bank offers a Demand Gold Loan\u00a0to meet financial requirements of customers who require immediate cash against their gold assets. Primarily catering to borrowers from the middle and lower income group, this loan offers instant credit for multiple purposes. Given the fact that most households own gold, this loan can be an effective solution to &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/uco-bank-gold-loan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;UCO Bank Gold Loan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7597","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>UCO Bank Gold Loan | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/uco-bank-gold-loan\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"UCO Bank Gold Loan | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"og:description\" content=\"UCO Bank offers a Demand Gold Loan\u00a0to meet financial requirements of customers who require immediate cash against their gold assets. Primarily catering to borrowers from the middle and lower income group, this loan offers instant credit for multiple purposes. 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