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  • UCO Bank Gold Loan

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  • UCO Bank offers gold loan in the form of a demand loan to those borrowers who own gold ornaments so that they can use it for activities related to agriculture, retail trade, Micro & Small Enterprises (MSE), education, housing, etc. The interest rate on UCO Bank gold loan depends on the purpose of the loan and starts from 7% p.a. The UCO Bank gold loan scheme will enable borrowers residing in urban/semi-urban/rural/metropolitan areas to take advantage of easy and instant credit facilities. UCO Bank will maintain a 25% margin on the market price of gold on its gold loan scheme.

    UCO Bank Gold Loan Interest Rates

    UCO Bank offers gold loan at interest rates that are based on the purpose the loan is availed for. The below-given table lists the interest rates charged by UCO Bank according to the purpose of the loan:

    Purpose of the Loan Interest Rate (p.a.)
    Short-term crop loan of up to Rs.3 lakh with interest subvention 7%
    Agriculture and allied activities 1-Year MCLR + 0.20%
    Retail asset products (Priority Sector) 1-Year MCLR + 0.20%
    Non-agriculture purpose (Priority Sector) 1-Year MCLR + 0.20%
    Retail asset products (Non-Priority Sector) 1-Year MCLR + 3.15%
    Non-agriculture purpose (Non-Priority Sector) 1-Year MCLR + 3.15%

    Service Charges Associated with UCO Bank Gold Loan

    Priority Sector
    • Up to Rs.10 lakh – Rs.250
    • More than Rs.10 lakh – Rs.500
    Non-Priority Sector
    • Up to Rs.5 lakh – Rs.500
    • More than Rs.5 lakh to Rs.10 lakh – Rs.1,000
    • More than Rs.10 lakh – Up to Rs.5,000

    Eligibility Criteria for UCO Bank Gold Loan

    UCO Bank gold loan can be availed by anyone who fulfils the below-given criteria:

    • Owns gold jewelry or ornaments
    • Involved in activities related to agriculture, MSE, housing, education, retail trade, etc.
    • Able to obtain and provide necessary declaration stating the purpose of the loan.

    How Gold Ornaments are Assessed or Tested for UCO Bank Gold Loan

    When you apply for a gold loan from UCO Bank, your gold ornaments will be appraised for its purity, weight, and fineness by an experienced goldsmith with good reputation, relevant skills, and undoubted integrity. The bank will conduct discreet enquiries to identify a goldsmith with all the mentioned qualities.

    Gold Loan Calculator

    You can calculate the maximum amount of loan that you can avail from UCO Bank by pledging your gold ornaments through a Gold Loan Calculator tool. This tool is available on the official website of lenders who offer gold loans. To calculate the maximum amount of loan you are eligible for, you just need to enter the type of gold you are pledging, the net weight of the gold, and the caratage. The tool may also sometimes ask you to enter the repayment tenure. Once you enter these details, the tool will calculate and display your maximum loan amount eligibility.

    FAQs on UCO Bank Gold Loan

    1. How is the maximum loan amount sanctioned per gram of gold calculated?
    2. The Head Office of UCO Bank decides the maximum loan amount which can be sanctioned per gram of gold on a fortnightly basis. It then communicates the decided amount to the zones and branches of UCO Bank.

    3. What kind of gold can be pledged for UCO Bank gold loan?
    4. You can pledge your gold jewelry, ornaments, and coins to avail a gold loan from UCO Bank. The weight and purity of the gold pledged will be apprised by an experienced goldsmith.

    5. How soon do I need to repay my UCO Bank gold loan?
    6. The repayment tenure for UCO Bank gold loan will be predetermined by the bank depending on the purpose of the loan. You can also choose to make bullet repayments on the principal amount. Loans related to agricultural activities and crop loans can have their repayment tenures relaxed.

    7. Are the interest rates charged on UCO Bank gold loan fixed or floating?
    8. UCO Bank charges a floating rate of interest linked to its 1-year Marginal Cost of Funds based Lending Rate (MCLR). This means that if there is any change in the bank’s MCLR, the interest rate will also change accordingly.

    9. Will I be charged any penalty if I prepay the gold loan from UCO Bank?
    10. UCO Bank allows you to prepay your UCO Bank gold loan without any penalty charges.

    11. How do I apply for UCO Bank gold loan?
    12. To apply for a gold loan from UCO Bank, you can visit the nearest UCO Bank branch or the Retail Loan Hub in your city where the bank’s representatives will guide you on the necessary process. You can also apply for UCO Bank gold loan online at the bank’s official website.

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