Erstwhile Scheme: Rs. 10 thousand to Rs. 3 lakhs
Corporation Bank Gold Loan offers funds up to Rs. 3 lakhs or Rs. 25 lakhs (Union Bank of India). The tenure is up to 24 months at the lowest interest of 10.15%. The bank has a loan against the gold scheme for salaried individuals, self-employed professionals, businessmen, pensioners, and other eligible entities. It has a swift and transparent system in place to approve the loan. So, borrowers can expect a hassle-free credit of funds to their registered bank amount.
NOTE: From 1 April 2020, Corporation Bank has been merged with Union Bank of India. So, for the updated scheme for a gold loan and interest rate details, visit the official website of the Union Bank of India.
In this post, we will discuss Corporation Bank Gold Loan features, terms and conditions, eligibility criteria, interest rate, type of schemes, and frequently asked questions.
The below mentioned financial requirement can be fulfilled with Gold loan Corporation Bank:
Here are a few important rules to a loan against gold:
Here are the eligibility norms:
The merger with Union Bank brought an update in the interest rate, which is between 9.40% and 10.15% currently. But Corporation Bank Gold Loan Interest Rates erstwhile was 10.60% to 12.60%as follows:
Corporation Bank Gold Loan Schemes are available for professionals and salaried individuals. The amount taken as a loan can be used for either multiple or specific purposes.
Applicant can keep their gold ornaments in the form of security and get a loan for personal expenses, housing, or educational purpose.
In this scheme,the applicant can get a gold loan online and fulfil their personal or business requirements.
In this scheme of the bank, the customer can place their gold jewellery. They can request a loan amount for agricultural reasons against the collateral. One can use a loan for crop production or the purchase of a farm. In this scheme,the applicant can get a maximum amount ofRs. 3 lakhs. Also, 12 months is the maximum duration to pay back the loan.
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Below provided are important questions about gold loan Corporation Bank.
Individuals engaged in small manufacturing units, small business, and retail trade can apply for this loan on gold. Apart from these self-employed customers, professionals and agriculturists are also applicable for Corporation Bank Corp Gold Loan. Pensioners and those who are salaried can also apply for this gold loan.
There is no processing fee for a loan against gold up to Rs. 2 lakhs. A nominal fee is charged after this amount.
The borrower has to submit gold jewellery as collateral with the bank. The maximum loan amount, in this case, is up to Rs. 3 lakhs. Also, the tenure is only up to 12 months.
Corporation Bank has attractive offers for loans against gold jewellery. The bank charges a low rate of interest. The borrower can utilize the amount for any desirable and legit purpose. Loan tenure is flexible. So, the person can expect the maximum amount as per the gold weight, purity, and loan to value ratio (LTV). The procedure for loan sanctioning is transparent.
Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Corporation Bank.
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