SOD (Secured Overdraft) against Gold ornaments is a loan facility offered by Union Bank of India to customers who have gold ornaments. Customers can pledge their gold ornaments as collateral and avail of a secured overdraft facility against the value of their gold.

The SOD against Gold ornaments facility is currently available only in select branches of Union Bank of India. You can check with your nearest branch to see if they offer this facility.

The maximum loan amount that can be availed under the SOD against Gold ornaments scheme is based on the value of the gold ornaments pledged as collateral.

The interest rate charged on the SOD against Gold ornaments scheme varies based on the loan amount, the value of the gold, and other factors. You can check with your nearest branch or the Union Bank of India website for the latest interest rates.

Repayment period:

Running account – repayable on demand subject to renewal every year. Interest to be serviced as and when debited.

Maintenance of prescribed margin i.e. 25% needs to be ensured at the time of renewal. Drawing power is to be realigned at the time of renewal. Whenever, drawing power is reduced or prescribed margin is not maintained, either proportionate recovery is to be made or additional ornaments / coins of requisite value have to be pledged so as to maintain the prescribed margin.

Yes, you can foreclose your SOD against Gold ornaments loan before the end of the repayment tenure by paying the outstanding principal amount and interest charges up to the date of foreclosure.

You can apply for the SOD against Gold ornaments scheme by visiting your nearest Union Bank of India branch that offers this facility. You will need to provide your ID proof, address proof, and gold ornaments as collateral to apply for the loan.