Get a Gold Loan from Kotak Mahindra Bank at exciting interest rates
✓ No Limit on Loan Amounts ✓ Interest Rate Starting @0.74% p.m. ✓ Minimal Documentation
Kotak Mahindra Bank is a leading financial institution offering lucrative gold loans with minimal documentation requirements and numerous benefits.
Here is an overview of the key features of Kotak Mahindra Bank Gold Loan:
Loan amount |
|
Loan tenure |
Up to 48 months |
Interest rate |
8% - 17% depending on borrowing purpose and profile |
LTV ratio |
65% - 75% |
Disclaimer: The rates and details in the table are indicative and are subject to change at the discretion of the bank.
Features and Benefits
Here are some benefits and features associated with a Kotak Mahindra Bank Gold Loan:
Quick approval
The assessment and review process of the bank is quick, ensuring swift approval.
Hassle-free Disbursement
Not only that but the sanctioned funds are also disbursed to your bank account just as quickly. As such, you can meet your needs without any delay.
Easy-to-meet Eligibility Requirements
The eligibility criteria for a Kotak Mahindra Bank Gold Loan are simple, easing your application process.
Minimal Documentation
Also, you do not need to go through a complicated documentation process since the bank offers financing with minimal documentation.
Adequate Safety of Collateral
The bank stores your valuable gold ornaments or coins that you pledge as collateral safely. Therefore, you do not need to worry about any damage or loss to your asset.
Multiple Repayment Options
You can choose a tenure of up to 48 months and options like a bullet repayment scheme or make monthly, quarterly or half-yearly interest payments.
The current interest rate starts from 8% and goes up to 24% per annum. The bank fixes the interest rates based on various factors, such as the loan tenure, the purpose of the loan, your profile, and more.
Check this table to know the fees and charges associated with a Kotak Mahindra Bank Gold Loan:
Processing fee |
Up to 2% of the loan amount + GST |
Stamping charges |
As per the state’s Stamp Act |
Documentation charges |
NIL |
Credit appraisal charges |
Minimum: ₹350 Maximum: ₹1,500 (based on various factors) |
Credit administration charges |
NIL |
Collection charges |
Maximum 30% of the overdue amount |
Overdue interest |
3% of the overdue amount (compounded monthly) |
Swap charges |
Up to ₹500 per swap |
Dishonour charges |
₹750 |
Foreclosure charges |
EMI/term loan with the term over 12 months: Bullet loan: |
No due certificate |
NIL - ₹50 as per the discretion of the bank |
Charges for CIBIL report |
₹50 + service tax |
Disclaimer: The rates and charges in the table are indicative and are subject to change at the discretion of the bank.
To get a Kotak Mahindra Bank Gold Loan, meet the following eligibility requirements:
You must be an Indian citizen
Your age must be between 18 and 75 years
You need a co-borrower if you are above 75 years
Gold ornaments pledged must be between 18 and 22 carats
Bank-minted coins that you are pledging must be 24 carats and must weigh up to 50 grams per customer only
You also need to submit the following documents:
Existing customers:
Latest address proof (if different than bank records) and signature proof
PAN card if the annual income is more than ₹5 Lakhs
New customers:
KYC documents (identity proof, address proof, signature proof)
2 passport-size photographs
PAN card if the annual income is more than ₹5 Lakhs
ITR for a loan of more than ₹25 Lakhs
You can easily apply for the gold loan by following these steps:
Visit the bank’s official website and navigate to the ‘Gold Loan’ page
Enter basic details, such as your name, contact details, email ID and city
Agree to the terms and conditions and click on ‘Apply Now’
A bank representative will contact you regarding further steps and documentation process
After submitting your documents, you need to get your gold tested and verified at a branch
Post approval, you will receive the loan amount in your bank account
FAQs
Can new customers apply for a gold loan at Kotak Mahindra Bank?
Yes, new as well as existing customers can get a Kotak Mahindra Bank Gold Loan to fulfil their financial requirements.
Is applying for a gold loan at Kotak Mahindra Bank with a guarantor necessary?
No, you do not need a guarantor to get a gold loan from Kotak Mahindra Bank.
What are the various ways through which Kotak Mahindra Bank disburses the gold loan amount?
You can receive the gold loan amount through fund transfer, NEFT and RTGS.
How long does it take for Kotak Mahindra Bank to sanction the loan amount?
Kotak Mahindra Bank sanctions the gold loan amount within 90 to 120 minutes.
