Kotak Mahindra Bank Gold Loan Get Gold Loan at 8% Interest Rate

✓ No Limit on Loan Amounts ✓ Interest Rate Starting @0.74% p.m. ✓ Minimal Documentation Apply Now

Kotak Mahindra Bank is a leading financial institution offering lucrative gold loans with minimal documentation requirements and numerous benefits.

Key Highlights of the Kotak Mahindra Bank Gold Loan

Here is an overview of the key features of Kotak Mahindra Bank Gold Loan:

Loan amount	Minimum – Rs. 20,000 Maximum – Rs. 1.5 Crores
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.

Interest Rates and Charges

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: Within 9 months: 2% + GST Post 9 months: NIL Bullet loan: Within 6 months: 2% + GST Post 6 months: NIL
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.

Eligibility Criteria & Documents Required

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

How to Apply for a Kotak Mahindra Bank Gold Loan

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

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

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