Kotak Mahindra Bank offers various products to its customers. One of the products that you as a customer of Kotak Mahindra Bank can avail is gold loan. The lender offers gold loans at an interest rate ranging between 10.5% and 17% depending on the eligibility criteria of the applicant with repayment tenure ranging from 3 months to 3 years.
Some of the features of availing gold loan from Kotak Mahindra Bank are given below:
The eligibility criteria you will be required to fulfill in order to avail gold loan from Kotak Mahindra Bank is given below:
|Interest Rate||10.5% to 17%.|
|Processing fee for loan||Up to 2% of the loan amount.|
|Stamping Charges||Applicable as per the concerned State’s Stamp Act.|
|Credit Administration Charges||NIL|
|Swap Charges||Up to Rs.500 per swap.|
|Duplicate Issue of NOC||NA|
|No Due Certificate||Re.0 to Rs.50 as per the discretion of the bank.|
|Legal / Incidental Charges||Actual charges|
Credit Appraisal Charges
Minimum is Rs.250 and maximum is Rs.2,000. The charges applied will depend on factors such as the loan amount, number of ornaments given for security, weight of the ornament, etc. The second appraisal will be at the discretion of the bank.
3% of the month overdue. The amount will be compounded on a monthly basis.
0.50% per quarter of the limit not utilised or Rs.1250 per quarter.
The collection charges issued will be at the discretion of bank subject to a maximum of 30% of the overdue amount.
Prepayment Interest /Forclosure Charges
2.25% of the fore closure amount if closed a month ahead of the repayment tenure.
Charges for submitting a copy of the credit information report (CIBIL) to the applicant.
Rs.50 + service tax.
Charges applicable in case customer requests for copies of records pertaining to his transactions (SOA/Amortization Schedule)
The first instance will be free of charge. The applicant will be charged Rs.250 thereafter.
The list of documents you will be required to submit in order to avail gold loan from Kotak Mahindra Bank is given below:
For the customers of Kotak Mahindra Bank
For non-customers of Kotak Mahindra Bank
Yes, you can visit the official website of Kotak Mahindra Bank, and visit the ‘Gold Loan’ section of the page. There you will have to click on ‘Gold Loan EMI Calculator’ which will lead you to a separate page. You will have to enter details such as the weight of the gold, karat of gold, loan amount, repayment mode, loan terms in months, and the rate of interest. You will then be able to see the monthly EMI you will have to pay.
There are different loan tenures you can choose for yourself based on your needs. The loan tenures you can select are given below:
The minimum loan amount that you can avail is Rs.25,000, and the maximum loan amount that you can avail is Rs.25 lakh.
You can provide any type of gold ornament or coins 18 karats and above, and highly pure. You cannot provide gold wrist watches, gold statues, mangalsutra, thali, raksha, kodi, etc. as security to the bank.
You will not be required to provide any income documents if you are availing loan up to Rs.10 lakh.
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