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  • Kotak Mahindra Bank Gold Loan

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  • 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.

    Features of availing gold loan from Kotak Mahindra Bank

    Some of the features of availing gold loan from Kotak Mahindra Bank are given below:

    • You need minimum documentation in order to avail a gold loan from the bank.
    • If you meet the eligibility criteria and all the documents submitted by you are correct, then the bank instantly approves the loan.
    • Once the gold loan offered by the bank has been approved, it ensures that your gold is safe and secure with the bank.
    • Higher loan to value.
    • The repayment of loan is easy where you have multiple payment modes at your disposal.
    • The bank has a brilliant customer care service and is always available to cater to your doubts.
    • There are various repayment tenure options that you can select for yourself based on your needs.

    Eligibility criteria

    The eligibility criteria you will be required to fulfill in order to avail gold loan from Kotak Mahindra Bank is given below:

    • The minimum age of the person applying for a loan should be 18 years old.
    • The person applying for a loan should be a resident of India. In case he/she is not, then a proprietor will be needed.
    • The applicant can only offer gold ornament or any articles above 18 carats as security to the bank.

    Fees and charges

    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.
    Documentation Charges NIL
    Credit Administration Charges NIL
    Dishonour Charges Rs.750
    Swap Charges Up to Rs.500 per swap.
    Solvency Certificate NA
    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

    Other charges as applicable

    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.

    Overdue Interest

    3% of the month overdue. The amount will be compounded on a monthly basis.

    Commitment Charges

    0.50% per quarter of the limit not utilised or Rs.1250 per quarter.

    Collection Charges

    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.

    Documents required

    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

    • You will be required to submit your address proof only if your current address is different from the one updated with the bank. You can submit Aadhaar Card, Passport, etc. as a proof of address.

    For non-customers of Kotak Mahindra Bank

    • Proof of identity such as PAN Card, driving license, etc.
    • Proof of address such as Passport, Aadhaar Card, utility bills, etc.
    • Proof of signature which are the KYC documents you will be submitting to the bank.
    • 3 passport size photographs of the applicant.

    Frequently Asked Questions (FAQs)

    Can I calculate the Gold Loan EMI on the official website 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.

    What are the different loan tenures available under the gold loan scheme offered by Kotak Mahindra Bank?

    There are different loan tenures you can choose for yourself based on your needs. The loan tenures you can select are given below:

    • Term Loan – Bullet (3/6/9/12 months): The loan amount will be disbursed directly to your bank account and you will be required to service interests on a monthly basis.
    • Term Loan – EMI (24/36 months): The loan amount will be disbursed immediately to your bank account. You will be required to pay back the loan amount through EMIs which will also include the interest rate levied on it.
    • Overdraft facility (12 months): You will be provided with an overdraft limit which you rotate and utilise as per your needs during the 1-year tenure.
    What is the minimum and maximum loan amount that I can avail?

    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.

    What are the ornaments that I can provide as security?

    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.

    Will I be required to provide any income documents?

    You will not be required to provide any income documents if you are availing loan up to Rs.10 lakh.

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