There are so many banks and non-banking financial companies in India that provides various financial products to the customers. These can be banking, insurance, loans or credit cards. Loans are the widely used product provided by the banks. People usually tend to get the loan in case of any financial problem. Gold loan is a type of loan where you get the loan amount against the pledged gold assets. Kotak Mahindra Bank is one of the gold loan provider banks in India.
About Kotak Mahindra Bank
Kotak Mahindra Bank is a private sector bank of India. This bank has a license given by RBI and this bank is founded in February 2003. It is a 2nd private bank in the public sector in India. It serves so many financial products to people like banking, home loan, personal loan, gold loan, credit cards etc. Gold loan is the one of the best financial product given by the bank. Gold loan is easily accessible with less documentation and without waiting for a long time. There are no security and trust issues too because the bank is well reputed and takes care of all the assets of the customer. Repayment options are very comforting.
Why Gold Loan
Gold loan is considered as the best loan among all the loans. There are so many reasons for this.
The first reason is that the bank will provide you a loan amount along with the security of the gold ornaments. Generally, if you want to put your gold ornaments in the bank in the locker you have to pay the charges to the bank. But if you get the gold loan you get the loan amount along with the security.
After that, if your CIBIL score is less than 650 then generally there are more chances that your personal loan application will get rejected. So in this case, if you have some gold then you can make use of them and can easily fulfill your personal needs by getting a gold loan.
Just click to Know more about Gold Loan per Gram.
Advantages of Kotak Mahindra Bank
- Kotak Mahindra bank provides the gold loan to the customers. Though Kotak Mahindra bank is very reliable and trustworthy financial organization in India, it is not only Kotak Mahindra bank that provides gold loan there are so many other banks that are prone to give this facility then why one should go for Kotak Mahindra bank only.
- Bank has a good reputation among people. Gold loan interest rates in Kotak Mahindra bank are very low. Bank takes care of all the needs of the customers. Time for the disbursal is very small. Very less documentation is required to apply for the loan. There is no need for the guarantor to get a gold loan from Kotak Mahindra Bank. Because the amount of the rate also depends on the purity of the gold. Your gold ornaments will be assessed by specialist jewelers.
- Interest rates offered by the bank to the customers are comparatively very low. It starts at 10.5% and can be up to 17%.
- It can be varied a little bit up and down.
- The amount of loan - 10000 to 10 lakh.
- Time to return gold loan is 12 months for Ornament Scheme Gold Loan and it is 30 months for Term Loan Gold Loan. Processing fees are 2% of the loan amount. Prepayment charges are 2% to 4%.
- There are some conditions that the applicant should fulfill to get a gold loan. These are written below
- Age of the applicant should be more than 18 years.
- Applicant should have gold in the form of coins/ jewelry/bricks. But the purity of the gold should be 18 karats to 22 karats.
For Kotak Mahindra Bank customer
Recent identity proof. It can be any of (Aadhar card, Pan Card, Voter ID card, Driving Licence, Passport )
For Non-Kotak customer
The process of documentation is very easy and simple.
Identity proof (Passport/Id card/voter card/driving license) can be any one of them. Everyone easily has these documents so there is no problem with the submission.
3 passport sized colored photographs are required.
Residence proof can be Aadhar card, voter card, and passport (Passport/Id card/voter card/driving license). Electricity and water bill for the last three months but with the name of the applicant.
Driving license is also regarded as a proof of identity and residence proof because it contains the name, date of birth and a photograph of the customer. But the condition is that it should not be expired.
Aadhar card with your photograph and the proper date of birth is considered as the proof of Identity.
PAN Card can also be used as the proof of identity as well as the proof of residence.
Ration card is also the addition in the proof of residence, if you have ration card then you can also present it as proof of residence.
Forms of Gold
1. All the gold in the form of jewelry is acceptable.
2. Gold coins weight less than 50 grams are acceptable.
3. Gold in the raw form is not acceptable.
4. The quality of the golf should be 18 carats to 24 carats.
5. Gold bars and bricks are unacceptable.
6. Minted coins are not accepted for the gold loan.
Who can apply?
1. Anybody who is older than 18 years can apply for a gold loan.
2. Any business person can apply for a gold loan.
3. Besides, that housewives can also apply for a gold loan.
4. Furthermore, students can also apply for a gold loan but the age of the student should be more than 18 years.
How can you Apply?
You can easily apply for the Kotak Mahindra bank gold loan online on dialabank
1. First of all, open the website of the dialabank.
2. After that fill the form online on the website with your basic information.
3. You will get a call back from their side.
1. The process is hassle-free.
2. The process is very easy and simple.
3. You will get a document pickup facility from your doorstep.
4. If you apply on dialabank.com the rates of interest will be very low.
Gold Loan is a Secured Loan
The gold loan comes in the category of secured loan; the bank has less risk while providing the gold loan. The reason after that is in a gold loan a customer pledge his/her gold to the bank as a security. And this is the reason for the fewer rates of interest on a gold loan as well; on the other hand, the rates of interest of a personal loan are quite high.
The resemblance with the Personal Loan
The personal loan and the gold loan are similar in one way that in both loans we can use the loan amount according to our wish; we are not answerable to the bank for the use of the loan amount.
The customer can fulfill his/her personal needs with the help of this loan amount.
How a Gold Loan is different from a Personal Loan?
Gold Loan and a personal loan are quite different because the gold loan comes in the category of secured loan whereas the personal loan is a totally unsecured loan, this leads to higher rates of interest of the personal loan. One more thing to note is that in a personal loan the amount of loan is not that big however in a gold loan the customer gets the loan as per the value of the gold that he/she has.
Gold Loan Procedure
The process of application of the gold loan is very simple as compared to other loans, neither the documentation process is that much complex. To apply for a Kotak Mahindra Bank Gold Loan the applicant first needs to apply on Dialabank. After that first of all the eligibility of the customer is checked, then if he/she is eligible the customer get loan amount disbursed on the same day after the valuation of the gold by the jeweler. One more step is included in the procedure that you have to have the basic required documents for the submission.