About Kotak Mahindra Bank Gold Loan
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.
|Kotak Mahindra Bank Gold Loan at a Glance|
|Interest Rate||Starts at 11%|
|Gold Loan Per Gram||₹1800 to ₹2450 depending on the purity of gold|
|Tenure||6 to 36 months|
|Processing Fee||2% + GST|
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.
Advantages of Kotak Mahindra Bank Gold Loan
- Kotak Mahindra Bank is very reliable and trustworthy financial organization in India.
- 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.
Kotak Mahindra Bank Gold Loan Interest Rate
Kotak Mahindra Bank Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Kotak Mahindra Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank starts at 10.50% per annum.
Kotak Mahindra Bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Kotak Mahindra Bank Gold Loan Eligibility
Gold Loan is a financial product provided by the Kotak Mahindra Bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of interest and also requires minimal documentation for the same. Kotak Mahindra Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Kotak Mahindra Bank Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Kotak Mahindra Bank Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
Documents Required for Kotak Mahindra Bank Gold Loan
Documents required for Applying for Kotak Mahindra Bank Gold Loan are :
- 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
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Kotak Mahindra Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Kotak Mahindra Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
A duly filled and signed Kotak Mahindra Bank Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents :
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Kotak Mahindra Bank Gold Loan for Agricultural purposes.
**Any other documents as requested by the bank shall be duly submitted**
Kotak Mahindra Bank Gold Loan Apply Online
Applying for the Kotak Mahindra Bank Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below mentioned steps to get a Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have to just fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Kotak Mahindra Bank Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the Kotak Mahindra Bank Gold Loan Rate per Gram also varies every day. Kotak Mahindra Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
You will get ₹1800 to ₹2450 for a gram of Gold depending on its purity and the market price for your Kotak Mahindra Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Forms of Gold accepted for Kotak Mahindra Gold Loan
- Gold in the form of jewellery is acceptable.
- Gold coins weighing less than 50 grams in total are acceptable.
- Gold in the raw form is not acceptable.
- The quality of the gold should be 18 carats to 24 carats.
- Gold bars and bricks are unacceptable.
- Minted coins are not accepted for the gold loan.
Use of Kotak Mahindra Bank Gold Loan
The funds acquired by availing the Kotak Mahindra Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About Kotak Mahindra Gold Loan
1. How much Gold Loan can I get per gram in Kotak Mahindra Bank?
At Kotak Mahindra Bank you can get Gold Loan from ₹1800 to ₹2450 per gram depending upon the quality of your gold (18K – 24K). You can apply at Dialabank’s digital platform to avail the best offers.
2. What is Kotak Mahindra Bank Gold Loan?
Kotak Mahindra Bank provides gold loans at attractive rates with a minimum amount of Rs 20000 to a maximum limit of Rs 25 lacs. The tenure of the loan is between 6 to 36 months. The loans are provided with minimal documentation and disbursement within 4 hours of approval.
3. What is the Gold Loan interest rate in Kotak Mahindra Bank?
Interest Rates range between 11% to 17% per annum depending upon the amount and the purpose of the loan. A processing fee of up to 2% of the loan amount may also be charged. The amount of the loan sanctioned depends on the quality and weight of the gold pledged.
4. How to pay Kotak Mahindra Bank Gold Loan online?
Repayment of the gold loan at Kotak Mahindra Bank is done on Bullet Payment basis, customers can also avail EMI facility on Gold Loan and overdraft facility for businesses is also available. To pay the Gold Loan online, all you need to do is visit the Bank’s website and give the loan account number/ CRN number and make the payment.
5. How to apply Gold Loan in Kotak Mahindra Bank?
You can apply for Kotak Mahindra Bank Gold Loan online by filling a basic form after which a representative will contact you and guide you through the process. You can also visit the branch nearest to you and apply for a gold loan. Alternatively, you can visit Dialabank’s online portal and apply it is quick and easy steps to get personalized assistance and best offers.
6. How to renew Kotak Mahindra Bank Gold Loan online?
For the renewal of your Gold Loan visit the nearest Kotak Mahindra Bank branch with the documents where your previously pledged gold will be released and revalued according to the current market rates and renewal fee might be charged as applicable and your loan will be renewed.
7. How to take Gold Loan from Kotak Mahindra Bank?
Taking Gold Loan from Kotak Mahindra bank is a simple and hassle-free process. You just need to visit the branch with gold assets which can be between 18 carats and 24 carats. Valuation of the gold is done and the disbursal of the loan amount takes about 90-120 minutes.
8. What is Gold Loan in Kotak Mahindra Bank?
Gold loan is a way of availing urgent monetary help by pledging your gold ornaments. Kotak Mahindra Bank provides you with gold loan schemes that cater to all your needs. You just have to visit the nearest branch and get your gold valued, after submission and verification of documents the loan amount is disbursed within minutes
9. How to get Kotak Mahindra Bank Gold Loan?
To get a Kotak Mahindra Gold Loan simply visit the nearest branch and submit your gold ornaments for valuation process. Upon approval and verification of your documents the amount is transferred to your bank account. You can also apply online with Dialabank and get personalized assistance.
10. How to check Kotak Mahindra Bank Gold Loan status?
Check the status of your loan by visiting the bank’s official website and clicking on the ‘Track my Application’ link. You can also contact the bank via email or call on their customer care number for more information.
11. How to close Kotak Mahindra Bank Gold Loan?
Closing the Gold Loan from Kotak Mahindra Bank can be done online by visiting their official website and making the online payments or through a cheque/DD/ fund transfer when physically visiting the branch. The customer has to visit the branch even if the payment was made online to show the receipt and release their ornaments and receive the No Dues Certificate.
12. How to renew Kotak Mahindra Bank Gold Loan?
Renewal of the Kotak Mahindra Gold Loan is an easy process, it can be done by visiting the branch where the previously pledged gold is revalued. You may be asked to write a request letter and a renewal fee may also be charged.
13. What happens if someone defaults Kotak Mahindra Bank Gold Loan?
If someone defaults the Kotak Mahindra Gold Loan a penalty of 3% on the total due amount will be imposed. Defaulting, again and again, will give the bank the rights to sell your gold and recover the overdue amount through an auction.
14. How many branches of Kotak Mahindra Bank Gold Loan?
Kotak Mahindra Bank is one of the fastest-growing private sector banks in India. With more than 1500 branches spread across the country, they provide gold loan services to all and everyone in need of urgent funds.
Table of Contents
- 1 About Kotak Mahindra Bank Gold Loan
- 2 About Kotak Mahindra Bank
- 3 Advantages of Kotak Mahindra Bank Gold Loan
- 4 Kotak Mahindra Bank Gold Loan Interest Rate
- 5 Kotak Mahindra Bank Gold Loan Eligibility
- 6 Documents Required for Kotak Mahindra Bank Gold Loan
- 7 Kotak Mahindra Bank Gold Loan Apply Online
- 8 Kotak Mahindra Bank Gold Loan Rate per Gram
- 9 Forms of Gold accepted for Kotak Mahindra Gold Loan
- 10 Use of Kotak Mahindra Bank Gold Loan
- 11 FAQs About Kotak Mahindra Gold Loan
- 11.1 1. How much Gold Loan can I get per gram in Kotak Mahindra Bank?
- 11.2 2. What is Kotak Mahindra Bank Gold Loan?
- 11.3 3. What is the Gold Loan interest rate in Kotak Mahindra Bank?
- 11.4 4. How to pay Kotak Mahindra Bank Gold Loan online?
- 11.5 5. How to apply Gold Loan in Kotak Mahindra Bank?
- 11.6 6. How to renew Kotak Mahindra Bank Gold Loan online?
- 11.7 7. How to take Gold Loan from Kotak Mahindra Bank?
- 11.8 8. What is Gold Loan in Kotak Mahindra Bank?
- 11.9 9. How to get Kotak Mahindra Bank Gold Loan?
- 11.10 10. How to check Kotak Mahindra Bank Gold Loan status?
- 11.11 11. How to close Kotak Mahindra Bank Gold Loan?
- 11.12 12. How to renew Kotak Mahindra Bank Gold Loan?
- 11.13 13. What happens if someone defaults Kotak Mahindra Bank Gold Loan?
- 11.14 14. How many branches of Kotak Mahindra Bank Gold Loan?