Starts at 11%
Loan Per Gram
From Rs. 2,472 to Rs. 3,023
Up to 36 months
Up to 1% + GST
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.
Why Choose Kotak Mahindra Bank Gold Loan?
Kotak Mahindra Bank offers Loan against Gold at the lowest Interest rate. Being one of the significant gold loan suppliers, Kotak Mahindra Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The Gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.
Advantages of Kotak Mahindra Bank Gold Loan
- A gold loan is a fast loan as compares to other loans individual get cash within a day
- The gold loan can be taken for education purpose
- It tends to help extend a business or working capital requirement
- To enhance agribusiness by purchasing apparatus for the water system and different needs
- At the point when a healing crisis strikes, a gold loan can be a friend in need.
- To get urgent money while going on a trip
- Gives the feeling of utilising a possess advantage for fund your requirements
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 commercial 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 a 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.
Kotak Mahindra Bank Gold Loan Documents Required
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 have 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 Interest Rate, Fees and Charges
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 start 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 Rate per Gram
ou 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 funding of up to 70% of the total market price of your Gold keeping the remaining 30% as a 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**
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 just to 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 based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
Kotak Mahindra Bank Gold Loan EMI Calculator
How to Pay Your Kotak Mahindra Bank Gold Loan EMI?
Your Bajaj Finance gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Kotak Mahindra Bank, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Kotak Mahindra Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-Kotak Mahindra Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Kotak Mahindra Bank account at your closest Kotak Mahindra Bank Loan branch. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Gold Ornaments accepted by 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.
Uses of Kotak Mahindra Bank Gold Loan
The funds acquired by availing the Kotak Mahindra Bank Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, 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
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.
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.
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.
Repayment of the gold loan at Kotak Mahindra Bank is made 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.
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 personalised assistance and best offers.
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.
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.
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
To get a Kotak Mahindra Gold Loan simply visit the nearest branch and submit your gold ornaments for the 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 personalised assistance.
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.
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 office even if the payment was made online to show the receipt and release their ornaments and receive the No Dues Certificate.
Renewal of the Kotak Mahindra Gold Loan is an easy process, and 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.
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.
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 Why Choose Kotak Mahindra Bank Gold Loan?
- 3 Advantages of Kotak Mahindra Bank Gold Loan
- 4 Kotak Mahindra Bank Gold Loan Eligibility
- 5 Kotak Mahindra Bank Gold Loan Documents Required
- 6 Kotak Mahindra Bank Gold Loan Interest Rate, Fees and Charges
- 7 Kotak Mahindra Bank Gold Loan Rate per Gram
- 8 Kotak Mahindra Bank Gold Loan Apply Online
- 9 Kotak Mahindra Bank Gold Loan EMI Calculator
- 10 How to Pay Your Kotak Mahindra Bank Gold Loan EMI?
- 11 Gold Ornaments accepted by Kotak Mahindra Gold Loan
- 12 Uses of Kotak Mahindra Bank Gold Loan
- 13 FAQs About Kotak Mahindra Gold Loan