Kotak Mahindra Bank Gold Loan Highlights |
|
|---|---|
| Interest Rate | 8%-24% p.a. |
| Processing Fees | Up to 2% of loan amount |
| Loan Amount | Rs 20,000-Rs 1.5 crore |
| Loan Tenure | Up to 4 years |
| LTV Ratio | 65% to 75% |
| Repayment |
|
| Collateral | Gold ornaments and gold coins |
Kotak Mahindra Bank Gold Loan Interest Rate
Kotak Mahindra Bank's gold loan interest rates start from 8% per annum onwards. The interest rates vary based on the type of gold loan and the loan tenure offered to applicants.
| Maximum Interest Rate | 24% p.a. |
| Minimum Interest Rate | 8% p.a. |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Kotak Mahindra Bank Gold Loan Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fee | Up to 2% of loan amount |
| Documentation Charges | NIL |
| Credit Administration Charges | NIL |
| Bo due certificate | NIL to Rs 50 |
| Dishonour charges per instance | Rs 750 |
| Overdue Interest | 3% of overdue amount |
| Swap charges | Up to Rs 500 per swap per instance |
| Charges for furnishing a copy of credit information report to the applicant | Rs 50 |
| Prepayment/Foreclosure Charges |
Bullet Loan up to 12 months:
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Also read: Best Gold Loan EMI Calculator
Eligibility Criteria for Availing Kotak Gold Loan
- Gold ornaments pledged should be between 18 to 22 karats.
- Applicants must be between 18 and 75 years old. If above 70, a co-borrower is needed.
- Bank-minted gold pledged should be 24 karats and up to 50 grams per customer.
Also read: Best Gold Loan Eligibility
Documents Required for Availing Gold Loan from Kotak Mahindra Bank
For Existing Customers of Kotak Mahindra Bank-
- Signature proof
- Latest address proof
- PAN card is mandatory if annual income exceeds Rs 5 lakh
For Others-
- 2 passport size photographs
- PAN card (mandatory) if annual income is above Rs 5 lakh
- Address Proof
- Signature Proof
- ID Proof
Also Read : Best Gold Loan Documents Required
Repayment Options available in Kotak Mahindra Bank Gold Loan
- EMI Scheme: Repayment can be made over 1, 2, 3, or 4 years.
- Bullet Repayment Scheme: You can repay the loan within 12 months. It can be renewed for another 2 years with the same documents. Interest payments can be made quarterly, half-yearly, or annually.
- Vanilla Scheme: Available for a 3-year tenure. No need to renew the loan during this time if you choose monthly interest repayment.
Features of availing gold loan from Kotak Mahindra Bank
Here are some features of availing gold loan from Kotak Mahindra Bank are given below:
- Higher loan-to-value ratio.
- Multiple payment modes available for loan repayment.
- Minimal documentation required for availing a gold loan.
- Flexible repayment tenure options to choose from based on your needs.
- Your gold is kept safe and secure by the bank once the loan is approved.
- Instant approval if you meet eligibility criteria and submit correct documents.
- Excellent customer care service available for addressing any queries or concerns.
FAQs on Kotak Mahindra Bank Gold Loan
1. Will I be required to provide any income documents?
If you're availing a loan up to Rs. 10 lakh, you won't need to provide any income documents.
2. What are the different loan tenures available under the gold loan scheme offered by Kotak Mahindra Bank?
You can choose a loan tenure ranging from a few months to 4 years based on your needs.
3. What is the minimum and maximum loan amount that I can avail?
The minimum loan amount you can get is Rs. 20,000, and the maximum is Rs. 1.5 crore.
4. What are the ornaments that I can provide as security?
You can provide any type of gold ornament or coin that is 18 karats or higher in purity. However, items like gold wristwatches, gold statues, mangalsutra, thali, raksha, kodi, etc., cannot be provided as security to the bank.
5. Can I calculate the Gold Loan EMI on the official website of Kotak Mahindra Bank?
You can visit Kotak Mahindra Bank's official website and go to the 'Gold Loan' section. Click on the 'Gold Loan EMI Calculator' link, which will take you to a separate page. Enter details like gold weight, karat, loan amount, repayment mode, loan tenure, and interest rate. Then, you can see the monthly EMI you need to pay.