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Kotak Mahindra Bank Gold Loan

Apply Kotak Mahindra Bank Gold Loan

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Overview Kotak Mahindra Bank Gold Loan

Kotak Mahindra Bank gold loans can be availed at interest rates starting from 10.50% p.a. You can get a gold loan from the bank of up to Rs. 50 lakhs. The maximum loan tenure in this type of loan is 48 months with 2% processing fees applicable on the loan amount.

Key features of Kotak Mahindra Bank gold loan

See the table below to have a quick glance at key features of gold loans offered by Kotak Mahindra bank:

Interest rate 

Starting 10.5% p.a. 

Loan amount 

Up to Rs. 50 lakhs 

Loan tenure 

Up to 4 years 

Processing fees

Up to 2% of the loan amount + GST 

Important factors of gold loan from Kotak Mahindra Bank

Kotak Mahindra Bank offers a range of products and services to its customers, each designed to meet different customer needs. One such product offering available to customers of Kotak Mahindra Bank is a gold loan. The lender currently offers gold loans at interest rates starting from 10.5% and going up 17%.

Some of the noteworthy features of gold loans from Kotak Mahindra Bank are:

  • Minimal documentation 
  • If an applicant meets the eligibility criteria and all documents are as per requirements, then the bank approves the gold loan instantly
  • Once the gold loan has been approved, the bank ensures that the borrower’s gold is kept safe till the end of the loan tenure
  • Easy loan repayment with multiple payment options
  • Strong customer care set-up that is always available for customers

What are the eligibility criteria of Kotak Mahindra bank gold loans?

Here are the eligibility criteria to be fulfilled for availing gold loan from Kotak Mahindra Bank:

  • Applicant’s minimum age should be 18 years
  • Applicant should be a resident of India
  • The applicant is only allowed to offer gold ornaments or gold articles as security against the loan

What are the fees and charges of gold loans from Kotak Mahindra bank?

Here are the fees applicable on Kotak Mahindra bank gold loans:

Interest Rate

10.5% to 17%

Processing fee for the loan

Up to 2% of the loan amount

Dishonour penalty

Rs. 750

Swap Charges

Up to Rs. 500 per swap

No Due Certificate

Re. 0 to Rs. 50 as bank’s decision

Legal / Incidental Charges

Actual charges

Other applicable charges on gold loans:

  1. Credit appraisal fees - Minimum Rs. 250 and maximum Rs. 2,000. These charges are applied depending on factors like loan amount, ornaments offered as security, ornament weight, etc.
  2. Overdue interest - 3% of the month’s overdue compounded on a monthly basis.
  3. Commitment charges - 0.50% per quarter applicable on the limit not utilized or Rs. 1,250 per quarter.
  4. Collection charges - These are as per the discretion of the bank subject to a maximum of 30% applicable on the overdue amount.
  5. Prepayment /Foreclosure charges - 2.25% on the foreclosure amount if closed a month in advance of the repayment tenure.
  6. Charges applied in case customer seeks a copy of records of his transactions (SOA/Amortization Schedule) – The first request is free of charge. The applicant will then be charged Rs. 250.

What are the documents required for the Kotak Mahindra bank gold loan?

Here is the list of documents to be submitted while availing a gold loan from Kotak Mahindra Bank:

For existing customers of Kotak Mahindra Bank

Existing customers will be required to submit address proof.  This is, only if the current address is different from the address already updated with the bank. For this, one can submit Aadhaar Card, Passport, etc. as address proof.

For non-customers of Kotak Mahindra Bank

  • Proof of identity - PAN Card, driving license, etc.
  • Proof of address - Passport, Aadhaar Card, utility bills, etc.
  • Proof of signature / KYC documents 
  • 3 passport-sized photographs of the applicant

End Note

Life can pose some grim and stressful financial situations but these can be solved by the availability of funds. If you have enough gold in your bank locker, you can get the required amount of money by applying for a gold loan. Apply for the Kotak Mahindra Bank Gold Loan to get the required funds and repay it at your own convenience later. You can ease your financial burden with this loan as it offers low interest rates and flexible repayment terms. Use your physical gold lying dormant in bank lockers to enjoy liquidity today.

Frequently Asked Questions

1. How to calculate Kotak Mahindra bank gold loan EMI?

To calculate Kotak Mahindra Bank gold loan EMI, you can visit the ‘Gold Loan’ section of the bank’s official page. The bank offers a free ‘Gold Loan EMI Calculator’ which allows you to see the monthly EMI you may have to pay on the gold loan based on the factors you input.

2. What are the minimum and maximum gold loan amounts from Kotak Mahindra bank?

The minimum gold loan amount available from Kotak Mahindra bank is Rs. 25,000 and the maximum amount is Rs. 25 lakhs.

3. What ornaments can I provide as security against Kotak Mahindra bank gold loan?

A borrower can provide any type of gold ornaments or coins of 18 karats and above against Kotak Mahindra bank gold loan. Gold wristwatches, mangalsutra, gold statues, thali, raksha, etc. are some of the items that are not allowed as security against gold loans.

4. Do I need to provide any income documents against Kotak Mahindra bank gold loan?

No, you do not need to provide any income documents if availing gold loan of up to Rs. 10 lakhs from Kotak Mahindra bank.

5. Which bank is best for a gold loan?

Kotak Mahindra bank is one of the top banks offering gold loans in India. This bank offers one of the lowest interest rates on gold loans in India with flexible repayment tenures and other loan terms.

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