Kotak Mahindra Bank Gold Loan

Interest rates on Kotak Mahindra Bank gold loans vary from 9.00% to 24% p.a. This rate is fixed by the bank, depending on the type of loan and tenure, among other factors. It is always better to know the exact fees and charges, and interest rate that you are paying on your loan, because it helps you plan your finances better.

Kotak Mahindra Gold Loan has numerous benefits, and so without wasting any time, let’s have a look at the same:

• An individual doesn't need to be an existing customer of Kotak Mahindra Bank. Anybody can avail themselves of the loan amount. However, such people can only get a maximum loan amount of Rs. 25 lakh, while existing customers can avail of Rs. 50 lakh. The minimum amount of Rs. 20,000 remains the same for both types of customers.
• Kotak Mahindra Bank disburses loans to your accounts by various methods. Some of them are cash, Demand Draft, Fund Transfer in case the applicant has an existing Kotak Mahindra savings bank account, NEFT, and RTGS in case the applicant has some other bank account.
• You can choose a tenure ranging from 12 to 48 months for your Kotak Bank gold loan repayment. You also get to choose what type of repayment model you prefer - bullet scheme or equal monthly installments.
• Get swift gold loan approval with minimal documentation.

Apart from Kotak Bank's gold loan interest rate and processing fees, there are several other charges involved as well. You can have a look at the table below to know in detail about them

There are not many stringent laws to get a Kotak Mahindra Gold Loan. You can avail of gold loans even when you don’t have an account in Kotak Bank. The basic eligibility criteria for Kotak Mahindra Bank gold loan can be read below-

• Anyone who is above 18 years of age and below 75 years can apply for this loan.
• The applicant must be an Indian Citizen.
• The quality of goods to be pledged is a big factor in defining your eligibility. Your gold ornaments and bank-minted gold coins must have a purity of 18 to 22 karats and 24 karats, respectively.
• The applicant must have a stable source of income so that he or she can repay the loan on time.
• The applicant will not need any kind of guarantor to avail of this loan.

If you are an existing Kotak Bank customer, then you can easily get a gold loan as your KYC process might have already been done. Whereas for new customers, some basic requirements are there.

For Kotak Bank Existing Customers: Latest address proof (only if the address of the customer as updated in the bank records is different from the address stated in this application) and signature proof. PAN is a must if the annual income exceeds Rs 5 lakhs as per the Regulatory guidelines.

For Non-Kotak Bank Customers: Identity Proof, Address Proof, Signature Proof (KYC Documents), and 2 passport size photographs PAN is a must, if the annual income exceeds Rs 5 lakhs as per Regulatory guidelines( needs to be included for Non customers )

There are plenty of lenders who are offering gold loans at good, competitive interest rates. Let’s have a comparative analysis between some of the top gold loan lenders below

If you are thinking about what the EMI amount or the interest amount that you will pay at regular intervals, then you are at the right place. This can be calculated by an amazing tool known as the Kotak Mahindra Bank Gold Loan Calculator. You just need to fill in a few basic details, and the repayment amount will be displayed instantly on the screen. To use this calculator, you will need to follow a few simple basic steps that we have mentioned below. Do check them!

• The first thing that you will need to enter is the Net Weight of Gold, excluding any kind of pearls, diamonds, copper, beads, etc.
• After this, you will need to feed the Carat of the Gold against which you want to take the loan amount.
• Now, feed the required loan amount. It can be a maximum of INR 50 lakhs if you are an existing customer of Kotak Mahindra Bank.
• Select the repayment mode that you want to choose from EMI, Monthly, Quarterly, Half-yearly, and Yearly.
• After the previous step, you will need to put the rate of interest and the required tenure.

After feeding these details into the calculator, you will get the required amount that you will need to repay.

It’s a simple process to apply for a Kotak Bank gold loan. Just follow the steps below, and you can avail of your gold loan without any hiccups.

• Step 1 - Visitthe nearest Kotak Mahindra bank branch that facilitates a gold loan
• Step 2 - Present the gold commodity that you wish to pledge to the executive, who will check its purity.
• Step 3 - After the purity is confirmed then the object is weighed, and you will be given the loan amount eligibility
• Step 4 - After you present the necessary documents, your loan amount will be transferred to your account

If you encounter a problem related to your Gold Loan or you have any confusion about any aspect of this loan facility, you can contact the Kotak Mahindra Bank Gold Loan customer care. For this, you just need to dial 1800-266-2666. This toll-free number is available 24*7 on all days of the year. The representatives will hear your problems and resolve them in the minimum time possible.