- What features make Kotak Mahindra Bank Gold Loan so popular among the customers?
- Know about its interest rates, eligible loan amount, EMI Calculator and the various repayment modes!
Some grim and stressful situations in life can be overcome and solved by only one thing — money. And it is possible that you may not have the required amount with you in those situations. But you need not worry! Do you know that you can use your gold to get any required amount of money by availing for a gold loan? If you didn’t know this before then know now – that you can opt for the Kotak Mahindra Bank Gold Loan to get the required money and repay it later with your own convenience. Kotak Mahindra Bank, which is one of the top private banks giving a wide range of banking products in India, provides this gold loan to all those customers wanting money urgently to meet their needs.
Available at an affordable rate of interest, a Kotak Mahindra Bank Gold Loan can be availed by anyone by just submitting their gold to the bank. And against that gold, you will get the required loan amount in just a few hours. This gold you are submitting to the bank will act as a collateral or security for the bank, hence you will get lower interest rates on the loan. Keep reading to know more about Kotak Mahindra Bank Gold Loan!
Kotak Mahindra Bank Gold Loan Interest Rate January 2023
Interest rate is certainly a crucial factor while availing for any kind of loan facility. A lender will charge a certain interest on the given loan amount and it varies from one lender to another. If you are looking for a gold loan, the interest rate should be the first thing that you check. In the case of gold loans, interest rates are a bit low as this is secured in nature due to your pledged gold against the loan amount.
A lower interest rate will make your repayment amount low that will ease the pressure off your pocket. Kotak Mahindra Bank Gold Loan Interest rates range from 10.50% to 17% per annum. The final rate of interest for each customer may vary depending on his/her overall profile and purpose of the loan. Your eligible loan amount will also affect your interest rates.
In the below table, you can check the interest rate and other details related to the Kotak Mahindra Bank Gold Loan.
Kotak Mahindra Bank Gold Loan Interest Rates and Other Important Details
|Minimum Loan Amount||INR 20,000|
|Maximum Loan Amount||INR 50 lakh for Existing Customers|
INR 25 lakh for New Customers
|Interest Rate||10.50% - 17.00%|
|Minimum Tenure||12 months|
|Maximum Tenure||48 months|
|Loan-to-Value Ratio||65% to 75% of the gold value|
|Processing Fee||Upto 2% of the Maximum Eligible Loan Amount + Applicable GST charges|
|Penal Interest Charges||3% per month on the outstanding amount|
|Part prepayment Charges||2.25% of the Foreclosed Amount if the loan is closed 1 month before the tenure|
However, it can be waived fully or partially
Kotak Mahindra Bank Gold Loan Highlights
After knowing about the interest rates and other important details about the Kotak Mahindra Bank Gold Loan, it’s time to gain some knowledge about some of the amazing highlights of this loan facility.
We have put all the major highlights of this gold loan below. So without wasting any time, do check them out!
- The first thing that you need to know that you can opt for this loan against your gold ornaments as well as the gold coins minted by the bank. You just need to remember that the gold ornament must be between 18 to 22 karats when it comes to the purity of it and the gold coins must be of 24 karats.
- Your gold ornaments, against which you want the loan amount, must not have more than 50% part as the non-gold material as it will be deducted during the valuation.
- to opt for a Kotak Mahindra Bank Gold Loan, it is not a must for an individual to be an existing customer of Kotak Mahindra Bank. Anybody can avail of the loan amount. However, such people can only get a maximum loan amount of INR 25 lakh, while existing customers can avail of INR 50 lakh. The minimum amount of INR 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.
- For the repayment purpose, you can choose the tenure from 12 to 48 months according to your convenience. You can choose from the Bullet Repayment Method and Equated Monthly Installments (EMIs) method.
How can You Apply for Kotak Mahindra Bank Gold Loan?
After coming to know about all the amazing features of the Kotak Mahindra Bank Gold Loan, it will be of no use if you don’t know the methods by which you can apply for it. The application method is quite easy and convenient and can be done by any individual in a hassle-free manner. The amazing part is it can be done both online and offline. You can choose anyone according to your convenience. If you want to know about them, you can check detailed information about both these methods below.
To apply for Kotak Mahindra Bank Gold Loan online, you just need to follow a few steps and your application will be processed.
First of all, you will need to visit the official website of Kotak Mahindra, and then go to the Gold Loan section of it. On reaching there, you will see the Apply Now button. On clicking that button, an application form will open before you. In this form, you will need to fill a few basic details such as your name, mobile number, email id, residing city, and CRN (Customer Relationship Number) if you are an existing customer of Kotak Mahindra Bank.
After submitting the form, representatives from the bank will soon contact you regarding the loan requirement and will explain everything about the loan facility. You will need to visit the nearest branch to complete the loan process.
If due to any reason you don’t want to apply online, you can opt for the offline method of the application. The first thing you will need is to find the nearest Kotak Mahindra Branch. After this, you just need to visit the branch with your gold ornaments or coins along with the required KYC documents that you will need during the loan process. You can know about the list of documents that you will require in the next section of this page. After the gold valuation process and authentication, your eligible loan amount will be disbursed. The whole process will take a maximum of 4 hours considering you present all the documents rightfully.
Documents Required for Kotak Mahindra Bank Gold Loan
As we told you in the application method for Kotak Mahindra Bank Gold Loan, you will be required to present a few documents before the lender to provide proof of your age, identity, and address. Documentation is an integral part of any loan approval facility. Knowing which documents you need to present gives you the time to collect all, hence it must be taken with seriousness. If you happen to miss any of the required documents, it may delay your whole process and your loan amount disbursal will affect.
You can check below the list of documents that you need to carry at the time of the application.
- For Existing Kotak Customers – Latest Address Proof as the bank already has the documents for your KYC ( Only if there has been a change in the registered address with the Bank)
- For New Customers who do not have any relationship with the Bank – 3 Passport Size Photographs, Identity Proof, Address Proof, Signature Proof (KYC Documents such as Aadhar Card/ Passport/ Driving License/ PAN Card)
What is the Eligibility Criteria to get a Kotak Mahindra Bank Gold Loan?
Now, after knowing the list of documents that you require to get the Gold Loan from Kotak Mahindra Bank, it is important for you to know its eligibility criteria. Every lender has this definite set of conditions known as the eligibility criteria which each applicant has to fulfill. It is to ensure that the lender is giving the loan amount to the right person.
So before applying for the gold loan, make sure you are eligible for it. For your knowledge, we are providing them below. Have a look at them!
- 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 good 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.
How much Gold Loan Amount You Can Get?
This is the question that must be going on in your mind, as a lot of people want to know what is the maximum loan amount they could take with the gold they have? Well, as we said before, Kotak Mahindra offers a minimum loan amount of INR 20,000 to all types of applicants. But it is the maximum amount which tends to vary according to the gold you have.
With the help of Kotak Mahindra Bank Gold Loan, you can get a loan around 65% to 75% of the gold. Let’s understand this through an example. Suppose that you have gold ornaments. The total value of them is INR 10 lakh. So, according to the LTV provided by Kotak Mahindra Bank Gold Loan, you could get a loan amount of INR 6.5 lakh to a maximum of INR 7.5 lakh. So, you should know this before applying for Kotak Mahindra Bank Gold Loan.
Repayment Modes for the Kotak Mahindra Bank Gold Loan
If there is any question arising in your mind about how to repay the loan amount, now would be the right time to get an answer to this question. You can choose any of the two methods to repay the Kotak Mahindra Bank Gold Loan – Interest Payment or Equated Monthly Installment (EMI) Payment
If you opt for the interest payment method, you will only need to pay the interest amount at monthly, quarterly, half-yearly or yearly intervals. You can pay the principal amount after the end of tenure. You can choose any interval according to your convenience.
But if you opt for the EMI payment method, you will need to pay a fixed amount which will consist of both principal and interest amount. So you can choose any of the two methods to repay the loan amount.
Kotak Mahindra Bank Gold Loan EMI Calculator — How does It Work?
If you are thinking about what will be my EMI amount or the interest amount that I will be paying at regular intervals? Let us tell you, this can be calculated by an amazing tool known as Kotak Mahindra Bank Gold Loan EMI 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 Karat 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.
- Feed 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 required tenure.
After feeding these details into the calculator, you will get the required amount that you will need to repay.
How to Get in Touch with Kotak Mahindra Bank Gold Loan Customer Care?
At any point in time, 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.