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Kotak Mahindra Bank Gold Loan Highlights |
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| Interest Rate | 9%-24% p.a. |
| Loan Amount | Rs 20,000-Rs 1.5 crore |
| Loan Tenure | Up to 4 years |
| LTV Ratio | 65% to 75% |
| Processing Fees | Up to 2% of loan amount |
| Collateral | Gold ornaments and gold coins |
| Repayment |
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Rates as of 7th November 2024
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Kotak Mahindra Bank Gold Loan Interest Rate
Kotak Mahindra Bank gold loan interest rates start from 9% p.a. onwards. The lender offers gold loan interest rates depending on the type of gold loan and loan tenure offered to its gold loan applicants.
| Minimum Interest Rate | 9% p.a. |
| Maximum Interest Rate | 24% p.a. |
Kotak Mahindra Bank Gold Loan Fees and Charges
| Particulars | Charges |
| Processing Fee | Up to 2% of loan amount |
| Documentation Charges | NIL |
| Prepayment/Foreclosure Charges | Bullet Loan up to 12 months:
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| Credit Administration Charges | NIL |
| Overdue Interest | 3% of overdue amount |
| Dishonour charges per instance | Rs 750 |
| Swap charges | Up to Rs 500 per swap per instance |
| Bo due certificate | NIL to Rs 50 |
| Charges for furnishing a copy of credit information report to the applicant | Rs 50 |
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Repayment Options available in Kotak Mahindra Bank Gold Loan
- Bullet Repayment Scheme- This scheme offers repayment tenures of up to 12 months. Under this scheme, gold loan can be renewed further for a period of 2 years with the same loan documents and a fresh request letter for renewal from the borrower. Interest payment can be made on quarterly, half-yearly or annual intervals.
- EMI Scheme- Under the EMI scheme, repayment can be made for tenure of 1 year, 2 years, 3 years and 4 years.
- Vanilla Scheme- This scheme is available for a 3 year tenure. Here, no renewal of gold loan is required during the tenure in case of monthly interest repayment.
Eligibility Criteria for Availing Kotak Gold Loan
- The applicant should be above 18 years of age and below 75 years of age. A co-borrower is required if the applicant is above 70 years.
- The gold ornaments pledged as collateral should be between 18 to 22 karats.
- The bank minted pledged as security should be 24 karats and up to 50 grams per customer.
Documents Required for Availing Gold Loan from Kotak Mahindra Bank
For Existing Customers of Kotak Mahindra Bank-
- Latest address proof
- Signature proof
- PAN card is mandatory if annual income exceeds Rs 5 lakh
For Others-
- ID Proof
- Address Proof
- Signature Proof
- 2 passport size photographs
- PAN card (mandatory) if annual income is above Rs 5 lakh
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Kotak Mahindra Bank Gold Loan EMI Calculator
Applicants planning to avail Kotak Mahindra Bank gold loan through EMI scheme can use various online gold loan EMI calculators to calculate their EMIs and interest costs depending on the loan tenure, loan amount and interest rate. Individuals can use the Gold Loan EMI Calculator available on the Paisabazaar website.