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Kotak Mahindra Bank Gold Loan Highlights |
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| Interest Rate | Regular Scheme: 9%-24% p.a. Kotak Smart Choice Gold Loan: 0.88% per month |
| Loan Amount | Regular Scheme: Rs 20,000-Rs 1.5 crore Kotak Smart Choice Gold Loan: Rs 6 lakh & above |
| Loan Tenure | Kotak Smart Choice Gold Loan: 1 year
Regular Gold Loan Scheme:
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| LTV Ratio | 65% to 75% |
| Processing Fees | Up to 2% of loan amount |
| Collateral | Gold ornaments and gold coins |
Rates as of 10 February 2025
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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.
| Regular Gold Loan Scheme | 9-24% p.a. |
| Kotak Smart Choice Gold Loan Scheme | 0.88% per month |
Kotak Mahindra Bank Gold Loan Fees and Charges
| Particulars | Charges |
| Processing Fee | Up to 2% of loan amount + applicable GST |
| Foreclosure Charges | 2% + GST; applicable on outstanding principal loan amount |
| Part Payment Charges | 2% + GST; applicable on part payment amount |
| Penal Charges | 8% per annum |
| Credit Appraisal Charges | Rs. 500 to Rs. 1000 + GST, (Min. amount Rs. 500 + GST) |
| Stamping Charges | Applicable as per the respective State’s Stamp Act |
| Collection and Recovery Charges | On Actuals |
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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.