Kotak Mahindra Bank Gold Loan

Some of the features of availing gold loan from Kotak Mahindra Bank are given below:

1. You need minimum documentation in order to avail a gold loan from the bank.
2. If you meet the eligibility criteria and all the documents submitted by you are correct, then the bank instantly approves the loan.
3. Once the gold loan offered by the bank has been approved, it ensures that your gold is safe and secure with the bank.
4. Higher loan to value.
5. The repayment of loan is easy where you have multiple payment modes at your disposal.
6. The bank has a brilliant customer care service and is always available to cater to your doubts.
7. There are various repayment tenure options that you can select for yourself based on your needs.

Eligibility criteria to apply for Kotak Gold Loan

The eligibility criteria you will be required to fulfill in order to avail gold loan from Kotak Mahindra Bank is given below:

1. The minimum age of the person applying for a loan should be 18 years old.
2. The person applying for a loan should be a resident of India. In case he/she is not, then a proprietor will be needed.
3. The applicant can only offer gold ornament or any articles above 18 carats as security to the bank.

Fees and charges

Other charges as applicable

Credit Appraisal Charges

Minimum is Rs.350 and maximum is Rs.1,500. The charges applied will depend on factors such as the loan amount, number of ornaments given for security, weight of the ornament, etc. The second appraisal will be at the discretion of the bank.

Overdue Interest

3% of the month overdue. The amount will be compounded on a monthly basis.

Collection Charges

The collection charges issued will be at the discretion of bank subject to a maximum of 30% of the overdue amount.

Prepayment Interest /Forclosure Charges

Up to 2% of the fore closure amount if closed a month ahead of the repayment tenure.

Charges for submitting a copy of the credit information report (CIBIL) to the applicant.

Rs.50 + service tax.

Charges applicable in case customer requests for copies of records pertaining to his transactions (SOA/Amortization Schedule)

The first instance will be free of charge. The applicant will be charged Rs.250 thereafter.

Documents required Kotak Gold Loan

The list of documents you will be required to submit in order to avail gold loan from Kotak Mahindra Bank is given below:

For the customers of Kotak Mahindra Bank

1. You will be required to submit your address proof only if your current address is different from the one updated with the bank. You can submit Aadhaar Card, Passport, etc. as a proof of address.

For non-customers of Kotak Mahindra Bank

1. Proof of identity such as PAN Card, driving license, etc.
2. Proof of address such as Passport, Aadhaar Card, utility bills, etc.
3. Proof of signature which are the KYC documents you will be submitting to the bank.
4. 3 passport size photographs of the applicant.

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