Kotak Mahindra Bank Ltd presents the Kotak Gold Loan, which offers quick and easy financing at very attractive interest rates. With this offering, Kotak brings you a product designed to make your future full of golden opportunities and growth.
- Instant loan
- Utmost safety of your gold
- Minimal documentation
- Higher Loan to Value
- Easy repayment with multiple modes
- Applicants who are not the existing customers of Kotak Mahindra Bank can also avail this facility
- The gold ornaments / coins proposed to be pledged by the customer will be assessed and valued immediately, in order to arrive at the loan amount eligibility.
- The customer at the time of availing the gold loan facility can decide on the facility available under the product best suited to him, as well as the type of the repayment amongst the following options:
- Term Loan - Bullet (Monthly interest servicing & principal repayment at the end of the tenure)
- Term Loan - EMI (Equated Monthly Installment)
- Overdraft Facility
- Overdraft facility provides the flexibility to the customer to rotate his funds and thus utilize the credit limit as per his needs. It not only suits the working capital needs of small business enterprises but also acts as an additional source for their business growth.
For loans: *Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
- Age: Minimum 18 years
- Constitution:Resident Individual / Proprietor
- Security: Gold ornaments / articles above 18 carat
- For Kotak 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)
- For non-Kotak customers: Identity Proof, Address Proof, Signature Proof (KYC Documents) and 3 passport size photographs
What is Gold Loan?
It is a personal loan secured against the gold ornaments / coins which a customer pledges with the bank. The loan amount can be utilized for personal / business & any other non-speculative & for approved purposes.
Which all ornaments / coins can I pledge?
Customer can pledge all types of gold ornaments / coins which are 18 carat & above in purity. However the bank does not accept ornaments such as "Mangalsutra", "Thali", "Raksha", Kodi", "Karimanimala", "Gold Statues" & "Gold wrist watches".
Which all documents do I need to provide to avail the loan?
Customer needs to provide KYC documents which include identity, address & signature proof along-with 3 passport size photographs. Existing customers of the bank need to provide only latest address & signature proof.
Do I need to provide any income documents?
No income documents required up-to a loan amount of 10.0 lakhs.
Do I need to be an existing customer of the Bank?
The customer need not be an existing customer of the bank. However we recommend that while availing Gold Loan, customer should open a savings bank / current account facility with the bank which will enable the customer to not only enjoy banking services of the bank, but also assist them in servicing the loan conveniently.
What are the different loan tenures available?
Gold Loan facility is available under 3 schemes:
- Term Loan - Bullet (3 / 6 / 9 / 12 months)
Wherein the loan amount will be disbursed instantly and the customer needs to service interest on monthly basis.
- Term Loan - EMI (24 / 36 months)
Wherein the loan amount will be disbursed instantly and the customer needs to service equated monthly installment which includes interest as well as principal.
- Overdraft facility (12 months)
Wherein customer will be provided with overdraft limit which he/she can rotate & utilize as per their needs during the tenure of 12 months & repay interest on monthly basis on the amount utilized.
How much loan amount can I avail?
Minimum Loan amount: Rs. 25,000/- Maximum Loan Amount: Rs. 25,00,000/-
Do I need a guarantor to avail this loan?
Guarantor is not required while availing Gold Loan.
What are the different modes of disbursement?
Disbursement can happen by way of Cash, Demand Draft, Fund Transfer (to customer's existing Kotak Mahindra Bank Ltd. account), NEFT & RTGS (to customer's other bank account).
Can I avail overdraft facility for my business needs?
Yes. Customer can avail overdraft facility which will be valid for a period of 12 months. Customer can revolve & utilize funds as per his/her requirement to the extent of limit sanctioned based on the value of gold ornaments / coins being pledged.
Can I avail EMI facility?
Yes. Customer can avail Term Loan with EMI as repayment type for the 2 tenures of 24 & 36 months only. Customer will be required to provide Post Dated Cheques to avail such facility.
Can I foreclose the loan earlier?
Yes. You can choose to foreclose the loan anytime after 1 & 1/2 months of availing the loan. Please refer to General Schedule of Features and Charges for Gold Loans for details.
DisclaimerFor loans: *Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
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