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Frequently Asked Questions

What is a Gold Loan?

A loan taken against your gold jewelry is known as a gold loan. When you hand over your gold to the bank in return for a specific amount, it is classified as a gold loan. It is a quick and straightforward process to obtain funds against your gold with minimal documentation.

How can I apply for a loan under the Kotak Gold Loan Smart Choice Loan offer?

You can simply call 18002022 to book an appointment or visit www.kotak.com/en/personal-banking/loans/gold-loan.html

What is a Kotak Gold Loan Smart Choice Loan?

Kotak Gold Loan Smart Choice Loan is a limited time offer provided by Kotak Mahindra Bank against your gold ornaments. This offer comes with a low fixed interest rate of 0.88% p.m.* and a zero processing fee. Also, one can avail of a loan amount up to INR 25 lacs with no income documents#.

This offer is applicable to a minimum loan amount of Rs.4 lakh and a tenure of 12 months. The offer is valid until May 31, 2024.

What is Zero Processing Fee?

A zero processing fee means there are no charges for processing your loan application. The charges are waived under the Kotak Gold Loan Smart Choice Loan offer.

What are the other charges applicable to the Kotak Gold Loan?

Fees and charges vary from scheme to scheme and loan amount. 

While there is no processing fee, there are other mandatory charges applicable and payable for gold loans: stamp duty and valuer charges, i.e., charges payable for the assessment of gold. Stamp duty charges will be applicable as per the respective state’s stamp act. Valuer or assessment charges for valuation of gold range from Rs. 350 to a maximum of Rs. 1000, depending upon the loan amount (if the loan amount is Rs. 7 lakhs and above, a dual assessment of gold is required to be done, and in such cases, customers are required to bear charges for the second valuation).

What income documents are required for a Kotak Gold Loan?

With Kotak Gold Loan Smart Choice Loan, no income documents are required for loan amounts less than Rs. 25 lakh. However, for loan amounts greater than Rs. 25 lakh, one must produce relevant income tax return (ITR) documents for availing of a Kotak Gold Loan.