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Frequently Asked Questions

What is a 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

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What are the ornaments/coins that I can pledge?

Customers 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.

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Do I need to provide any income documents?

No income documents required up-to a loan amount of Rs. 10 lakhs.

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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 the 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.

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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.

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How much loan amount can I avail?

Minimum Loan amount: Rs. 25,000/- Maximum Loan Amount: Rs. 25,00,000/-.

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Do I need a guarantor to avail this loan?

Guarantor is not required while availing Gold Loan.

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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).

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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.

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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.

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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.

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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.

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