Gold Loan Eligibility

We have all been there – falling short of funds, but needing them urgently. In these times, it can prove best to use gold assets for securing financial assistance. How? Well it is really quite simple – all you need to do is apply for a gold loan with Kotak Mahindra Bank.
Many people know about gold loans vaguely, but aren’t sure about what requirements need to be fulfilled to avail of one. At the basic level, gold loans can be taken by people who are willing to offer gold that is 18 karats or above as collateral.

Gold loan eligibility criteria
The beauty of gold loans is that most adults who own gold would be eligible. If you want to apply, you can check out the eligibility criteria listed below:

•  Age: If you are an Indian Citizen of above 18 years but below 75 years, you technically qualify for a gold loan.
• The quality of gold: The gold ornaments that you would have to keep as collateral with the bank should be between 18 to 22 karats; if you keep bank-minted coins, they have to be 24 karats.

Documents required for gold loans
Documents required are minimal as availability is independent of factors such as service or profession and income. However, you have to ensure that you have proof of ID and address as per KYC guidelines. Here is the detailed list of gold loan documents that are required to avail a gold loan.

What are the interest rates and tenure available?
The interest rate for your gold loan depends quite a bit on the tenure that you choose – from a minimum 1 year to 4 years, depending on the scheme. Kotak Mahindra Bank’s gold loan facility is available under three main schemes. However, the rate of interest levied is solely at the bank’s discretion. Currently, the rate of interest varies from 10.5% to 24.0% p.a., which is subject to change. Here is the detailed list of gold loan fees and charges to be paid while availing a gold loan.
Please check our gold loan EMI calculator for details of repayments.

Why should you apply for a Kotak Gold Loan?
Gold loans at Kotak Mahindra Bank are customised to your specific needs. They come bundled with lucrative benefits such as term up to 4 years.
Know and explore more about gold loan to get instant funds for your personal or business needs.