From time immemorial, gold has been valued as a significant asset across civilisations. In times of distress, gold is often a reliable way to generate financial resources quickly.
Are you thinking of applying for a Gold Loan against physical gold that you own? Then, check out Kotak’s Gold Loan EMI calculator below to plan it out!
Find out the loan amount you can avail against the gold you own.
How to use the Gold Loan EMI calculator?
The calculator is an easy, user-friendly online tool used to calculate your monthly /quarterly/half-yearly interest/EMI payable for repaying a gold loan. If you know the quality and net weight of Gold ornaments, you will be able to figure out what loan you are eligible for and the INTEREST/PRINCIPLE/EMI you would need to pay.
First, enter the net weight of gold that you want to keep as collateral. Please do not add the weight of diamonds, other precious stones, silver, or any other additives in case it is jewelry.
The results should appear in the ‘Calculator Results’ section.
Advantages of gold loans
Know and explore more about gold loans to get instant funds for your personal or business requirements.
It is a loan secured against the gold ornaments/Bank coins acceptable as per RBI guidelines, which a customer pledges with the bank. The loan amount can be utilized for personal/business & any other non-speculative purposes. It’s a loan which can be availed quickly and easily instead of going to Pawn broker with higher rate of interest.
Only acceptable gold ornaments from 18 to 22 karat and only bank minted coins (24 Karat) up to 50 gms per customer can be funded. Non funded items / articles such as Hair pins, Cufflinks, Gold watch, Gold strap, Gold idols, Gold utensils, jewellery with more than 50% deduction, Thread mangalsutra, White gold, Diamond jewellery, Imitation jewellery, Ginni, Gold bars cannot be accepted.
ITR need to be submitted if availing gold loan of Rs.25 lakhs and above. PAN is a must, if the annual income exceeds Rs.5 lakhs as per Regulatory guidelines.
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.
Bullet Scheme Tenure of 12 Months (Can be renewed for further period of 24 Months with the same loan documents with request letter for renewal from the customer etc.). Interest Payment can be Quarterly /Half Yearly and Yearly.
The last thing you would want to worry about mid-holiday, is having to clamp down on certain plans and activities, due to budget restrains