A loan taken against your gold jewellery is known as a Gold Loan. When you hand over your gold to the bank in return of a specific amount is classified as a Gold Loan. It is a quick and straightforward process to obtain funds against your gold with minimal documentation at competitive Gold Loan interest rates with flexible tenures.
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.
Minimum Loan amount: Rs. 20,000/- Maximum Loan Amount: Rs. 1,50,00,000/- can be availed by a single customer/Family/Group at any point of time at the discretion of the Bank.
While availing Kotak Gold Loan No Guarantor is required.
Disbursement can happen by way of fund transfer (preferably to customer’s new or existing Kotak Mahindra Bank Ltd. Account), NEFT & RTGS (to customer’s other bank account).
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 with the Bank. Please contact Branch for more details.
Yes. You can choose to foreclose the loan anytime which may be subject to foreclosure charges as applicable, if closed before the agreed minimum period (ranging from 45 days to 6 months) and at the discretion of the Bank. Please refer to General Schedule of Features and Charges for Gold Loans for details.
Customer needs to provide KYC documents which include identity, address & signature proof along-with 2 passport size photographs. Existing customers of the bank need to provide only latest address & signature proof. PAN is a must, if the annual income exceeds Rs.5 lakhs as per Regulatory guidelines.
Yes You can avail the EM Facility on Gold Loan with Maximum tenure of 48 months. Loan to be repaid in equated monthly instalments with principle and interest. EMI can be pre closed only after 6 months otherwise it attracts Pre closure charges.Top Up can be given on EMI loan
Interest rates are fixed and offered as on date of Loan disbursement. Interest rate starts from 10% p.a., subject to change as per RBI norms and at the discretion of the bank.
Gold loan can be sanctioned in 90 to 120 minutes approximately in general from end to end, subject to submission of required KYC documents and 2 colour photos by customer. There could be delay if customer doesn’t submit documents required to avail loan or opening of Savings Bank account may take some time if customer is New to the bank. Please note if loan amount is Rs.25 lakhs or above, ITR is required to be submitted by customer and PAN is must if annual income exceeds Rs.5 lakhs.
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.), Interest Payment can be Quarterly /Half Yearly and Yearly. Vanilla Scheme Tenure is for 36 months. No Renewal required during the tenure with Monthly Interest scheme. EMI Scheme Tenure is available for 12,24,36,48 Months.
Fees and Charges varies from scheme to scheme and loan amount.
If any amount is defaulted penalty of 3% on overdue amount will imposed.
Bank take lot of precaution similar to that of cash and other securities, while storing gold and keep it in sealed packets which are kept in joint custodians of the bank, until the loan is repaid in full by the customer. Gold Packets will be handled safely and swiftly every time by Bank Officials.
Yes. Foreclosure charges may be levied if loan is closed before the agreed minimum period (ranging from 45 days to 6 months) and at the discretion of the Bank. Please refer to General Schedule of Features and Charges for Gold Loans for details.
Kotak Bank ensures 100% transparent and hassle-free process for gold loan, right from valuation till disbursement is carried out in front of the customer.
While processing the loan, a customer is provided with Sanction letter and Appraisal certificate which captures gold ornaments details such as number of ornaments, gross & net weight along with the photograph of the gold ornaments pledged with the bank.