Kotak Mahindra Bank Gold Loan

Kotak Mahindra Bank Gold Loan Interest Rates & Charges

Kotak Mahindra Bank provides a competitive interest rate structure for its Gold Loan, along with minimal and transparent charges. Here’s a detailed breakdown of the interest rates and charges for Kotak Mahindra’s Gold Loan.

Kotak Gold Loan Smart Choice Loan

The Kotak Gold Loan Smart Choice Loan is a specialized gold loan product offering financial flexibility, fast disbursement, and a hassle-free application process. With a competitive fixed interest rate of 0.88% per month, it provides a convenient solution for individuals needing immediate funds while securing their gold. This loan also benefits from minimal documentation requirements, particularly for smaller loan amounts, making it accessible and efficient.

Features of Kotak Gold Loan Smart Choice Loan

Note

• This loan is available at select branches and is valid under current terms until March 31, 2025.
• Kotak Mahindra Bank's Smart Choice Loan is ideal for those looking to unlock the value of their gold quickly and with minimal paperwork.

Features & Benefits of Kotak Mahindra Bank Gold Loan

Kotak Mahindra Gold Loan offers numerous features and advantages, designed to make the borrowing experience convenient and beneficial for customers:

• High Loan Value: Kotak offers up to ₹1.5 Crore, with the loan amount based on the gold’s assessed value.
• Quick Processing and Disbursal: Minimal documentation and straightforward processing enable faster loan disbursal.
• Flexible Repayment Options: Choose between regular EMIs, bullet payments, or overdraft options for repayment.
• Competitive Interest Rates: Attractive and affordable rates make the loan accessible for various financial needs.
• Safety and Security: Your gold is securely stored in bank vaults, providing peace of mind.
• Transparent Process: Clear terms, minimal fees, and no hidden charges ensure transparency.
• Easy Renewals: Option to renew the loan upon maturity if you need extended tenure.

Compare Gold Loan Interest Rates

Compare gold loan interest rates for different banks & NBFCs from below:

Kotak Mahindra Bank Gold Loan Eligibility

To be eligible for a Gold Loan from Kotak Mahindra Bank, applicants need to meet the following criteria:

• Age Requirement: Applicants must be Indian citizens aged between 18 and 75 years. For borrowers above 70 years, a co-borrower is required.
• Gold Quality: The gold used as collateral should be in the form of jewelry, with a purity of 18 to 22 karats. For bank-minted coins, 24-karat purity is required, with a limit of up to 50 grams per customer.

Documents Required for Kotak Bank Gold Loan

Kotak Mahindra Bank simplifies the documentation process for its Gold Loan to ensure ease and convenience for applicants. Depending on whether the applicant is an existing Kotak customer or a new customer, the document requirements may vary slightly. Here’s a detailed list of the necessary documents:

For Kotak Customers:

• Address Proof: Required only if the address on bank records is different from the address provided in the loan application.
• Signature Proof: Needed to verify the customer’s signature.
• PAN Card: Mandatory if the annual income exceeds ₹5 lakhs, as per regulatory guidelines.

For Non-Kotak Customers:

• Identity Proof: Any government-issued ID, such as Aadhaar, Passport, Voter ID, etc.
• Address Proof: Utility bills, rental agreement, or any other valid document proving the applicant’s residence.
• Signature Proof: KYC documents verifying the customer’s signature.
• Photographs: Two recent passport-size photographs.
• PAN Card: Required if the annual income exceeds ₹5 lakhs, in line with regulatory requirements.

Steps to Apply for Kotak Mahindra Bank Gold Loan

Here’s a step-by-step guide to applying for the Kotak Mahindra Gold Loan:

• 1. Go to the official Kotak Mahindra Bank website and navigate to the Gold Loan section.
• 2. On the Gold Loan page, click on the "Apply Now" button to initiate the online application process.
• 3. Enter your personal information, such as name, contact number, email, and other required details to proceed with the application.
• 4. Provide details about the loan amount you wish to borrow, preferred loan tenure, and other relevant information.
• 5. Once your details are submitted, the bank will contact you to schedule a valuation of your gold at the nearest branch or designated location.
• 6. Upload or provide scanned copies of required documents, such as identity proof, address proof, and photographs, as specified by the bank.
• 7. Visit the branch or designated center for gold valuation. The bank will evaluate the gold’s purity and value to determine loan eligibility.
• 8. Upon successful valuation and approval, the loan amount will be credited to your bank account on the same day, ensuring a quick and seamless process.

Kotak Mahindra Bank Gold Loan Interest Repayment

Repayment for the Gold Loan is flexible, with options to suit various financial circumstances:

• Monthly EMI: Repay the loan in equal monthly installments covering both interest and principal.
• Bullet Repayment:Pay interest periodically while the principal can be paid at the end of the tenure.
• Overdraft Facility: Repay only on the amount utilized, with interest calculated daily.

Kotak Mahindra Bank Customer Care Numbers

For any questions or assistance regarding Gold Loan services, Kotak Mahindra offers dedicated customer support:

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