1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Kotak Mahindra Bank was established in 1983. Since then, the bank has grown to be one of the most trusted and reliable banking institutions in the country. The headquarters of Kotak Mahindra Bank is in Mumbai. Kotak Mahindra Bank has an extensive network of 1,369 branches and 2,163 ATMs spread across 689 cities in India.
Kotak Mahindra Bank provides gold loans to its customers for different financial needs at very affordable rates of interest, along with lots of other benefits, such as a quick documentation process, reasonable repayment options, high security for the pledged gold, and instant loan approval. Mymoneykarma gives you all the information you need on the gold loan offered by Kotak Mahindra Bank.
Here are a few advantages and features of Kotak Mahindra Bank gold loans.
Any Kotak Mahindra Bank customer with a steady source of income can avail the loan.
The eligible age range is extensive, covering a large number of customers.
The customers can rest easy regarding the security of their gold, which is kept safe in secure bank vaults.
All types of gold ornaments, gold coins, and jewelry are accepted as collateral for the loan.
It is a multipurpose loan that can cover several types of expenses.
A maximum loan amount of Rs 25 lakhs and a minimum loan amount of Rs 25,000 can be availed.
A co-guarantor or co-borrower is not required.
A fast and efficient loan disbursal process.
Minimal documentation is required for the loan approval process.
Long loan tenure, of a maximum of 3 months, and 36 months for overdraft.
Competitive rates of interest to fit all types of customer budgets.
The facility of choosing a loan tenure as suitable for the customer.
Kotak Mahindra Bank offers loan amounts with a limit set between Rs 25,000 and Rs 25 lakhs.
Kotak Mahindra Bank provides attractive interest rates to its customers. The interest rate is set between 10.5% and 17% per annum.
Here is a summary of all the information regarding Kotak Mahindra Bank gold loans.
Interest Rate |
10.5% -17% |
Minimum Loan Amount |
Rs 25,000 |
Maximum Loan Amount |
Rs 25 lakhs |
Maximum Repayment Tenure |
36 months |
Customers need to fulfill the following eligibility criteria set by Kotak Mahindra Bank for its gold loans.
A minimum age of 18 years and a maximum age of 70 years.
A minimum stipulated income per year.
A steady source of income.
Loan processing requires the following documents.
Three passport size photographs.
A copy of proof of identity.
A copy of proof of address.
A filled-in application form.
Here is a list of fees associated with Kotak Mahindra Bank gold loans.
Loan Processing Charges |
2% of the loan amount + GST |
Foreclosure Charges |
2.25% of the loan amount + GST |
Valuation Fees |
Rs 500 |
Prepayment or Part-payment Charges |
nil |
Swap Charges( Replacement of PDCs) |
Rs 500 |
Charges for Late Payment of Loan amount |
3% of the loan amount + GST |
Stamp Duty & other Statutory Charges |
As applicable by state laws |
Documentation Charges |
nil |
Legal Charges |
As actuals |
Kotak Mahindra Bank customers can employ an EMI calculator for determining gold loan EMIs. Applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors.
Gold loan amount
Gold loan tenure
Gold loan interest rate
Loan to Value ratio
Current price of the gold
Purity and net weight of the pledged gold
Relationship with the bank
EMI Calculator Example
Asima wants a grand wedding for herself, for which she needs around Rs 2 lakhs. She decides to take a Kotak Mahindra Bank gold loan using the jewelry that her mother gifted her. The net cost of the jewelry is Rs 3.5 lakhs. She chooses a loan tenure of 12 months with an interest rate of 12.5%. Using the EMI calculator, Kotak Mahindra Bank officials set her EMI amount as Rs 15,270 per month, which is within her monthly budget.
Kotak Mahindra Bank customers can easily avail Kotak Mahindra Bank gold loans. There are two ways to avail the loan.
Walk-in: A customer can walk into the nearest Kotak Mahindra Bank branch with the required documentation and their gold articles. On filling in a simple form, the gold is evaluated, and the gold loan is sanctioned within a working day.
Online registration: Applicants can also visit the Kotak Mahindra Bank website, fill in the application form, and upload their documents. However, they need to visit a branch to deposit their gold.
Question 1: How long does the processing of Kotak Mahindra Bank gold loans take?
Answer: Kotak Mahindra Bank gold loans are disbursed within the same working day, provided that the applicant has the correct documentation and authentic gold articles.
Question 2: What is the maximum gold loan amount that I can receive from Kotak Mahindra Bank?
Answer: The maximum loan amount that applicants can receive is Rs 25 lakhs.
Question 3: What is the minimum gold loan amount that I can receive from Kotak Mahindra Bank?
Answer: The minimum gold loan amount from Kotak Mahindra Bank is Rs 25,000.
Question 4: What is the maximum loan tenure for Kotak Mahindra Bank gold loans?
Answer: The maximum tenure for Kotak Mahindra Bank gold loans is 36 months.
Question 5: What kinds of gold articles does Kotak Mahindra Bank accept as security?
Answer: Kotak Mahindra Bank accepts gold coins and gold ornaments of purity 18K-24K.