Kotak Mahindra Bank Limited Gold Loan Interest Rates

kotak mahindra bank Personal Loan Interest Rates Kotak Mahindra Bank Limited is a private sector bank in india with total assets 2377 crore. It has headquarter in Mumbai. Kotak Mahindra Bank Limited was founded on 2003. It has 684 branches and total assets 23771273 ATMs across India. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Kotak Mahindra Bank Limited which includes Kotak Mahindra Bank Limited Official Website, Kotak Mahindra Bank Limited ATMs accross the India, Kotak Mahindra Bank Limited Branches accross the India, Kotak Mahindra Bank Limited Contact Numbers, Kotak Mahindra Bank Limited official EmailID, Kotak Mahindra Bank Limited Headquarter and Kotak Mahindra Bank Limited Headquarter Address. Find Kotak Mahindra Bank Limited Gold loan purpos, Eligibility, Margin, Repayment of Gold Loan ,Security, Documents Required for Gold Loan from below.

Purpose

The purpose of the Gold Loan is to provide loan to borrowers against pledge of their gold |gold ornaments| gold coins to meet their urgent financial needs with lower interest rate and faster disbursement.

Kotak Mahindra Bank Limited Gold Loan Eligibility

  1. Person should be at least 18 years old.
  2. Any person who owns gold | gold ornaments | gold coins that needs to be mortgaged with the bank.
  3. Person should have a regular income (optional).
  4. Persons who are having Savings or Current account with the bank (optional).

Kotak Mahindra Bank Limited Gold Loan Documents Required

  1. Duly filled up and signed gold loan application form
  2. 2 passport size photographs
  3. Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  4. Proof of Address - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  5. Proof of income -Latest salary slip showing all deductions or Form 16 or Income Tax Returns of 2 previous financial years (optional)

Kotak Mahindra Bank Limited Gold Loan Interest Rates (Updated on 15 May 2017)

  • INTEREST RATE - 10.5% to17%
  • LOAN TENURE - Maximum 30 months
  • PROCESSING FEE - Contact Bank Branch
  • GUARANTOR REQUIRED - No
  • PRE CLOSURE CHARGES - Contact Bank Branch

Loan Amount

Rs. 25,000 to Rs. 25,00,000

Security

Gold | gold ornaments | gold coins etc. and since these can easily get liquidated in case of any default, banks offer these loans easily and at lower rates.

Tenure

It is a short term loan. As per RBI guidelines, the tenor is limited to 1 year, in case of non-agriculture use. Some of the banks offer the tenure of upto 36 months too. You can take your gold back from the bank after you repay the loan completely.

Repayment

Repayment structure depends on the bank. Mostly, banks permit repayment through EMIs or a bullet repayment at the end of loan term. In case of bullet payment at the end, borrowers need to pay interest on time. The principal amount will be paid in a bullet payment at the end.

Charges Associated with Gold Loan

  1. Processing Fee: Some banks charge the processing fee which fee can be if negotiated, may be waived off. Valuation Fee: Some banks charge a small amount for valuation of gold. This is paid to the third party valuer.
  2. Pre-payment Penalty: Some banks may charges penalty for pre-payment of loan.
  3. Late payment Penalty: It is charged if you make any delay in payment of interest.

Kotak Mahindra Bank Limited Contact Details

  • BANK OFFICIAL WEBSITE - www.kotak.com
  • CONTACT NUMBERS - 18602662666
  • EMAIL ID - service.bank@kotak.com
  • MISSED CALL NO. - 18002740110
  • TOTAL BRANCHES - 684
  • TOTAL ATMS - 1273
  • HEADQUARTER - Mumbai
  • BANK ADDRESS - 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra

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Upcoming Bank Holidays

2017 December 18 is a bank holiday in Meghalaya due to Death Anniversary Of U SoSo Tham.
2017 December 19 is a bank holiday in Goa due to Goa Liberation Day.
2017 December 21 is a bank holiday in Sikkim due to Losoong/Namsoong.
2017 December 25 is a bank holiday in Andaman And Nicobar Island due to Christmas.

Financial Calculators

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