Kotak Mahindra Bank Limited Gold Loan

Kotak Mahindra Bank Gold Loan Interest Rate (Updated on 19 Jul 2018)

INTEREST RATE10.5% to17%
LOAN TENUREMaximum 30 months
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDNo
PRE CLOSURE CHARGESAs decided by the bank from time to time

Kotak Mahindra Bank

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.

Kotak Mahindra Bank Gold Loan 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 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 Gold Loan Document 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 Gold 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.

Kotak Mahindra Bank Gold Loan 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.

Kotak Mahindra Bank Gold Loan 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

2018 July 20 is a bank holiday in Nagaland due to Kharchi Puja.
2018 August 04 is a bank holiday in Nagaland due to Ker Puja.
2018 August 13 is a bank holiday in Manipur due to Patriots' Day.
2018 August 15 is a bank holiday in Andaman And Nicobar Island due to Independence Day.
2018 August 17 is a bank holiday in Daman And Diu due to Parsi New Year (Shahenshahi).
2018 August 22 is a bank holiday in Andaman And Nicobar Island due to Bakri Id (Id-ul-Zuha)/Karma Puja.

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