Product Details
Name of Bank
Kotak Mahindra Bank
Maximum Loan Amount
Maximum Loan
Amount:
Rs. 1,50,00,000/-
Interest Rate
8% to 24% depending on
purpose & profile and
discretion of bank
Loan to Value Ratio
75%
Maximum Loan Tenure
4 years
Gold Loan Scheme
Fees and Charges
Loan Processing Charges Upto 2% of Loan amount + applicable GST
Prepayment Interest / Foreclosure Charges *Bullet loan upto 12 months – (2% + GST) if closed within 6 months, NIL after 6 months
*EMI Loan / Term Loan Above 12 Months (2% + GST) if closed within 9 months, NIL after 9 months.
Late Payment Penalty: 3% outstanding balance p.m.
Penal Interest- 750/-
Legal And Other Charges: Actual charges
Minimum CIBIL Score
No information provided
Eligibility
Anyone who is a resident of India and is above 18 years of age can apply for a gold loan.
Fees and Eligibility
Concession and Features
Special Concession
None
Special Features
Provides customized gold loans according to customers needs
Pros
Instant gold loan Complete safety and security provided. Minimal documentation Higher loan to value Easy repayment options Immediate valuation of your gold. Customized gold loan services
Cons
Risk of foreclosure
Pros & Cons
How to Open?
There are two ways to apply for a Kotak Mahindra Bank gold loan scheme: Online: Visit the Kotak Mahindra Bank website and go to the Gold Loan section. Click on the Apply Now button. Enter your personal details and the amount of loan you require. Upload a copy of your KYC documents. Click on the Submit button. Offline: Visit any Kotak Mahindra Bank branch. Meet a bank representative and express your interest in applying for a gold loan. The representative will guide you through the application process and help you submit the required documents.
Documents Required
For Kotak customers Latest address proof (only if the address of the customer as updated in the bank records is different from the address stated in this application) and signature proof. PAN is a must, if the annual income exceeds Rs.5 lakhs as per Regulatory guidelines. *For non-Kotak customers Identity Proof, Address Proof, Signature Proof (KYC Documents) and 2 passport size photographs PAN is a must, if the annual income exceeds Rs.5 lakhs as per Regulatory guidelines( needs to be included for Non customers )
Account Opening and Procedure
Indian Bank
Indian Bank Jewel loan provides two loan schemes
1. Bullet Repayment
2. Monthly Repayment
The interest rate varies from 8.65% to 9.00% which is moderate as compared to different banks offering gold loans. However, the LTV Ratio is low i.e., only 65-70%, the other banks in the market offer higher LTV Ratio on the gold loans. Therefore, before applying for such loan check the terms and conditions properly and compare different banks offering gold loans.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai