Gold loans are the quickest way to get funds for personal or business requirements. The funds from gold loans can be used for weddings, education, business expansion or any other similar purpose. With minimal documentation and secure storage, gold loans are a simple funding option to meet your needs.
• Instant Disbursement
• Utmost safety of your Gold
• Client gets liquidity on Pledged Gold without selling them
• Client gets Overdraft Facility against Gold
• Flexible EMI Repayment option
• No Rejection
• No Income Documents Required or guarantor required
• Quick and Easy process with Minimum Documentation
• Attractive Interest Rate
• Maximum funding against your Gold value
|Loan Processing Charges||Upto 2% of Loan amount|
|Stamping Charges||Applicable as per the respective State,s Stamp Act|
|Credit Administration Charges||-|
|Credit Appraisal Charges||-|
|Commitment Charges||Rs. 1250/- per quarter or 0.5% per quarter of the limit un-utilized (applicable only to Overdraft facility where average quarterly limit utilization is below 50%)|
|Ove due Interest||3% of Overdue Amount, compounded monthly|
|Collection charges||Rs. 250.0/-|
|Dishonour charges per Instance||Rs. 750.0/-|
|Swap Charges( Replacement of PDCs)||Upto Rs. 500/- per Swap per Instance|
|Prepayment Interest / Forclosure charges||2.5% of amount foreclosed for Overdraft & Term Loan - Bullet facility.
3% of amount foreclosed for Term Loan - EMI facility.
|Duplicate Issue of NOC||NA|
|No Due Certificate||NIL|
|Charges for furnishing a copy of the credit information report (CIBIL) to the applicant.||Rs. 50/-|
|Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule)||First instance without any charge. Post that, Rs. 250/- per request.|
|Part Foreclosure Charge||-|
|Payment Processing Charge||-|
|Valuation charges for used/RF vehicles||-|
|Credit Adminstration charges||-|
|Duplicate Foreclosure statement charges||-|
|NOC for National Permit||-|
|NOC for State permit||-|
|NOC for change in Body type||-|
|Rebooking of loans (due to change in borrowing structure, change of property / Asset / Collateral etc.)||-|
|Change in Installment due date||-|
|Change in property / Asset / Collateral||-|
|Copy of any property/loan document||-|
|Asset verification charges - immovable assets||-|
|Legal / Incidental charges||-|
|NOC to convert from Private to Commercial Registration||-|
|NOC to convert from Commercial to Private Registration||-|
|Re-issuance of Pay Order||-|
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
It is a personal loan secured against the gold ornaments / coins which a customer pledges with the bank. The loan amount can be utilized for personal / business & any other non-speculative & for approved purposes.
Customer can pledge all types of gold ornaments / coins which are 18 carat & above in purity. However the bank does not accept ornaments such as "Mangalsutra", "Thali", "Raksha", Kodi", "Karimanimala", "Gold Statues" & "Gold wrist watches".
Customer needs to provide KYC documents which include identity, address & signature proof along-with 3 passport size photographs. Existing customers of the bank need to provide only latest address & signature proof.
No income documents required up-to a loan amount of 10.0 lakhs.
The customer need not be an existing customer of the bank. However we recommend that while availing Gold Loan, customer should open a savings bank / current account facility with the bank which will enable the customer to not only enjoy banking services of the bank, but also assist them in servicing the loan conveniently.
Gold Loan facility is available under 3 schemes:
Term Loan - Bullet (3 / 6 / 9 / 12 months) :
Wherein the loan amount will be disbursed instantly and the customer needs to service interest on monthly basis.
Term Loan - EMI (24 / 36 months) :
Wherein the loan amount will be disbursed instantly and the customer needs to service equated monthly installment which includes interest as well as principal.
Overdraft facility (12 months) :
Wherein customer will be provided with overdraft limit which he/she can rotate & utilize as per their needs during the tenure of 12 months & repay interest on monthly basis on the amount utilized.
Minimum Loan amount: Rs. 25,000/- Maximum Loan Amount: Rs. 25,00,000/-
Guarantor is not required while availing Gold Loan.
Disbursement can happen by way of Cash, Demand Draft, Fund Transfer (to customer's existing Kotak Mahindra Bank Ltd. account), NEFT & RTGS (to customer's other bank account).
Yes. Customer can avail overdraft facility which will be valid for a period of 12 months. Customer can revolve & utilize funds as per his/her requirement to the extent of limit sanctioned based on the value of gold ornaments / coins being pledged.
Yes. Customer can avail Term Loan with EMI as repayment type for the 2 tenures of 24 & 36 months only. Customer will be required to provide Post Dated Cheques to avail such facility.
Yes. You can choose to foreclose the loan anytime after 1 & 1/2 months of availing the loan. Please refer to General Schedule of Features and Charges for Gold Loans for details.