Loan Against Gold Jewellery and Coins from Kotak Mahindra Bank

Unleash the potential of your gold jewellery and gold coins to pay off your high-interest debts

Kotak Mahindra Bank Gold Loan

This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any personal financial needs as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 50 lakh.

Features of Kotak Mahindra Bank Gold Loan

Why this Loan?

  • The Kotak Mahindra Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery and coins to meet their financial needs
  • This loan scheme can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
  • The loan is granted within 4 hours if the formalities are promptly completed by the borrower

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 50 lakh for existing bank customers and Rs. 25 lakh for “New to Bank” (NTB) customers

Interest

  • As of October 2020, the interest rate applicable to this loan can be anywhere from 10.50% to 17.00%

Repayment


  • This loan is repayable within 4 years

Eligibility

  • Borrowers should be above 18 years of age
  • Borrowers must be the true owners of the gold ornaments, jewellery or specially minted gold coins sold by the banks

Security Needed

  • The bank accepts pledging of gold ornaments or gold coins duly verified for quality and quantity to secure this loan

Processing Charges


  • The bank charges up to 2.00% of the loan amount plus GST for processing this loan

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • Kotak Mahindra Bank Website: www.kotak.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 266 2666, 1800 209 0000