A loan taken against your gold jewelry is known as a gold loan. When you hand over your gold to the bank in return for a specific amount, it is classified as a gold loan. It is a quick and straightforward process to obtain funds against your gold with minimal documentation.

How can I apply for a loan under the Kotak Gold Loan Smart Choice Loan offer?

You can simply call 18002022 to book an appointment or visit www.kotak.com/en/personal-banking/loans/gold-loan.html

What is a Kotak Gold Loan Smart Choice Loan?

Kotak Gold Loan Smart Choice Loan is a limited time offer provided by Kotak Mahindra Bank against your gold ornaments. This offer comes with a low fixed interest rate of 0.88% p.m.*. Also, one can avail of a loan amount up to INR 25 lacs with no income documents#.This offer is applicable to a minimum loan amount of Rs.4 lakh and a tenure of 12 months. The offer is valid until 30th September, 2024.

What are the other charges applicable to the Kotak Gold Loan?

Fees and charges vary from scheme to scheme and loan amount. While there is no processing fee, there are other mandatory charges applicable and payable for gold loans: stamp duty and valuer charges, i.e., charges payable for the assessment of gold. Stamp duty charges will be applicable as per the respective state’s stamp act. Valuer or assessment charges for valuation of gold range from Rs. 350 to a maximum of Rs. 1000, depending upon the loan amount (if the loan amount is Rs. 7 lakhs and above, a dual assessment of gold is required to be done, and in such cases, customers are required to bear charges for the second valuation).

What income documents are required for a Kotak Gold Loan?

With Kotak Gold Loan Smart Choice Loan, no income documents are required for loan amounts less than Rs. 25 lakh. However, for loan amounts greater than Rs. 25 lakh, one must produce relevant income tax return (ITR) documents for availing of a Kotak Gold Loan.

Is the gold pledged by banks safe?

Banks take a lot of precautions, similar to those for cash and other securities. The gold is often kept in sealed packets and stored securely in the bank’s custody until the customer pays off their loan.

What are the different gold loan tenures available?

The tenure for Kotak Gold Loan ranges from 12 months up to 36 months.

What is the penalty for a delay in payment of the EMI?

Delayed payment charges are applicable for late EMI payments and are dependent on the loan amount.

How long does it take to get a gold loan?

A gold loan can be sanctioned in 90 to 120 minutes, approximately, from end to end, subject to the customer's submission of the required KYC documents and two color photos. There could be a delay if the customer doesn’t submit the documents required to avail of a loan. Please note that if the loan amount is Rs. 25 lakhs or above, an ITR is required to be submitted by the customer, and a PAN is a must if the annual income exceeds Rs. 5 lakhs. The valuation of gold will be done by an empaneled assayer, who will arrive at the branch on call within 15 minutes once pricing has arrived for the deal. The customer has to be present until the gold packet is sealed in the presence of the assayer and branch officials.

What are the foreclosure charges on a gold loan?

Foreclosure charges are applicable on the loan if, closed before the minimum applicable locking period, as per bank policy.

What is the maximum amount of gold loan I can avail of?

The minimum loan amount is Rs. 4 lakhs, and the maximum amount is Rs. 1.5 crores, subject to approval and valuation of your gold.

Is a part-release option available for the gold loan?

No, the part release option is not available.

What is the repayment tenure for the Kotak Gold Loan Smart Choice Loan offer?

One can opt for monthly, quarterly, or half-yearly Bullet payments or EMI.

What income documents are required, and is it mandatory?

Typically, 3 years of ITR documents are required, and income should be justified for loan amounts greater than Rs. 25 lakh. PAN is a must if the annual income exceeds Rs. 5 lakhs as per regulatory guidelines.

What are the benefits of taking a gold loan with Kotak?

Kotak Bank ensures a 100% transparent and hassle-free process for gold loans, right from valuation until disbursement, which is carried out in front of the customer.

Do I need a guarantor to avail myself of the gold loan?

While availing of the Kotak Gold Loan Smart Choice Loan offer, no guarantor is required.

What are the ornaments or coins that I can pledge for a gold loan?

Only acceptable gold ornaments from 18 to 22 karat and only bank-minted coins (24 karat) up to 50 grams per customer can be funded. Non-funded items or articles such as hairpins, cufflinks, gold watches, gold straps, gold idols, gold utensils, jewelry with more than 50% deduction, thread mangalsutra, white gold, diamond jewelry, imitation jewelry, Ginni, and gold bars cannot be accepted.