Kotak Mahindra Bank, one of the leading private sector banks in India, has announced the launch of Smart Choice Gold Loan, a new product that offers customers the benefits of low interest rate, zero processing fee, same-day disbursal and flexible repayment options against their gold ornaments. The product is aimed at aspirational consumers who want to unlock the value of their gold jewellery to meet their credit needs for various purposes such as education, business, travel, home improvement, medical emergency and more.
What is Smart Choice Gold Loan?
Smart Choice Gold 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% per month* and a zero processing fee. Also, one can avail of a loan amount up to INR 25 lacs with no income documents#. The loan tenure can range from 3 months to 36 months, depending on the customer’s preference and repayment capacity.
Why choose Smart Choice Gold Loan?
Smart Choice Gold Loan is a smarter solution for aspirational customers who want to finance their dreams with ease and convenience. Unlike other credit products which have stringent eligibility criteria, gold loan has a simpler application and disbursal process. By utilising gold as a collateral, borrowers can enjoy lower interest rates compared to conventional credit, translating to savings during the course of the loan tenure. Moreover, customers can also opt for bullet repayment or EMI options as per their convenience. Additionally, customers can also enjoy the safety and security of their gold jewellery, which is stored in the bank’s vaults with utmost care and protection.
How to apply for Smart Choice Gold Loan?
To apply for Smart Choice Gold Loan, customers need to visit any of the Kotak Mahindra Bank branches that offer gold loan services. Customers need to bring their gold ornaments along with their identity proof and address proof. The bank will appraise the gold ornaments and determine the loan amount based on the purity and weight of the gold and the prevailing market price. The loan amount will be disbursed to the customer’s bank account on the same day**, after completing the necessary formalities and documentation.
What are the features and benefits of Smart Choice Gold Loan?
Some of the key features and benefits of Smart Choice Gold Loan are:
- Fixed monthly interest rate as low as 0.88%*
- Zero processing fee*
- Same-day disbursal**
- Flexible repayment options
- Minimal documentation
- Safety of gold jewellery
What are the terms and conditions of Smart Choice Gold Loan?
Some of the terms and conditions of Smart Choice Gold Loan are:
- 0.88% fixed interest rate per month on loan amount of Rs. 4 lakh and above with tenure of 12 months*
- Income documents will be required on loan amount of Rs. 25 lakh and above#
- Foreclosure charges applicable
- Offer is valid till 31st May 2024
- Loan to value ratio as prescribed by RBI from time to time
- Credit at the sole discretion of the bank and subject to guidelines issued by RBI from time to time
For more details, visit https://www.kotak.com/en/personal-banking/loans/gold-loan.html or call 1860 266 2666.
*Terms and conditions apply
**Subject to verification and approval
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