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Business EconomyPosted at: Feb 29 2024 8:32PM


Kotak Mahindra launches ‘Smart Choice’ Gold Loan for Aspirational customers

Mumbai, Feb 29 (UNI) Kotak Mahindra Bank Limited ("KMBL" / "Kotak") here on Thursday announced the launch of ''Smart Choice'' Gold Loan, a smarter solution for Aspirational customers.
With 5 key features, Kotak Smart Choice Gold Loan offer a compelling alternative to conventional credit options.
The key features include fixed monthly interest rate as low as 0.88%, NIL processing fee, same-day disbursement, flexible repayment options, and minimal documentation.
According to a World Gold Council report, Indian households have 27,000 tonnes of gold. Further, CIBIL data from Dec ‘23 shows gold loan industry advances at Rs 7.15 lakh crore, which has grown at CAGR of 19% for the last 3 years.
Soaring gold prices and easier availability of gold loan from banks and NBFCs have led to a growing number of consumers unlocking the value of their gold jewellery to meet their credit needs.
Kotak ‘Smart Choice’ Gold Loan was developed basis consumer research gathered by the Bank. It highlighted the need for a product that offers consumers the maximum value and flexibility to meet their credit needs.
Unlike other credit products which have stringent eligibility criteria, gold loan has a simpler application & 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.
Shripad Jadhav, President – Retail Agriculture and Gold Loans, Kotak Mahindra Bank said, “Gold loans are a versatile financial product and cater to a wide range of consumer needs. Easy accessibility, same day processing, attractive pricing, and the security of gold jewellery contribute to its appeal among aspirational consumers.
As a result, an increasing number of individuals are considering gold loans as a cost-effective option comparable to other credit products, indicating a shifting trend in consumer financial behaviour. Kotak ‘Smart Choice’ Gold loans can serve as an easy and reliable financial tool to bridge the gap between aspirations and reality,” Jadhav said.
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