Kosamattam Finance Gold Loan Details
Kosamattam Finance Gold Loan Details: Kosamattam Finance is a non-banking financial company (NBFC) based in India that offers a wide range of financial services to individuals and businesses. The company was established in 1987 and is headquartered in Kerala, India. It provides various financial services, including gold loans. Here are some details about their gold loan services:
1. Eligibility Criteria
To be eligible for a gold loan from Kosamattam Finance, the borrower must be an Indian citizen or a resident and must have valid identity proof and address proof. The borrower should also be the rightful owner of the gold that is being pledged.
2. Loan amount and LTV
The loan amount that can be availed through Kosamattam Finance gold loans depends on the value of the gold that is being pledged. The loan-to-value (LTV) ratio is usually around 75%, which means that the loan amount will be up to 75% of the market value of the gold. The exact LTV ratio may vary based on the purity and weight of the gold.
3. Interest rate
The interest rate on Kosamattam Finance gold loans is typically higher than the interest rate on other secured loans, such as home loans or car loans. However, it may still be lower than the interest rate on unsecured loans, such as personal loans. The interest rate depends on several factors, including the loan amount, tenure, and repayment capacity of the borrower.
4. Processing fee
In addition to the interest rate, Kosamattam Finance may charge a processing fee of up to 2% of the loan amount. This fee is usually deducted from the loan amount at the time of disbursal.
5. Repayment options
Kosamattam Finance offers flexible repayment options for gold loans. The borrower can choose to repay the loan in EMIs or as a lump sum at the end of the loan tenure. The borrower can also make partial prepayments or foreclose the loan at any time during the tenure.
6. Gold security
The gold that is pledged as security for the loan is stored in secure vaults during the loan tenure. Kosamattam Finance uses advanced security measures, such as CCTV surveillance and biometric access control, to ensure the safety of the gold.
Once the loan is approved, Kosamattam Finance usually disburses the loan amount within a few hours. The borrower can receive the loan amount in cash or through a bank transfer, depending on their preference.
Overall, Kosamattam Finance aims to provide easy and affordable financial solutions to its customers, especially those who are underserved by traditional banks and financial institutions. The company has a strong presence in Kerala and other parts of South India and has plans to expand its operations to other regions in the country.
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