Kotak Mahindra Bank Education Loan
Interest rates for Kotak Mahindra Bank education loans are capped at a maximum of 16% p.a. Continue reading to understand the eligibility criteria, necessary documents, interest rates, and other essential information about Kotak Mahindra Bank's education loan offerings.
Kotak Mahindra Bank provides education loans for Indian students aiming to pursue higher education both domestically and internationally. The application process for these loans is straightforward, requires minimal documentation, and offers flexible repayment schedules.
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Features
- Kotak Mahindra Bank's education loans are tailored to support aspiring individuals in their pursuit of higher education, whether it's within India or abroad.
- Kotak Mahindra Bank education loans offer a swift approval process, ensuring that you can embark on your educational journey without delay.
- Experience minimal documentation requirements with Kotak Mahindra Bank's education loans, simplifying the application process and saving you time and effort.
- Access substantial loan amounts of up to Rs. 10 lakh for education within India and up to Rs. 20 lakh for education abroad with Kotak Mahindra Bank's education loans, enabling you to pursue your academic aspirations with confidence.
Eligibility Criteria
The eligibility conditions to apply for a Kotak Mahindra Bank education loan are as follows:
Age Eligibility:
There is no specific age restriction for students to qualify for an education loan. However, for joint applicants, co-borrowers, or guarantors, the minimum age at loan origination should be 21 years, and the maximum age at loan maturity can be 70 years. If the student is a minor, when the joint applicant, co-borrower, or guarantor signs the loan documents, the bank will require a letter of ratification upon the student reaching adulthood.
Student Eligibility:
The student must be an Indian National. Admission to a course in India or abroad should be secured through an entrance test or merit-based selection process.
Eligible Courses
In India:
- Post-graduation Courses: Masters and Ph.D. from accredited institutions.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, and Computer Sciences.
- Other professional courses include CA, ICWA, CS, and CFA.
- Masters and Diploma Management Programs.
- Courses leading to a degree or diploma are offered by the UGC, government, AICTE, AIBMS, or ICMR-approved colleges or universities.
- Regular Degree or Diploma courses such as aeronautical, pilot training, shipping, nursing, or other disciplines recognised by regulatory bodies like the Directorate General of Civil Aviation, Shipping, or Indian Nursing Council.
- Any other courses declared eligible over time.
Studies Abroad:
- Graduation: Programs offered by reputed universities.
- Post-graduation: MCA, MBA, MS, and other courses as declared.
- Other approved courses include CIMA - London, CPA in the USA, CFA, CISA, and other courses.
- Degree or Diploma courses like aeronautical, pilot training, shipping, etc., are recognised by competent regulatory bodies abroad for employment purposes in India or abroad.
Fees and Charges
The fees and charges associated with the Kotak Mahindra Bank education loan are mentioned in the table below:
Type of Charge | Fee |
Interest rate | Up to 16% |
Stamping charges | According to the Stamp Act of the state |
Loan processing charges | Nil |
Overdue interest | 3% of the overdue amount |
Dishonour charges | Rs.750 per instances including GST and other statutory charges |
Prepayment interest /foreclosure charges | 1-year lock-in period after which, 5% foreclosure charges plus GST on the outstanding principal will be charged |
No Due Certificate charges | Rs.500 plus GST and other statutory charges |
Collection charges | 30% of the cheque/instrument dishonour charges plus overdue interest |
Swap charges | Up to Rs.500/swap/instance plus GST and other statutory charges |
Duplicate NOC charges | Rs.500 plus GST and other statutory charges |
Credit information report charges | Rs.50 plus GST and other statutory charges |
Documents Required
To apply for an education loan with Kotak Mahindra Bank, you need to provide the following documents:
- Duly filled application form
- Identity proof
- Address proof
- Passport size photographs
- Form 16/Latest salary slips/Income tax returns for two years
- Signature verification from the bank
- Confirmed admission letter from college
- Letter from college including fee structure and course details
- Academic Grade Report/Certificate
- Relationship proof
- Ownership proof
How to Apply for Kotak Mahindra Bank Education Loan
You can apply for an education loan with Kotak Mahindra Bank online as well as offline by visiting the nearest branch of the bank.
The education loan application form is available on the official website of Kotak Mahindra Bank. You need to fill it out with your details and submit it to the bank.
Kotak Mahindra Bank Education Loan Calculator
To calculate the Education Loan Equated Monthly Instalments (EMIs), you can use Pluto Money’s EMI calculator. The calculator helps you save time and is simple to use. All you have to do is enter the loan amount, interest rate, processing fee, and tenure.
The details about interest paid, remaining balance, and principal paid will be displayed
FAQs
Yes, you can apply for an education loan with Kotak Mahindra Bank online.
No, Kotak Mahindra Bank does not charge any processing fee on its education loans.
No, there are no age criteria to apply for an education loan with Kotak Mahindra Bank. The co-borrower/guarantor/joint applicant must be at least 21 years old during the commencement of the loan and no more than 70 years old during the loan maturity.
Kotak Mahindra Bank offers loans up to Rs.10 lakh for studies in India and up to Rs.20 lakh for studies abroad.
Yes, minors can apply for an education loan with Kotak Mahindra Bank with parents/guardians.
Eligibility criteria typically include Indian citizenship, admission to a recognised educational institution in India or abroad and meeting the bank's income and credit score requirements. Specific criteria may vary, so it's advisable to check with the bank directly.
The documents required usually include proof of identity, address, income, academic records, admission letter from the educational institution, and any other documents specified by the bank. The exact list may vary based on individual circumstances and loan requirements.
Yes, Kotak Mahindra Bank offers flexible repayment schedules for education loans. Borrowers can typically choose from various repayment options, including moratorium periods during the course duration, extended repayment tenures, and customised repayment plans tailored to their financial circumstances.