Getting an education loan is one of the best ways to secure funds for higher studies in India and abroad. To help aspiring and eligible students with global dreams, Kotak Mahindra Bank provides education loans of up to INR 10 lakhs to study in India and up to INR 20 lakhs to study abroad. The interest rates of Kotak Mahindra education loans are provided up to a maximum of 16% p.a.
Know more about Kotak Mahindra Education loans, interest rates, fees, documents required and eligibility criteria in this blog.
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Kotak Mahindra Bank Education Loans Overview
A student who wishes to study in India or abroad can avail of Kotak Mahindra education loans. These loans are offered at competitive interest rates. On fulfilment of eligibility criteria set for prospective borrowers and successful verification of required documents, the applicant is eligible to avail Kotak Mahindra education loans.
Features of Kotak Mahindra Bank Education Loans
Let’s look at some of the features of the same-
- Higher loan amounts of up to INR 20 lakhs can be availed to study abroad for a wide range of applicable colleges and universities all over the world.
- Kotak Mahindra education loans offer quick approvals.
- The loan application process is easy and minimal documentation is required.
- Kotak Mahindra loan disbursement process is smooth and hassle-free.
- Kotak Mahindra Education Loan Interest Rates are set at a maximum of 16% p.a.
Eligibility Criteria
All lending institutions agree to provide education loans to aspiring borrowers on the condition that they fulfil a set of eligibility criteria. Different banks have different eligibility criteria for education loans. Let’s look at what it is for Kotak Mahindra Bank-
- The borrower must be an Indian national with no specific age bar.
- The age of the guarantor/ co-applicant must be a minimum of 21 years at the time of loan origination and a maximum of 70 years at the time of loan maturity.
- The students have secured admission to a university on a merit basis or through an entrance examination.
Also Read: Learn about Kotak Mahindra Bank Forex Cards for international students to ease the fund management process.
Documents Required
Kotak Mahindra education loans are sanctioned to students only after submission of various documents. The documents must be valid and authentic. Unlike other banks, it requires minimal documentation. Here’s the list of documents required for an education loan from Kotak Mahindra Bank.
- Duly filled application form
- Identity and address proof
- Passport size photographs
- Form 16/ latest salary slips/ Income tax returns for two years
- Confirmation letter from the university
- Letter from college including fee structure and course details
- Academic Grade Report/Certificate
- Relationship proof
- Ownership proof
Also Read: Check our blog to know about the benefits of Kotak Mahindra student account and unlock the advantages for students seeking education loans and credit and debit card facilities.
How to Apply for Kotak Mahindra Education Loan?
To apply for a Kotak Mahindra Bank education loan, the applicant can visit the nearest bank branch and fill out the application form. One is required to submit the required documents and wait for the verification process to be completed.
An alternate way and one of the most convenient methods is to apply online. Follow these steps for a hassle-free and quick education loan application:
- Visit the official website of Kotak Mahindra Bank.
- Navigate to the ‘Loans’ section at the top and click on ‘Education Loans’.
- Scroll down at the bottom, and click on “Apply Now”
- Fill in the details asked and click on submit the same. One of the bank representatives will get in touch with you
Fees and Charges
Unlike other banks, Kotak Mahindra Bank does not take any loan processing charges or documentation charges. Besides, there are no credit appraisal charges, part foreclosure charges, or charges for change in collateral. However, the bank does charge a minimum of the following fees for different types of other services to process education loans. The table below will help you understand the same-
| Type of Charge | Amount |
| Interest rate | Up to 16% |
| Stamping charges | According to the Stamp Act of the state |
| Overdue interest | 3% of the overdue amount |
| Dishonour charges | Rs.750 per instance, including GST and other statutory charges |
| Prepayment charges | 5% foreclosure charges plus GST on the outstanding principal will be charged after a lock-in period of 12 months |
| Swap charges | Up to Rs.500/swap/instance plus GST and other statutory charges |
| No Due Certificate charges | Rs.500 plus GST and other statutory charges |
| Collection charges | 30% of the cheque/instrument dishonour charges plus overdue interest |
| Duplicate NOC charges | Rs.500 plus GST and other statutory charges |
| Credit information report charges | Rs.50 plus GST and other statutory charges |
Also Read: Read our blog to learn about hassle-free Kotak Mahindra currency exchange services and avail currency cash at your doorstep.
FAQs on Kotak Mahindra Education Loan
Kotak Mahindra bank education loan is one of the services provided by the banks for aspiring students to secure funds and pursue higher education in India or abroad.
The interest rates of Kotak Mahindra education loans are provided up to a maximum of 16% p.a.
Kotak Mahindra Bank provides education loans of up to INR 10 lakhs to study in India and up to INR 20 lakhs to study abroad at competitive interest rates.
No. Kotak Mahindra Bank does not take any loan processing charges or documentation charges.
There is no specific age bar to apply for Kotak Mahindra Education loans. However, the age of the guarantor/ co-applicant must be a minimum of 21 years at the time of loan origination and a maximum of 70 years at the time of loan maturity.
To apply for Kotak Mahindra Bank Education Loan, an applicant can either visit the nearest bank branch or apply online on their official website.
This was all about Kotak Mahindra Bank Education Loan. Interest rates charged on the same are up to 16%. The application and loan disbursal process is very simple, quick and hassle-free.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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