Kotak Mahindra Bank is one of the leading private sector banks in India. The bank is known for its various financial services, including Kotak Mahindra Bank Education Loan. Kotak Mahindra Bank Education Loan is very popular among students.
Today, a huge fee has to be paid for higher education. Due to rising inflation and constant increase in the fees of educational institutions, getting education has become a challenge for many people. In such a situation, Kotak Mahindra Bank Education Loan gives you a chance to focus on your studies by getting free from financial burden.
The main objective of this post is to provide detailed information about Kotak Mahindra Bank Education Loan. Here we will discuss the eligibility, application process, benefits and other important aspects of taking loan.
Key Features of Kotak Mahindra Bank Education Loan
Loan limit
- For studies in India: Loan up to ₹10 lakh.
- For studies abroad: Loan up to ₹20 lakh.
Quick Approval
- The loan application process is simple and fast, ensuring timely financial assistance to students.
- Minimal Documentation Requirements: Minimal documents are required for the loan application, making the application process convenient.
Competitive Interest Rates
- The interest rate on the loan is up to a maximum of 16%, which is affordable compared to other options in the market.
- Loan Repayment Tenure: The loan repayment tenure and terms are flexible, which suits the students to repay once they start earning.
Moratorium Period
- Students get a relaxation in repaying EMIs for a certain period of time during studies and after the completion of studies.
Eligibility
- Available to Indian students admitted to recognized institutions in India and abroad.
Co-borrower Age Criteria
- The age of the co-applicant (joint applicant) should be at least 21 years at the start of the loan and maximum 70 years at the end of the loan.
Interest during Study Period
- Students can start paying interest during or after the loan tenure, thereby reducing financial pressure.
Pre-payment Options
- The loan has a lock-in period of 12 months, after which the loan can be repaid early with a 5% pre-payment charge.
Kotak Mahindra Bank Education Loan Eligibility Criteria
The eligibility criteria for Kotak Mahindra Bank education loan are as follows:
1. Age Eligibility
- There is no specific restriction regarding the age of the student. That is, a student of any age can apply for an education loan.
- The age of the co-applicant or co-borrower or guarantor should not be less than 21 years at the time of loan commencement and maximum age at the time of loan maturity can be 70 years.
- If the student is a minor and the co-applicant has signed the documents at the time of loan, a “ratification letter” will be obtained from him by the bank after the student attains majority.
2. Student Eligibility
- The student must be an Indian citizen.
- The student must have secured admission in an institution in India or abroad through an entrance test or merit based selection process.
3. Eligible Courses
For India:
- Post Graduation Courses: Masters and Ph.D. courses from recognized institutions.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management and Computer Science.
- Other professional courses like CA, ICWA, CS, and CFA.
- Masters and Diploma Management Programs.
- Other Degree/Diploma courses recognized by UGC, Government, AICTE, AIBMS, ICMR etc.
- Regular Degree/Diploma courses like Aeronautical, Pilot Training, Shipping, Nursing or any other subject recognized by DGCA, Directorate of Shipping, Indian Nursing Council or other regulatory bodies.
For Study Abroad:
- Graduation: From reputed universities.
- Post Graduation: MCA, MBA, MS, and other courses recognized from time to time.
- Other courses like CIMA (London), CPA (USA), CFA, CISA and other recognized courses.
- Degree/Diploma courses like Aeronautical, Pilot Training, Shipping etc., provided these courses are approved by recognized regulatory bodies in India or abroad for employment abroad.
- These criteria ensure that both the student and the course meet the correct accreditation and eligibility criteria, so that the loan can be safely disbursed and financial support for the student’s education is ensured.
Kotak Mahindra Bank Education Loan Interest Rate
The maximum interest rate on Kotak Mahindra Bank education loan can be up to 16%. This means that the interest rate applied by the bank on the loan will not exceed 16% but can be lower depending on the borrower’s profile, credit score, course, institution, and loan amount.
This interest rate is a type of Annual Percentage Rate (APR) that is applied annually on the total loan amount. The higher the interest rate, the higher the amount you will have to pay as interest while repaying the loan. For example, if you have taken an education loan of ₹5 lakh and the interest rate is 16%, then you will have to pay a higher amount as additional interest during the loan tenure.
How to Apply Online Education Loan in Kotak Mahindra Bank
- Fill the form.
- Give all your details.
- If you have a Kotak Mahindra Bank Customer Registration Number (CRN), enter it. This is optional.
- Submit all your documents either in the bank and upload them on our documents portal, then start your process
- Read and agree to the terms and conditions before submitting the application form.
- After filling all the information, submit the form.
- Kotak Mahindra Bank will contact you based on the details you have provided and start processing your education loan application.
Conclusion
Hopefully, from this post you have got useful information regarding education loan. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
