Kotak Mahindra Bank Education Loan

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Kotak Mahindra Bank Education Loan

Kotak Mahindra Bank is one of India’s major education loan providers as it understands that money should not be the factor for a credible student to acquire higher education. It provides educational loans at great interest rates to deserving candidates. Being the fourth largest private bank by market capitalization, providing loans not only helps the aspiring student but also benefits the bank therein. We will cover more about Kotak Mahindra Bank Education Loan and how you can apply for it as well.

Advantages of Kotak Mahindra Bank Loan

Before reading more about the loan, let’s learn why you should get the Kotak Mahindra bank loan:

  • There is no security required for loans upto 4 lakhs
  • Attractive and low interest rates
  • Fewer documents and paperwork required
  • There are no hidden and administrative charges, the site mentions everything clearly
  • No processing fees

Also Read: Education Loan for MBA in 2021

Kotak Mahindra Bank Interest Rate

The education loan provided by Kotak Mahindra Bank is very attractive for students planning their higher studies in India as well as abroad. The bank offers maximum education loan of upto 10 lakhs for higher studies in India and 20 lakhs for studying abroad. The loan covers all expenses such as tuition fees, books, laptops, hostel fees, examination fees, etc. The interest rate at which Kotak Mahindra Bank offers their education loan is 16% (as mentioned by them on their official site), though it varies from 11.5% and 24%. They also offer a 0.50% concession to girl students.

Eligibility Criteria for Kotak Mahindra Bank Education Loan

Here is the eligibility criteria for getting the bank loan:

  • The applicant should be a citizen of India
  • There is no specific age criteria for an education loan
  • The applicant should have secured admission in an Indian university or abroad through entrance exam or through merit
  • If the student is minor then the loan can be borrowed under the name of a joint applicant where the bank will take a letter of ratification from the co-borrower upon attaining majority

Documents Required

Before applying for the loan in any bank, you need to make sure you have the required documents which then will ease your process of application. The documents required are mentioned below:

  • Application form
  • 2 photographs
  • Identity proof
  • Residence proof
  • Signature confirmation from the bank
  • Proof of relationship
  • Confirmed admission letter from the university
  • Letter from college
  • Academic pass out marksheet/ certificate (10th and 12th)

Also Read: Loans to Study Abroad for Indian Students

List of Colleges Abroad

Here are the top colleges in the world for which the bank offers loans: 

Top 10 Colleges in India for Loan

Here are the top 10 colleges in India, admission to which can make you eligible for the Kotak Mahindra bank education loan: 

  • Acharya Institute of Sciences
  • Chaitanya Bharathi Institute of Technology(CBIT)
  • Hindustan University, Chennai
  • Heritage Institute of Technology, Kolkata
  • Don Bosco Institute of Technology, Mumbai
  • Krishna Institute of Engineering and Technology, Ghaziabad
  • Chandigarh Engineering College, Mohali
  • Manipal Institute of Technology, Manipal
  • IIT Delhi, Delhi/NCR
  • IIT Madras, Chennai

The above mentioned are just some of the universities that Kotak Mahindra Bank offers loans for, there are over 100 Indian universities that this bank provides educational loans from which you can checkout from their official website. You can refer to the following list to figure out what categories and which type of courses do the bank offers an educational loan for.

Kotak Mahindra Bank Education Loan Repayment

Kotak Mahindra Bank’s repayment of education loans begins after the student has completed their degree. In addition to that, Kotak Mahindra gives a grace period of 6 months for the student to get a job and start paying off their EMIs. The loan should be repaid at a maximum of 5-7 years. Kotak Mahindra Bank accepts three ways of repayment which are:

  • Standing Instruction(SI) – This type of repayment is the easiest way, granted you are an existing account holder of the Kotak Mahindra Bank. Each month, the EMI would be debited automatically from your account.
  • Electronic Clearing Service(ECS) – This is a similar way of repaying to SI with just the difference that people without a Kotak Mahindra Bank can use this method.
  • Post- Dated Cheques(PDCs) – In this method, you need to submit a post- dated EMI cheque from a non Kotak Mahindra Bank.

Contact Details

Kotak Mahindra Bank Website: www.kotak.com
Headquarters: Mumbai, Maharashtra
Call Centre Number: 1860 266 2666

Also Read-

Other Funding Options

You can also look for several scholarship options such as HDFC Scholarship, Canara Bank Scholarship, and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.

Thus, we hope that this blog provided you with the important features of the Kotak Mahindra Education Loan scheme. If you want to know about more such loan schemes both in India and abroad then you can reach out to our experts at Leverage Edu and we’ll help you in making an informed step to choose the right education loan. 

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