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 a 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 or administrative charges, the site mentions everything clearly
• No processing fees

Also Read: Education Loan for MBA

Kotak Mahindra Bank Education Loan 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 loans of up to 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 its 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.

Kotak Mahindra Bank Education Loan Eligibility

Here is the eligibility criteria for getting the bank loan:

• The applicant should be a citizen of India
• There are no specific age criteria for an education loan
• The applicant should have secured admission to an Indian university or abroad through an 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 a majority

Documents Required

Before applying for a 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 mark sheet/ certificate (10th and 12th)

Also Read: Loans to Study Abroad for Indian Students

Kotak Mahindra Bank Education Loan Abroad

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

• Harvard University, Cambridge
• Yale University, New Haven
• Princeton University, Princeton
• Massachusetts Institute of Technology, Cambridge
• Stanford University, Stanford
• University of Cambridge, Cambridge
• University College London, London
• University of Oxford, Oxford
• The University of Edinburgh, Edinburgh
• Australian Catholic University, Banyo
• Australian National University
• Bond University
• Central Queensland University
• Charles Darwin University
• University of New South Wales
• McGill University
• University of Toronto
• University of British Columbia
• Queen’s University
• University of Western Ontario

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 to, there are over 100 Indian universities that this bank provides educational loans which you can check out from their official website. You can refer to the following list to figure out what categories and types of courses the bank offers an educational loan for.

• PG courses e.g. Masters’s and Ph.D. courses from reputed institutions
• Professional courses in any stream, e.g. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, and Computer Sciences from accredited institutions
• CA, ICWA, CS, and CFA (other professional courses)
• Diploma courses
• Other degree courses approved by UGC/Govt./AIBMS/ICMR, etc
• Courses approved by the Directory General of Civil Aviation/ Shipping/ Indian Nursing Council or other regulatory bodies

Kotak Mahindra Bank Loan EMI Calculator

You can calculate your loan EMI using Kotak Mahindra Bank EMI Calculator

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- The best eduction loan in India for study abroad

Top Education Loan Providers

• ICICI Education Loan
• IDBI Education Loan
• Bank of Baroda Education Loan
• Allahabad Bank Education Loan
• The PNB Education Loan Program
• Canara Bank Education Loan
• HDFC Education Loan
• Syndicate Bank Education Loan
• Avanse Education Loan
• IOB Education Loan
• Axis Bank Education Loan
• Allahabad Bank Education Loan
• SBI Education Loan
• Vijaya Bank Education Loan

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.

• Inspire Scholarship
• DCE Scholarship
• Canara Bank Scholarship
• Moma Scholarship
• MHRD Scholarship
• JK Scholarship
• Santoor Scholarship
• Punjab Scholarship
• Indira Gandhi Single Girl Child Scholarship
• Ishan Uday Scholarship
• Oasis Scholarship
• Dr Ambedkar Scholarship
• NEC Scholarship
• Aditya Birla Scholarship
• Vidyasiri Scholarship
• GP Birla Scholarship
• Abdul Kalam Scholarship
• Siksha Abhiyan Scholarship
• HDFC Scholarship

FAQs

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 study abroad and we’ll help you in making an informed step to choose the right education loan.