Kotak Mahindra Bank is one of the Indian private banks headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India gave the license to Kotak Mahindra Finance Ltd. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and subsidiaries in the area of personal finance, investment banking, insurance and wealth management.
While searching for an education loan, you can come across Kotak Mahindra Bank that offers you the loan at an attractive interest rate. It also offers a very basic scheme for education loans for courses in both India and Abroad. It provides an easy loan disbursal and fast processing facilities which make it one of the most sought banks for education loan.individuals dreaming of higher studies can make it true with Kotak Mahindra Bank Education Loan. There is no specific age limit for the student but the co applicant age should be minimum 21 years and maximum age is 70 years during the payment period.
1. Maximum loan limit :
Kotak Mahindra Bank provides a maximum loan limit upto Rs.10 lakh for education in India and Maximum loan limit up to Rs.20 lakh for education in Abroad.
2. No prepayment charges :
No prepayment charges are applied for taking education loan from Kotak Mahindra Bank. Only after 12 month, 5% of foreclosure plus GST on principal amount charges apply.
3. Minimal documentation :
Kotak Mahindra Bank required less documentation for the processing of education loans.The documents submitted by the customers are KYC, address proof and signature verification from bank with the loan application form. It is not required to submit so many documents for an education loan. The process of documentation is very simple and short.
4. Attractive interest rates :
Kotak Mahindra Bank Education loans are offered at attractive interest rates. The interest rate of Kotak Mahindra Bank Education loan is 11.5% to 24% per annum. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile etc. So, there will be a very good chance for the applicant to get an education loan at an attractive lower interest rate.
|
TYPE |
CHARGES |
|
Processing fee |
NIL |
|
Interest Rate |
11.5% to 24% p.a. |
|
Charges |
No charges apply before 12 months but after 12 months 5% foreclosure plus GST on principal amount is applicable |
|
Overdue interest |
3% of the overdue amount |
|
Collection charge/ cheque dishonour charge |
30% (inclusive of GST and other applicable statutory levels) |
|
Cheque swap charges |
Upto Rs.500 per swap plus GST and other applicable statutory levels |
|
Dishonour charges |
Rs.750 (inclusive of GST and other applicable statutory levels) |
|
Duplicate issue of NOC |
Rs.500 plus GST and other applicable statutory levels |
|
No due certificate charges |
Rs.500 plus GST and other applicable statutory levels |
|
Charges of furnishing copy of the credit report |
Rs.50 plus GST and other applicable statutory levels |
|
AGE ELIGIBILITY |
|
|
STUDENT ELIGIBILITY |
|
|
TYPE |
DCUMENTS |
|
For applicant |
Application form, 2 passport size photograph, ID Proof, Address Proof, Signature verification from bank, proof of relationship, confirmed admission letter, details of course and fee structure to be paid, academic pass out marksheet/ certificate |
|
For co applicant/ co- borrower |
Application form, 2 passport size photograph, ID Proof, Address Proof, Signature verification from bank, latest payslip or form 12 or 2 years ITR, proof of ownership, proof of relationship |
|
For guarantor |
Application form, 2 passport size photograph, ID Proof, Address Proof, Signature verification from bank, latest payslip or form 12 or 2 years ITR, proof of ownership, proof of relationship |
Expenses covered under Kotak Mahindra Bank Education Loan :
1. Tuition fees
2. Cost of books, uniforms and stationeries
3. Cost of laptop or computer ( If required)
4. Examination Form
5. Library/ Laboratory fees
6. Hostel fee
7. Travel expenses ( for Abroad)
8. Miscellaneous Expenses
|
BANKS |
INTEREST RATE |
|
13.70% to 15.20% |
|
|
9.55% to 13.50% |
|
|
9% to 14% |
|
|
11.5% to 24% |
|
|
8.30% to 10.41% |
|
|
Starts from 8.50% |
|
|
14.15% to 16.15% |
|
|
7.50% to 9.75% |
|
|
7.25% to 9.75% |
|
|
11.35% |
|
|
10.99% |
|
|
9.30% |
|
|
8.80% |
|
|
8.30% to 9.95% |
|
|
9.30% |
|
|
9.30% |
1. Kotak Mahindra Bank Car Loan
2. Kotak Mahindra Bank Home Loan
3. Kotak Mahindra Bank Education Loan
4. Kotak Mahindra EMI Calculator
1. Offline Method : By visiting the nearest bank branch.
2. Online Method :
Visit the official website of loan.
Click on apply now
Fill out the form with essential details.
Upload the mandatory documents required
Submit the form and take out a print out of the applications
Visit the bank branch for further formalities.
Financials products offered by Bank :
How to contact with Kotak Mahindra Bank Education Loan :
By customer care contact number :
Banking Helpline number : 18602662666
Abroad Helpline Number : +912266006022 (Non toll free number)
By Customer Care Email ID : [email protected]
Interest rate charged by Kotak Mahindra Bank Education loan is 11.5% to 24% per annum..
The tenure period of Kotak Mahindra Bank Education loan is 1 years to 7 years.
Yes, the co-applicant age is an important factor to get a Kotak Mahindra Bank Education loan; the minimum age should be 21 years to maximum age should be 70 years and there is no specific restriction regarding the age of a student in order to be eligible for an education loan .
For Kotak Mahindra Bank Education loan you can apply online and offline both.
The loan amount charged by Kotak Mahindra Bank Education loan is Upto 10 lakh for education in India and Upto 20 lakh for education in Abroad.
Last Updated on : 10/Aug/2020Know More About
You're eligible for a Kotak Mahindra Bank Education Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Kotak Mahindra Bank Education Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.5% - 24% |
| Processing Fees | Upto 2% of the loan amount+ GST and other applicable statutory levies |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Education Loans EMI Calculator