Kotak Mahindra Bank Education Loan: Interest Rate, Eligibility, Processing & Customer Care

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KOTAK MAHINDRA BANK EDUCATION LOAN 

About Kotak Mahindra Bank Education Loan :

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.

Benefits of Kotak Mahindra Bank Education Loan :

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.

Interest rate, Fees and charges of Kotak Mahindra Bank Education Loan :

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

Eligibility criteria for Kotak Mahindra Bank Education Loan:

AGE ELIGIBILITY 

  • At the time of loan approval the co-applicant minimum age should be 21 years and at the time of loan maturity the age should be 70 years.

  • There is no specific restriction regarding the age of a student in order to be eligible for an education loan.

STUDENT ELIGIBILITY

  • Student must be Indian Citizenship

  • The student shall have secured the admission in India or Abroad through an entrance test or through merit based selection process

Documents Required for Kotak Mahindra Bank Education Loan :

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

Compare other bank interest rate :

BANKS

INTEREST RATE

AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

Other products of Kotak Mahindra Bank :

1. Kotak Mahindra Bank Car Loan

2. Kotak Mahindra Bank Home Loan 

3. Kotak Mahindra Bank Education Loan 

4. Kotak Mahindra EMI Calculator

How to apply for Kotak Mahindra Bank Education Loan :

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 :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

How to contact with Kotak Mahindra Bank Education Loan :

  1. By customer care contact number :

  • Banking Helpline number : 18602662666

  • Abroad Helpline Number : +912266006022 (Non toll free number)

  1. By Customer Care Email ID : service.bank@kotak.com

Kotak Mahindra Bank Education Loan Frequently Asked Questions :

1. How much interest rate charged by Kotak Mahindra Bank Education loan?

 Interest rate charged by Kotak Mahindra Bank Education loan is 11.5% to 24% per annum..

2. What is the tenure of Kotak Mahindra Bank Education loan?

The tenure period of Kotak Mahindra Bank Education loan is 1 years to 7 years.

3. Is age an important factor to get a Kotak Mahindra Bank Education loan?

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 .

4. How to apply for a Kotak Mahindra Bank Education loan?

For Kotak Mahindra Bank Education loan you can apply online and offline both.

5. What loan amount is charged by Kotak Mahindra Bank Education loan?

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/2020

Know More About

Kotak Mahindra Bank Education Loan

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

Kotak Mahindra Bank Education Loan Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959