Kotak Mahindra Bank Education Loan 2023 | Apply Now

Kotak Mahindra Bank Education Loan 2023

Irsa GulJuly 24, 2023Last Updated: July 24, 2023

0 4 minutes read

Kotak Mahindra Bank Education Loan 2023 –Hi everyone! Hope you are all doing well. Welcome back to another Blog. So, guys are you looking for an education loan to fund your educational expenses? If yes then you are on the right platform, because today I will help you provide information related to Kotak Mahindra Bank education loan for a bright future. Kotak Mahindra Bank, provide you the opportunity to complete your higher education, at any Indian or foreign university. So, the students that are willing to get quality education, must read the whole blog carefully, and get all the details related to Kotak Mahindra Bank Education Loan in 2023.

Advantages of Kotak Mahindra Bank Loan

The following benefits are provided to the students that are willing to get education loans from Kotak Mahindra Bank;

All Kinds of Expenses Get Covered
Personal Savings are Protected
Lower Interest Rates
Easy Availability
Self-Dependence

Kotak Mahindra Bank Interest Rate

Kotak Mahindra bank offers the least interest rates that seem very suitable for students. Extreme amount of education loans of up to INR 10 lakhs will be provided to the students that are willing to study in India. In contrast, an extreme amount of education loans up to INR 20 lakhs will be provided to the students that are willing to study outside India. Averagely, the interest rate applicable on education loans by Kotak Mahindra Bank is 16%, but mostly it ranges from 11.5% to 24%. Kotak Mahindra Bank also provides a 0.50% discount for female applicants.

Eligibility Criteria for Kotak Mahindra Bank Education Loan

Now I will tell you about all the general eligibility conditions to apply for an education loan at Kotak Mahindra Bank in detail;

The applicant must be an Indian National.

No age requirement is needed
The students that have secured admission to any Indian or Foreign University are only eligible to apply for the loan.
If the student is trivial then the loan can be provided under the name of the co-applicant for which the bank will take a letter of authorization from the co-applicant upon accomplishing the majority.

Documents Required

The following documents must be attached to the application form to apply for an education loan in Kotak Mahindra Bank;

Evidence of Identity through PAN Card, AADHAAR Card, or Voters ID
Evidence of Residence through Electricity bill, water bill, LPG/gas pipe bills
Legal Passport (not expired)
All academic transcripts-
Entry Test results (IELTS, TOEFL, GMAT, or GRE)
Offer Letter offered by the university abroad that has accepted you
A statement stating your projected cost of studying and living costs
2 passport-size photographs
Preceding Loan statement (if taken)
Bank Statement
Details of Co-Applicant
Student loan application form

List of Colleges Abroad

For the following colleges abroad, Kotak Mahindra Bank provides education loans;

Top 10 Colleges in India for Loan

For the following colleges in India, Kotak Mahindra Bank provide 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

Eligible Courses

The students that are willing to continue their higher education in the following courses are eligible to apply for the education loan offered by the Kotak Mahindra Bank;

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 Education Loan Repayment

Now I will tell you the methods that are offered by the Kotak Mahindra Bank, to refund the loan amount;

Standing Instruction (SI): If you have an account with Kotak Mahindra Bank Standing Instruction is the best method to refund your debt. At the end of every month, your EMI payment will be inevitably subtracted from your Kotak Mahindra Bank account.
Electronic Clearing Service (ECS): If you have a non-Kotak Mahindra Bank account then your refund payment is directly subtracted from your account at the end of every month.
Post-Dated Cheques (PDCs): Post-dated EMI checks from a non-Kotak Mahindra Bank account can be delivered to your local Kotak Mahindra Bank Loan Centre.