Kotak Mahindra Education Loan: Interest Rate, Eligibility, Application Process, & Repayment Process

Securing the funds for your education doesn't have to be stressful. With Kotak Mahindra's education loan, you can focus on your studies while the bank takes care of the finances

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Discover how competitive interest rates and flexible repayment options can help you achieve your academic dreams.

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Kotak Mahindra Education Loan: Overview

Kotak Mahindra Bank education loans are tailored to meet the diverse needs of students pursuing higher education both in India and abroad.

Here's a key highlights table of the details we will be covering about Kotak Mahindra Education Loan in this blog.

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Kotak Mahindra Bank Education Loan: Fees and Charges

Now, you must be curious regarding the interest rate and what are the other fees that you will have to pay to get your Kotak Mahindra education loan, right?

Below is a table that highlights all the details, including the Kotak Mahindra Bank education loan interest rate, processing charges, overdue interest, etc.

Before applying, it’s essential to understand the fees and charges associated with Kotak Mahindra Bank education loans. For a complete overview of the offering, students can also check the Kotak Mahindra education loan structure and eligibility.

Please Note: 

• Taxes as applicable
• "NA" denotes that these charges are not applicable to the concerned business division.

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Kotak Education Loan: Features & Benefits

Kotak Mahindra Education loan offers a variety of features and benefits tailored to meet your educational financing needs so that you can pursue your preferred course without any worries! 

Below are some of the key advantages of this loan. 

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Now that you know the key features, let’s help you figure out whether or not you are the ideal candidate to get the Kotak Mahindra Bank education loan.

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Kotak Mahindra Bank Education Loan: Eligibility Criteria 

To qualify for a Kotak Mahindra education loan, applicants must meet specific eligibility criteria. Understanding these requirements can simplify the application process and increase the chances of loan approval. 

Here is the Kotak Mahindra Bank education loan eligibility criteria for you to refer to.

Before applying, ensure you meet the Kotak Mahindra Bank Education Loan: Eligibility Criteria, and consider tax-saving options that can further benefit your repayment strategy.

Also Read: How to Apply for Education Loan in India- Complete Process

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Kotak Mahindra Education Loan: Documents Required

To proceed with the application for your Kotak Mahindra education loan, you will be required to submit some essential documents.

We have curated a list of documents you and your guarantor will need to submit.

The Kotak Mahindra Education Loan: Documents Required often include financial statements, admission proof, and ID verification—similar to what’s needed for international loans like those for Ireland.

These documents will verify the identity, address, financial stability and academic background of the applicant and co-applicant.

Also Read:Apply for a Student Loan in India for UG Program

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Kotak Mahindra Education Loan: EMI Calculator

Kotak Mahindra Bank's online education loan calculator simplifies financial planning by estimating your monthly repayments. Simply enter the loan amount, interest rate, and repayment tenure to calculate the EMI, total interest, and overall payment.

Example calculation using Kotak Mahindra Education Loan EMI calculator:

To accurately plan your Kotak Mahindra education loan EMI, it’s essential to first understand how interest rates work. Refer to this education loan interest rate guide for a detailed breakdown.

Here’s a table with various loan amounts, interest rates, and periods, illustrating the monthly EMI, total interest payable, and total amount payable.

*Please Note: The values provided are approximate. For exact figures, use the Kotak Education Loan EMI Calculator.

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How to Apply for Kotak Mahindra Education Loan?

For a Kotak Mahindra education loan, you can apply either online or offline. Below, we have detailed out the procedure for both types of applications.

To begin your application, follow the steps outlined in the How to Apply for Kotak Mahindra Education Loan? guide, which covers everything from pre-approval to disbursal.

Once the bank reviews your application, they will contact you for any additional information if needed.

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How to Transfer Your Education Loan to Kotak Mahindra?

To transfer your existing education loan to Kotak Mahindra Bank, follow the below-listed easy steps.

1. Visit the nearest Kotak Mahindra Bank branch.
2. Provide details of your existing loan, including the loan amount and current lender.
3. Submit the necessary documents for loan transfer.
4. The bank will process your request and approve the loan transfer based on eligibility.

Once approved, Kotak Mahindra Bank will settle the outstanding loan amount with the existing lender and transfer the loan to their system.

Students planning to shift their loan to Kotak Mahindra should first review the complete education loan transfer guide to understand the steps and documentation required for a smooth transition.

Also Read: Education Loan for Abroad Studies in 2024: A Comprehensive Guide

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Kotak Mahindra Education Loan: Repayment Process

Repaying your Kotak Mahindra education loan is structured to be straightforward and flexible, ensuring that you can manage your finances effectively while repaying the loan. 

Here’s a breakdown of the repayment process:

1. Repayment Begins After Course Completion

Typically, repayment starts after the completion of your course, followed by a moratorium period (usually 6-12 months) which gives you time to secure a job before starting EMI payments.

2. Equated Monthly Instalments (EMIs)

The loan is repaid in EMIs over the chosen tenure, which can be up to 15 years. The EMI amount is calculated based on the loan amount, interest rate, and repayment tenure.

3. Flexible Repayment Options

Kotak Mahindra offers various repayment options, including step-up EMIs (where the EMI amount increases as your income increases) or regular EMIs, depending on your financial situation.

4. Prepayment

You have the flexibility to make prepayments or pay off the loan early without any prepayment charges, reducing the overall interest burden.

5. Automatic Debit

To simplify the process, you can set up an automatic debit from your Kotak Mahindra Bank account, ensuring timely EMI payments without the hassle of manual transactions.

6. Loan Foreclosure

If you wish to foreclose the loan before the end of the tenure, Kotak Mahindra allows you to do so without any penalties, giving you complete control over your loan repayment.

7. Online Monitoring

You can track your loan repayment progress online through Kotak Mahindra’s banking portal, allowing you to stay informed about your outstanding balance and payment schedule.

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Kotak Mahindra Education Loan: Interest Subsidy Schemes

Kotak Mahindra Bank offers various education loan interest subsidy schemes designed to ease the financial burden on students and their families. These schemes provide attractive terms and benefits to support educational pursuits.

Listed below are the 3 schemes offered by Kotak Mahindra Bank.

*Please note: The list of courses may be updated at the discretion of the Ministry.

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To summarise, Kotak Mahindra Bank education loans are designed to assist students in pursuing their studies, whether they are enrolled in institutions within India or overseas. With flexible repayment options, competitive interest rates, and minimal documentation requirements, Kotak education loans provide a seamless and efficient financial solution for students. 

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Why Choose Propelld?

Here’s what Propelld has to offer;

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Want to know more?  Visit our website now!

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FAQs About Kotak Mahindra Education Loan

What expenses are covered by Kotak Mahindra education loans?

Kotak Mahindra education loans cover a wide range of expenses, including tuition fees, accommodation, books, travel, and other related costs. This comprehensive coverage ensures that students can manage all their educational expenditures without financial strain.

What is the Kotak Mahindra Bank education loan eligibility criteria?

Kotak Mahindra Bank education loan eligibility criteria is that you must be an Indian national with secured admission in a recognised institution in India or abroad. The co-borrower must be at least 21 years old at loan origination and not older than 70 years at loan maturity.

What is the Kotak Mahindra bank education loan interest rate?

The maximum interest rate for Kotak Mahindra education loans is up to 16%, depending on the type and amount of the loan.

What is the repayment procedure for Kotak Mahindra education loans?

Repayment for Kotak Mahindra education loan typically starts 6-12 months after course completion or 3-6 months after securing a job, whichever is earlier. 

Are there any processing fees for Kotak Mahindra education loans?

No, there are no processing fees for Kotak Mahindra education loans. This makes the loans more affordable and accessible for students.

What is the margin requirement for Kotak Mahindra education loans?

The margin requirement varies by loan type. The details are as follows.

1. For domestic education loans: 5%, 
2. For international education loans: 15%
3. For vocational education loans: 0%
4. For executive education loans: 10%.

Do I need to submit my Kotak Mahindra Education Loan Application offline?

You can apply for a Kotak Mahindra Bank education loan both offline and online. For the offline application, you will have to visit the nearest branch of Kotak Mahindra Bank.

How do I apply for a Kotak Mahindra education loan online?

To apply online, visit the Kotak Mahindra Bank official website, go through the education loan section, select the type of education loan, fill out the application form with the required details, upload the documents that are required, and submit the application for processing.

What documents are required to apply for a Kotak Mahindra education loan?

The required documents include an application form, 2 photographs, proof of identity, proof of residence, signature verification from a bank, and academic pass-out mark sheet/certificate. Additional documents may be required for the co-applicant or guarantor.

Can I transfer my existing education loan to Kotak Mahindra Bank?

Yes, you can transfer your existing education loan to Kotak Mahindra Bank. Visit the nearest branch, provide details of your existing loan, submit the necessary documents, and the bank will process your request and settle the outstanding loan amount with the current lender.

What are the benefits of Kotak Mahindra education loans?

Benefits include high loan amounts, flexible repayment options, competitive interest rates, minimal documentation, and hassle-free disbursement directly to educational institutions.

When does the repayment of Kotak Mahindra education loans start?

Repayment typically starts 6-12 months after course completion or 3-6 months after securing a job, whichever is earlier. This allows students to focus on their studies before beginning repayment.

Are there any prepayment penalties for Kotak Mahindra education loans?

There is a lock-in period of 12 months. After this period, a 5% foreclosure charge plus GST on the principal outstanding is applicable for prepayments.

How are funds disbursed for Kotak Mahindra education loans? 

After your loan is approved, the funds are transferred directly to the educational institution, ensuring quick payment of your tuition fees and other expenses.

What will happen if I miss an EMI payment for my Kotak Mahindra education loan?

Missing an EMI payment will incur an overdue interest of 3% on the overdue amount, compounded monthly. Additionally, collection charges of 30% (inclusive of GST and other statutory levies) of the cheque/instrument dishonour charges plus overdue interest will be applied.