Kotak Mahindra Education Loan: Interest Rates & Eligibility

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.

Key Highlights	Details
Loan Amount	Up to ₹10 lakhs (India), Up to ₹20 lakhs (Abroad)
Interest Rate	Up to 16%
Repayment Tenure	Domestic: Up to 10 years International: Up to 15 years
Eligibility	Indian National Admission secured in recognised institutions
Co-applicant Age	21-70 years
Disbursement	Directly to the educational institution
Processing Fees	NA
Repayment Start	6-12 months after course completion OR 3-6 months after job placement
Prepayment Charges	5% + GST after 12-month lock-in period
Application Process	Online and offline application options available
EMI Calculator	Available on Kotak Mahindra Bank's website
Margin Requirement	Domestic: 5%, International: 15%

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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.

Fees & Charges	Education Loan
Kotak Mahindra Bank Education Loan Interest Rate	Maximum up to 16%
Loan Processing Charges	NA
Documentation Charges	NA
Stamping Charges	Applicable as per the respective State's Stamp Act
Credit Administration Charges	NA
Credit Appraisal Charges	NA
Commitment Charges	NA
Overdue Interest	3% of Overdue Amount, compounded monthly on the amount due but unpaid from the date of the amount falling due till the date of actual payment.
Collection Charges	30% (inclusive of GST and other applicable statutory levies) of cheque/instrument dishonour charges + overdue interest.
Dishonour Charges Per Instance	₹750.00 per instance (inclusive of GST and other applicable statutory levies).
Swap Charges (Replacement of PDCs)	Up to ₹500 per Swap per Instance + GST and other applicable statutory levies.
Prepayment Interest / Foreclosure Charges	Lock-in period for 12 months After 12 months, 5% foreclosure charges + GST on principal outstanding
Duplicate Issue of NOC	₹500 + GST and other applicable statutory levies per instance
Solvency Certificate	NA
No Due Certificate	₹500 + GST and other applicable statutory levies per instance
Charges for furnishing a copy of the credit information report (CIBIL) to the applicant	₹50 + GST and other applicable statutory levies per instance
Charges applicable in case customer requests for copies of records pertaining to his transactions (SOA / Amortisation Schedule)	NA
APAC Reschedulement	NA
Part Foreclosure Charge	NA
Payment Processing Charge	NA
Valuation Charges for Used/RF Vehicles	NA
Repossession Charges	NA
Credit Administration Charges	NA
Duplicate Foreclosure Statement Charges	NA
Kotak Mahindra Bank NOC Letter for National Permit	NA
Kotak Mahindra Bank NOC Letter for State Permit	NA
Kotak Mahindra Bank NOC Letter for Change in Body Type	NA
Rebooking of Loans (Due to Change in Borrowing Structure, Change of Property/Asset/Collateral etc.)	NA
Change in Instalment Due Date	NA
Change in Property / Asset / Collateral	NA
Copy of Any Property/Loan Document	NA
Asset Verification Charges - Immovable Assets	NA
Legal / Incidental Charges*	NA
Kotak Mahindra Bank NOC Letter to Convert From Private to Commercial Registration	NA
Kotak Mahindra Bank NOC Letter to Convert From Commercial to Private Registration	NA
Re-issuance of Pay Order	NA
Non Compliance with Sanction Terms and Conditions	NA
End-use Certificate Delays	NA
Net Worth Statements Delays	NA

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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Unsure about how to fund your education? Propelld offers easy, collateral-free education loans with low interest rates. Apply now and make your academic aspirations a reality!

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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.

Key Advantages	Details
High Loan Amounts	Up to ₹10,00,000 for studies in India and ₹20,00,000 for studying abroad.
Flexible Repayment Options	Tailored repayment plans; use EMI calculator to estimate payments based on chosen tenure.
Competitive Interest Rates	Interest rates up to 16%, depending on loan type and amount.
Minimal Documentation	Requires basic documentation like ID proof, address proof, and academic records.
Hassle-Free Disbursement	Funds are directly disbursed to the educational institution for timely payment of expenses.

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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.

Category	Criteria
Age Eligibility	No specific age restriction for students. Joint applicant/co-borrower/guarantor must be at least 21 years old at loan origination and not older than 70 years at loan maturity. If the student was a minor during loan documentation, a letter of ratification is required upon reaching majority.
Student Eligibility	Must be an Indian National. Admission secured in India or abroad through entrance test or merit-based selection.
Eligible Courses in India	Post-Graduation: Masters and Ph.D. from accredited institutions. Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer Sciences. Other Professional Courses: CA, ICWA, CS, CFA. Masters and Diploma Management Programs. Courses approved by UGC / Govt. / AICTE / AIBMS / ICMR, etc. Regular Degree/Diploma courses recognised by DGCA, Shipping, Indian Nursing Council, or other regulatory bodies.
Eligible Courses Abroad	Graduation from reputed universities. Post-Graduation: MCA, MBA, MS, and other declared courses. Professional Courses: CIMA - London, CPA in USA, CFA, CISA, and other approved courses. Degree/Diploma courses recognised by competent regulatory bodies abroad.

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.

Document	Applicant	Co-applicant/Co-borrower	Guarantor
Application Form	Yes	Yes	Yes
2 photographs	Yes	Yes	Yes
Proof of Identity	Yes	Yes	Yes
Proof of Residence	Yes	Yes	Yes
Signature Verification from Bank	Yes	Yes	Yes
Income Details	No	Latest payslip or Form 16 or 2 years ITR	Latest payslip or Form 16 or 2 years ITR
Proof of Ownership	No	Yes	Yes
Proof of Relationship	Yes	Yes	Yes
Confirmed Admission Letter	Yes	No	No
Letter from College	Details of course and fee structure to be paid	No	No
Academic Pass out Mark sheet/Certificate	Yes	No	No

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:

Details	Amount (₹)
Loan Amount	5,00,000
Interest Rate	10%
Tenure	5 years
Estimated EMI	10,624
Total Interest Payable	1,37,440
Total Repayment Amount	6,37,440

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.

Loan Amount	Interest Rate	Loan Tenure	Monthly EMI	Total Interest Payable	Total Amount Payable
₹5,00,000	10%	5 years	₹10,624	₹1,37,440	₹6,37,440
₹7,50,000	10%	5 years	₹15,937	₹2,06,160	₹9,56,160
₹10,00,000	10%	7 years	₹16,601	₹3,92,484	₹13,92,484
₹15,00,000	9%	10 years	₹19,004	₹7,80,455	₹22,80,455

*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.

Online Application	Offline Application
Visit the Kotak Mahindra Bank official website. Check out the education loan section. Select the type of education loan. Fill out the application form with the required details. Upload necessary documents. Submit the application for processing.	Visit the nearest Kotak Mahindra Bank branch. Request an education loan application form. Fill out the form with the required information. Attach the necessary documents. Submit the application to the bank representative.

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.

Visit the nearest Kotak Mahindra Bank branch.
Provide details of your existing loan, including the loan amount and current lender.
Submit the necessary documents for loan transfer.
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.

Scheme	Benefits	Eligibility	Covered Courses
Skill Loan Scheme	1% interest rate concession for the entire loan duration if the interest is paid promptly during the moratorium period and throughout the course.	Available to students pursuing skill development courses.	Courses related to skill development.
Central Scheme for Interest Subsidy	Interest subsidy during the moratorium period (1 year post-course completion or 6 months after obtaining a job).	Parents' annual gross income must be below ₹4,50,000. Applicable for technical and professional courses after class XII from government-recognised institutes.	Technical and professional courses from recognised institutes post-Class XII.
Padho Pardesh Scheme	Interest subsidy for minority students pursuing higher education abroad.	Minority community students pursuing studies abroad. Eligibility proof must be provided to the lending bank.	Wide range of courses including Arts, Humanities, Engineering, Biotechnology, Nanotechnology, Automation Robotics, Nuclear Engineering, IT, etc.

*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.

Still worried about securing a loan and looking for a hassle-free way to fund your studies? Propelld is the right companion you need.

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Why Choose Propelld?

Here’s what Propelld has to offer;

Particulars	Details
Max Loan Amount	50 Lakhs
Collateral	Not Required
Moratorium	Available
Processing Time	10 Times Faster than Banks
Disbursal Time	7 Days
Approval Rate	Higher than Other Banks
Special USP	Marks Based Approval
% Financed	100% of Fees

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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.

For domestic education loans: 5%,
For international education loans: 15%
For vocational education loans: 0%
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.

Kotak Mahindra Education Loan: Interest Rates and Eligibility

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