Kotak Mahindra Bank Education Loan Interest Rates & Charges
The interest rates are guided by the RBI. Below is a table that highlights all the details:
| Types |
Charge |
| Interest Rate |
11.5% - 25% up to 7.5 Lakhs
15.75% above 7.5 Lakhs
0.50% concession for girl students
|
| Loan Processing Charges |
Nil |
| Overdue Interest |
3% of the Overdue Amount |
| Foreclosure Charges |
5% foreclosure charges plus GST on the outstanding principal, after the lock-in period of 1 year. |
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Kotak Mahindra Bank Education Loan Eligibility
To qualify for a Kotak Mahindra education loan, applicants must meet specific eligibility criteria. Lets see the details:
| 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.
|
Kotak Mahindra Bank Education Loan Eligible Courses
| Eligible Courses in India |
Eligible Courses Abroad |
| Post-Graduation: Masters and Ph.D. from accredited institutions. |
Graduation from reputed universities. |
| Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer Sciences. |
Post-Graduation: MCA, MBA, MS, and other declared courses. |
| Other Professional Courses: CA, ICWA, CS, CFA. |
Professional Courses: CIMA - London, CPA in USA, CFA, CISA, and other approved courses. |
| Masters and Diploma Management Programs. |
Degree/Diploma courses recognised by competent regulatory bodies abroad. |
| Courses approved by UGC / Govt. / AICTE / AIBMS / ICMR, etc. |
– |
| Regular Degree/Diploma courses recognised by DGCA, Shipping, Indian Nursing Council, or other regulatory bodies. |
– |
Also Read: How to Apply for Education Loan in India- Complete Process
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 |
✅ |
✅ |
✅ |
| 2 Photographs |
✅ |
✅ |
✅ |
| Proof of Identity |
✅ |
✅ |
✅ |
| Proof of Residence |
✅ |
✅ |
✅ |
| Signature Verification from Bank |
✅ |
✅ |
✅ |
| Income Details |
❌ |
Latest payslip or Form 16 or 2 years ITR |
Latest payslip or Form 16 or 2 years ITR |
| Proof of Ownership |
❌ |
✅ |
✅ |
| Proof of Relationship |
✅ |
✅ |
✅ |
| Confirmed Admission Letter |
✅ |
❌ |
❌ |
| Letter from College (Details of course and fee structure) |
✅ |
❌ |
❌ |
| Academic Pass out Mark sheet/Certificate |
✅ |
❌ |
❌ |
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
Seems Like a Lot of Documentation? Check out Education Loans with Minimal Documentation.
How to Apply for Kotak Mahindra Education Loan?
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