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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:
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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:
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Kotak Mahindra Bank Education Loan Eligible Courses
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.
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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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.
Once the bank reviews your application, they will contact you for any additional information if needed.
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.
Also Read: Education Loan for Abroad Studies in 2024: A Comprehensive Guide
Approval Based on Student Potential. Got Great Grades in 12th? Do Check your Eligibility.
Kotak Mahindra Education Loan: Repayment Process
Repaying your Kotak Mahindra education loan is straightforward and flexible as below:
1. Tenure
Typically, repayment starts after the completion of your course, followed by a moratorium period (usually 6-12 months).
2. EMIs
EMIs can be chosen for a tenure of up to 15 years. The EMI amount is calculated based on the loan amount, interest rate, and repayment tenure.
3. Flexible Repayment
Choose 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 bank account, ensuring timely EMI payments.
6. Loan Foreclosure
You can foreclose the loan before the end of the tenure, if you wish to.
7. Online Monitoring
You can track your loan repayment progress online on the portal.
Expenses Covered in Kotak Mahindra Education Loan
- Tuition Fee
- Cost of Books, Uniforms or Stationery
- Cost of Laptop or computer (if required)
- Examination Fee
- Library/ Laboratory Fee
- Hostel Fee
- Travel Expenses (for abroad)
- Miscellaneous expenses
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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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Kotak Mahindra Education Loan Details
Here are is a snapshot of the details about Kotak Mahindra Education Loan:
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.
Listed below are the 3 schemes offered by Kotak Mahindra Bank.
- Skill Loan Scheme
For students pursuing skill development courses.
- Central Scheme for Interest Subsidy
For students belonging to economically weaker sections.
- Pardho Pardesh Scheme
For minority students pursuing higher education abroad.
*Please note: The list of courses may be updated at the discretion of the Ministry.
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