Kotak Mahindra Bank Education Loan

Last Updated : April 18, 2020, 5:36 p.m.

The cost of higher studies is quite high and your parents might not be able to finance it on their own if they do not have the means to do so. Therefore, you will need to look for loans. While searching for loans, you can come across Kotak Mahindra Bank that offers you the loan at an attractive interest rate. You can apply for the loan for both Indian and overseas studies. Select the university or institution at which you need to secure the admission before applying for the loan.

Individuals dreaming of higher studies can make it true with Kotak Mahindra Bank education loan. There is no specific age limit for the student, but the co-borrower age should be above 21 years. The age of the borrower must not exceed 70 years during the payment period.

Kotak Mahindra Bank Education Loan – Indian Universities & Institutions

For studies from the top university and educational institution in India, you can borrow up to INR 10 lakh from the bank. You can get the loan quickly with an instant disbursal procedure. While your loan is in the procedure stage, you can use that time to submit the following documents.

• ID proof: Both the student and co-borrower identity proof is required by the bank which are Aadhar card, PAN card, Voter Id card, Passport, Driving license, etc.
• Income details of the co-borrower who is the primary debtor of the loan amount like salary slip, bank statement, ITR report, etc.
• Address proof of the individual is necessary for the verification procedure. You can submit a telephone bill, electricity bill, etc. to confirm the address details with the bank.

When your documents are approved by the bank, you can get the loan to fulfill your educational aspirations. You can cover your expenses such as hostel fees, examination, semester, project work, etc.

You can borrow up to INR 10 lakh from the bank to meet your expenses, and it can be as per your needs. For which you are required to submit the letter from the college or institute with a detailed list of fees. The interest rate is based on the co-borrower credit capacity and collateral price. So, don’t stop yourself from achieving your dreams, instead, apply for a Kotak Mahindra Bank education loan.

Overseas Education loan from Kotak Mahindra Bank

If your dreams are beyond the limit, why then your education is limited? Don’t worry, you can secure your admission to the best universities abroad, and take help from Kotak Mahindra Bank education loans. The bank provides you up to INR 20 lakh for admission to universities. And the interest rate to the loan remains the same that you get for studies in India. However, the loan quantum can be higher here because it includes the student travel expenses along with all the necessities during the course period.

The below-mentioned universities are approved by Kotak Mahindra Bank for the students’ overseas studies.

1. Harvard University
2. Yale University
3. Princeton University
4. Massachusetts Institute of Technology
5. Stanford University
6. University of Cambridge
7. University College London
8. Imperial College London
9. University of Oxford
10. The University of Edinburgh
11. Australian Catholic University
12. Australian National University
13. Bond University
14. Central Queensland University
15. Charles Darwin University
16. University of New South Wales
17. McGill University
18. University of Toronto
19. University of British Columbia (UBC)
20. Queen’s University
21. University of Western Ontario

You need to first get a scholarship or approval of admission from the university before applying for a loan. On that basis, the bank will sanction your loan as per your needs. Visa must be pre-approved before the loan sanction so that there would be no hassle during departure. From flight bookings to the hostel, all the expenses are managed by the Kotak Mahindra Bank for the student.

Kotak Mahindra Bank Education Loan Payment

You can pay the borrowed amount in Equated Monthly Installment (EMI). To know the EMI, you can use the online tool of the bank to manage it. The tool is none other than the Education Loan EMI Calculator. Just go to the official Kotak Mahindra Bank website and select the online calculator. Just enter details such as the principal amount, interest rate and the duration of payment. Once all the details are in the right place, you can get your EMI in a few seconds. Look at the example below to know how the EMI calculator generates the EMI.

If you borrow INR 12 lakh for your child’s admission to a reputed university at an interest rate of 12.33%, your EMI is around INR 14,658. And you can use the following method of payments to pay your Kotak Mahindra Bank Education Loan.

• ECS: You can use the auto-debit service by which your EMI won’t take a long procedure. Just select a bank account from which you want to make payment and submit the ECS form to the bank. You don’t need to worry about late payments when you use ECS.
• Standing Instructions from Kotak Mahindra Bank allows the borrower to pay their borrowed amount from any of their Kotak accounts. And to use it they just need to make a request to the bank.
• Go to the Kotak Mahindra Bank and submit the EMI cheque for your loan as per the details. Otherwise, the bank will put a penalty interest of 3% on your EMI.

Apply for Kotak Mahindra Bank Education Loan

To apply for the loan, you just need to visit the bank branch and follow the instructions as mentioned below.

1. Ask for the education loan and know about it in detail
2. Fill up an application form with 2 passport size photographs
3. Submit the mentioned documents required by the bank
4. And then wait for its approval

After the loan sanction, you could manage the expenses of higher education.

You can apply for the education loan online as well by following the same procedure. Just mention your name and other details in the application form to process the loan. The bank service provider gets in touch with the customer after receiving their request for the loan.