Education Loan

Kotak Mahindra Bank Education Loan

Kotak Mahindra Bank Education Loan

On this Page:

Explore Kotak Mahindra Bank education loans for studying abroad. Affordable rates, flexible terms. Check eligibility now!

GyanDhan
Muskan Singh
Updated on:  13 May 2024  | Reviewed By: 
Aman 
| 329 | 10  min read

Whether you want to study abroad or get a degree in India, figuring out how to pay for your higher education might be difficult. Knowing all of your financial alternatives is essential, and the Kotak Mahindra Bank education loan provides a workable answer. The benefits of this loan, the requirements for eligibility, the necessary paperwork, and the application procedure are all covered in full in this blog article. No matter where your academic aspirations lead you, our goal is to make the process of financing and organizing your education easier for you so that you may invest in your future.

Sprinkles

Kotak Mahindra Bank Loan Overview to Study in India or Abroad

Students seeking higher education both domestically and abroad can receive financial aid through the Kotak Mahindra Bank education loan. Variable loan amounts, reasonable interest rates, adjustable payback terms, and eligibility requirements that may change for each application are just a few of the various choices offered by this loan. This summary aims to provide students with the knowledge they need to make cross-border learning experiences easier.

Feature For India For Abroad

Loan Amount

Upto 10 Lacs

Upto 20 Lacs

Interest Rate

9-11% for collateral loans

12-14% for non collateral loans

9-11% for collateral loans

12-14% for non collateral loans

Moratorium Period

Course duration + 12 months

Course duration + 12 months

Tax Benefit

Yes, under Section 80E

Yes, under Section 80E

Expenses Covered

  • list items Tuition Fee, Living Expenses
  • list items Cautionary deposit amount
  • list items Traveling expenses
  • list items Tuition Fee, Living Expenses (hostel or private accommodation, food)
  • list items Cautionary deposit amount
  • list items Traveling expenses

Loan Tenure

Upto 15 years with moratorium period

Upto 15 years with moratorium period

*The interest rate for Kotak Mahindra Bank education loans is floating, which means it may vary based on prevailing market conditions.

With this thorough approach, Kotak Mahindra Bank can assist students studying in both local institutions and overseas universities, providing all-encompassing financial support for a range of educational costs.

Check Your Education Loan Eligibility

Sprinkles

Eligibility Criteria for Kotak Mahindra Bank Education Loan

The eligibility requirements for a Kotak Mahindra Bank education loan must be understood if you're thinking about using one to finance your studies in India or elsewhere. To be eligible for financial assistance from Kotak Mahindra Bank, you must meet the standards listed in this section. 

Eligibility Criteria for Kotak Mahindra Bank Education Loan for Studying in India:

Criteria Details

Nationality

The student must be an Indian national.

Admission

Must have secured admission to a recognized university within India.

Age Requirement

Minimum age of the student should be 21 years at the time of application.

Educational Qualification

Must have completed higher education (10+2 or equivalent).

Collateral

May be required depending on the loan amount and scheme.

Co-applicant

Required; can be a parent, spouse, or guardian.

Course Eligibility

Undergraduate, graduate, vocational, and technical courses.

Repayment Responsibility

Financial stability of both the applicant and co-applicant will be assessed.

Eligibility Criteria for Kotak Mahindra Bank Education Loan for Studying Abroad:

Criteria Details

Nationality

The student must be an Indian national.

Admission

Must have secured admission to a recognized foreign university.

Age Requirement

Minimum age of the student should be 21 years at the time of application.

Educational Qualification

Must have completed higher education (10+2 or equivalent).

Collateral

Often required due to the higher loan amounts needed for studying abroad.

Co-applicant

Required; typically needs to be someone with a steady income.

Course Eligibility

Includes a wide range of programs like undergrad, grad, vocational, etc.

Repayment Responsibility

Strong emphasis on the applicant's and co-applicant's financial ability to repay the loan.

All these prerequisites guarantee that candidates are not only ready academically, but also financially to handle loan repayments. It is best to speak with Kotak Mahindra Bank directly for the most precise and thorough information customized to your own situation. Your eligibility for an education loan can be updated and specific counsel can be given during this direct connection.

Explore


Looking for an abroad Education Loan?
By entering my phone number, I give consent to override NCPR and recieve WhatsApp messages.
Sprinkles

Documents Required for Kotak Mahindra Bank Education Loan to Study in India and Abroad

Getting the right documents together is an important part of getting a Kotak Mahindra Bank education loan because it helps the bank carefully look over your loan application. As part of this process, a full set of documents must be put together for both the applicant (the student) and the co-applicant (usually a parent or guardian) to prove who they are, their educational past, their financial situation, and other important details. The simple table below lists the common documents that are needed by both sides.

Applicant Documents Co-applicant Documents

Admission Letter from the educational institution

Identity proof (Aadhar Card, PAN Card, etc.)

Academic Records (10th, 12th certificates, Degree certificates if applicable)

Address proof (Utility bills, Aadhar Card, etc.)

Identity Proof (Aadhar Card, Passport, Voter ID)

Income proof (Salary slips, Income Tax Returns of the past 2-3 years)

Age Proof (Birth Certificate, Passport)

Bank Statements (Last 6 months)

Residence Proof (Aadhar Card, Passport)

Assets and Liabilities statement

Scheduled expenses for the course

Collateral documents (if applicable)

Payment receipts of any transactions done in the past 6 months, Pending loan account statements of the past 1 year, Letter of the gap if there was a break in studies on Rs. 100 stamp paper.

Payment receipts of any transactions done in the past 6 months, Pending loan account statements of the past 1 year, Letter of the gap if there was a break in studies on Rs. 100 stamp paper.

Please keep in mind that the exact standards may change depending on the loan amount, the academic program, and the college. Because of this, you should talk to Kotak Mahindra Bank directly or check their website to get the most up-to-date and accurate information on the paperwork you need to apply for an education loan. This makes sure that you have everything you need ready, which speeds up the loan acceptance process.

Sprinkles

Benefits of Kotak Mahindra Bank Education Loan

Looking into the pros of a Kotak Mahindra Bank education loan shows a wide range of features meant to assist your academic and professional progress. Kotak Mahindra Bank offers specific financial solutions to meet the needs of both students and professionals. This way, you can get the help you need to continue your education and improve your job chances. Here are some of the best reasons to get an education loan from Kotak:

  • list items Flexible ways to pay back your loan: Kotak offers flexible payment plans that can be changed to fit your needs once you graduate. You can better handle your money with this kind of freedom, and it makes the transition to being financially independent after graduation easier.
  • list items Tax breaks: People who take out an education loan from Kotak Mahindra Bank can get big tax breaks. Under Section 80E of the Income Tax Act, you can reduce the interest you pay on your student loans. This could lower your taxable income and help you save more.
  • list items Bank account for students: If a student gets an education loan from Kotak, they can also open a bank account for themselves called a Kotak Student account. With this account, you can get personalized banking services and perks that are just for students.
  • list items Competitive interest rates: The interest rate on a Kotak Mahindra Bank education loan is competitive, which means that your loan will not only be cheap, but also easy to pay back over time. Because of these low rates, Kotak is a popular choice for many college students who need to pay for their courses.
  • list items Processing and payments made quickly: Kotak Mahindra Bank's efficient application process makes it easy to get loans and get the money sent to you quickly. The bank makes sure that your loan is handled quickly so that you can get the money you need for applying on time, whether you apply online or at a branch.

Every one of these perks is meant to help students focus on their studies without having to worry about money. Kotak Mahindra Bank's education loans are a great way for students to start their educational journeys because they come with flexible repayment plans, tax benefits, student-focused accounts, cheap interest rates, and quick processing. The education loan Kotak provides is a robust and valuable option for students seeking to fund their higher education, enhancing its appeal due to the Kotak Mahindra Bank education loan interest rate.

Explore

Calculate your Education Loan EMI

Sprinkles

How to Apply for a Kotak Mahindra Bank Education Loan?

The process for applying for a Kotak Mahindra Bank education loan has been simplified to make it easy for students to get the money they need for college. Kotak makes it easy and convenient to apply for a loan, whether you want to study in India or another country. If you want to get a Kotak education loan, follow these steps:

  • list items Step 1: Choose how you want to apply - You can start the application process for a Kotak education loan by going to a Kotak Mahindra Bank store or applying online. Both ways are meant to fit your needs and make things easier for you.
  • list items Step 2: Fill out the application - Get all the information you need about the course, how much it costs, and your own personal information. The registration form for Kotak Mahindra Bank can be found on their website, which is easy to use. To make this process go more smoothly, make sure you have all the information you need about your course fees, length, and personal finances on hand.
  • list items Step 3: Send in Your Documents - Get the documents you need to back your application and send them in. In most cases, this includes proof of enrollment, academic records, identification, and financial accounts. Kotak's processing system works well, and you can either upload your documents online or bring them to your local branch, based on how you want to apply.
  • list items Step 4: Verification and Approval - Once you send in your application and papers, Kotak Mahindra Bank will check the information and decide if you are eligible for the loan. In this step, your academic credentials, the financial viability of your plans for college, and your ability to return the loan are all looked at.
  • list items Step 5: Loan Disbursement - Once your loan is accepted, Kotak will send the money directly to the university according to the fee schedule. Depending on the terms agreed upon, the money may also be sent to your bank account.

By doing these things, you'll be able to quickly get a Kotak Mahindra education loan and get closer to your goal of going to college. To make sure your application goes through smoothly, make sure all of your papers are in order and stay in touch with the bank throughout the process.

Making educated selections that support your financial and academic goals is more important than merely obtaining funds when you apply for a Kotak Bank education loan. GyanDhan provides individualized guidance to assist you in weighing your alternatives and locating the most suitable financial options. We make sure you get all the assistance you require on your educational path. Take a step toward reaching your academic objectives by using GyanDhan to check your loan eligibility.

Sprinkles

Frequently Asked Questions

What do I need to do to get a Kotak Mahindra Bank education loan to study abroad?

To get a Kotak Mahindra Bank education loan abroad, you must be an Indian citizen and have been accepted to a recognized university abroad. The person applying must have finished their college studies and have a good record. Also, most of the time, the applicant needs a co-applicant who can promise the loan.

How much can I borrow for studying abroad with a Kotak Mahindra Bank education loan?

According to Kotak Mahindra Bank, people who want to study abroad can get loans of up to INR 50 lakh, but it depends on whether they are eligible, how much the course costs, and what they want to study. The loan is meant to pay for things like tuition, books, travel, and other costs allowed by the university.

How much does interest cost on a Kotak Mahindra Bank education loan for going to study abroad?

Any Kotak Mahindra Bank education loan abroad comes with an interest rate that starts at 9.5%. However, this rate can change depending on the borrower's reputation and the current state of the economy. The interest rate is "floating," which means it can change based on how the market is doing.

What kinds of papers do I need to get a NOC from Kotak Mahindra Bank for an education loan?

If you want to get an education loan in Kotak Mahindra Bank noc format, you will need to give them your loan account number, information about the program, proof that you have finished or are continuing the program, and any other documents they may ask for based on their current policy.

How do I get a NOC format for my education loan from Kotak Mahindra Bank?

You can get an NOC for your Kotak Mahindra Bank student loan by calling or visiting to the office that's closest to you. You will have to send an official request along with the paperwork the bank tells you you need. The bank will take care of your request and send you the NOC in the format you need.

Check Your Education Loan Eligibility


Sprinkles

Have More Questions on This Topic?

Ask from a community of 10K+ peers, alumni and experts