Kotak Mahindra Bank Education Loan Interest Rates

Kotak Mahindra Bank Education Loan

The education is a tool to empower the youth hence the nation. By having knowledge and proper training one can develop and create more worth of himself/herself. Our country believes in it and in order to empower the nation’s future, it has mandated banks (public or private) to provide educational loans as a priority sector lending. Kotak Mahindra Bank is one of a successful private sector bank in India having a vast network of branches and ATMs and an array of loyal customers.The salient features of the loan is as follows:

Eligibility
• Applicant should be an Indian national.
• Applicant should have got admission to his/her desired Professional or Technical courses through  relevant Entrance exam/Selection Process and should have proof of it.
• Applicant should have got admission to any reputed and recognized Foreign University and should have proof of it.
• The appliers must have attained 21 years of age and have secured minimum 60% marks throughout the academic pursuance.
• For Programs of study abroad, the applicant should be an Indian citizen who has ensured admission to the professional courses through test/selection process conducted for same purpose by foreign University.
• In case the applicant was a minor and the co-borrower/ guarantor executed the loan papers, the bank will ask a letter of ratification from the applicant upon reaching majority.

Eligible Courses
For Studies in India
• Graduation and Post-graduation programs like B.Sc, B.Com, M.A., M.Sc&Ph.D approved by UGC / AICTE / ICMR etc, and courses from IIM, IIT, IISc, XLRI, NIFT etc
• Professional programs in Engineering, Agriculture, Medical, Law, Veterinary, Computer, Dental, Management etc.
• University affiliated computer certificate courses,ICWA, CA, CFA courses.
• Regular study in aeronautics, pilot training and shipping etc which are okayed by Director General of Civil Aviation or shipping, in India. If the course has to be studied outside India then the institute where the applicant intends to study has to approved and recognised by the effective local aviation or shipping authority
• Education programs made in India by esteemed foreign universities

For Studies abroad
• Graduation and Post-graduation for courses which are job oriented and professional and/or technical in nature and are conducted by known and reputed universities. Like MCA, MBA, MS, PhD or CIMA-London, CPA etc.

Quantum of loan: it is a need based funding arrangement
For studies in India: up to Rs.10.00 lacs
For studies abroad: up to Rs.20.00 lacs

Special Features: Quick loan approval & minimum documentation.

Documents Required

Document Applicant Co-Borrower/ Co-Applicant Guarantor
Application form Yes Yes Yes
Two photographs Yes Yes Yes
Proof of identity Yes Yes Yes
Proof of residence Yes Yes Yes
Signature verification from the 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 the college Details of course and fee structure to be paid No No
Academic pass out mark sheet/certificate Yes No No

Kotak Mahindra Bank Official website: www.kotak.com

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