Kotak Mahindra Bank Education Loan for Higher Studies

Kotak Mahindra Bank Education Loan for Higher Studies in India and Abroad

This Kotak Mahindra Bank study loan helps students finance their education and realise their dreams of pursuing higher education at recognised educational institutions in India or abroad. The maximum loan amount you can get is Rs. 10 lakh for studying India and Rs. 20 lakh for studying abroad.

Features of Kotak Mahindra Bank Education Loan

Why this Loan?

  • The loan is meant to help students who have secured admission into a higher education course in any one of the 132 recognised institutions in India or 21 foreign ones through Entrance Test or Merit-based selection process
  • This loan is disbursed as a series of payments over the required number of years and not as a lump sum
  • Quick approval and minimal documentation requirements make the Kotak Mahindra Bank Education Loan a desirable loan scheme to choose
  • The loan can be taken for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.

Loan Amount

  • The maximum loan amount you can get is Rs. 10 lakh for studying India and Rs. 20 lakh for studying abroad


  • The bank defines the maximum interest rate for this loan at 16% on the website. Please check with the bank for the actual applicable interest rate on this education loan


  • Details of total repayment period is not publicly available from the bank. Please check with the bank for details
  • Repayment can be made after 1 year has passed from disbursal of the loan
  • Kotak charges a 5% foreclosure charge plus tax on the outstanding principal

Security Needed

  • Information not available on the bank’s website. Please check with the bank for details


  • The applicant must be an Indian national
  • The student should have gained admission into a recognised higher education course in a recognised institution in India or abroad through Entrance Test or Merit-based Selection process

Eligible Courses

  • Degree and Diploma courses from colleges and universities approved by the government, UGC, AICTE, AIBMS, ICMR, etc.
  • Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Architecture, Computer, etc. courses
  • Hotel or Hospitality Management, Event Management, Mass Communication, etc. courses
  • Degree and Diploma courses in aviation and shipping approved by the Director General of Civil Aviation or Director General of Shipping
  • Courses from IIM, IIT, IISc, XLRI, NIFT, NID, etc.
  • Study programmes that lead to CWA, CA, CS, CFA, etc. accreditations
  • Professional courses from CIMA-London, CPA-USA, CISA, etc.
  • Computer certificate courses from accredited institutes
  • B.Ed. or Teachers and nursing courses offered by approved institutions and which lead to a degree or diploma and not a certificate

Borrower Contribution to Total Cost (Margin Money)

  • Information not available on the bank’s website. Please check with the bank for details

Processing and Other Charges

  • No processing charges need to be paid for this loan
  • The bank charges a penal interest of 3% compounded monthly on overdue amount. Collection charges for cheque dishonour and overdue interest is 30% in addition to Rs. 750 for each instance of EMI payment is dishonoured

Uses of the Loan

  • College, school and hostel fees
  • Examination, library and laboratory fees
  • Caution deposit, building fund or refundable deposit supported by institution bills or receipts
  • Cost of books, equipment, instruments, uniforms
  • Purchase of computer, if required for the course
  • Travel expenses including passage money for foreign studies
  • Insurance premium for the borrower student, if applicable
  • Other expenses needed for completing the course such as study tours, project work, thesis, etc.

Other Features to Know

  • The bank may ask for the student’s progress report to be submitted with the bank at regular intervals
  • The loan is disbursed directly to the school, book seller or publisher, computer seller, and so on and not to the applicant(s)

Documents Needed

  • Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
  • A declaration/ affidavit from the borrower confirming that no educational loans have been availed from other banks
  • Two Passport Size Photographs of student, applicant and/or guarantor
  • Photocopy of PAN Card of the student that needs to be submitted at the time of application or during the course period
  • Personal Identification Proofs (Any One): Electoral I-Card, Passport, Driving License, PAN Card or Aadhaar Card
  • Residential Address Proof (Any One): Electricity Bill, Landline Telephone Bill, Electoral or Voter ID Card or Passport
  • Admission Letter, Course Details and Prospectus as proof of admission
  • Fee Details with Demand of Fee by the Institution
  • All Proofs of Past Academic Record including Mark Sheets and Certificates
  • For the co-borrower, documentary proof of age, ID, signature, address, and proofs of employment, business or income are required
  • For studying abroad, a self-attested copy of the passport is also required along with a self-attested form issued by the institute for visa purposes

Reference Facts:

  • Kotak Mahindra Bank Website: www.kotak.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 2662666