In this article, you will find the complete details of the Student Education Loan provided by Kotak Mahindra Bank such as Eligibility, Eligible courses, Documents required and more.
Eligibility:
Age Eligibility
- There is no specific restriction regarding the age of a student in order to be eligible for an education loan.
- Age of joint applicant/co-borrower/guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.
If the student was a minor while the joint applicant/co-borrower/guarantor executed the document for the loan, the bank will obtain a letter of ratification from him/her upon attaining majority.
Student Eligibility:
- The student should be an Indian National
- The student shall have secured the admission in India or abroad through an entrance test or through the merit-based selection process
Eligible Courses:
India
- Post-Graduation Courses: Masters and Ph.D. from accredited institutions.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, and Computer Sciences.
- Other professional courses such as CA, ICWA, CS, and CFA.
- Masters and Diploma Management Programs.
- Other courses leading to degree/diploma conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR, etc.
- Regular Degree/Diploma course like aeronautical, pilot training, shipping, nursing or any other discipline approved by Directory General of Civil Aviation / Shipping / Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
- Any other course as shall be declared from time-to-time.
Studies abroad
- Graduation: Reputed universities.
- Post-graduation: MCA, MBA, MS and other courses as shall be declared from time-to-time.
- Other courses such as CIMA – London, CPA in the USA, CFA, CISA, and other approved courses as shall be declared. Degree/Diploma course like aeronautical, pilot training, shipping, etc. provided these are recognized by competent regulatory bodies abroad for the purpose of employment in India/abroad.
Documentation:
|
Document |
Applicant |
Co-applicant/ co-borrower |
Guarantor |
|
Application Form |
Yes |
Yes |
Yes |
|
2 photographs |
Yes |
Yes |
Yes |
|
Proof of Identity |
Yes |
Yes |
Yes |
|
Proof of Residence |
Yes |
Yes |
Yes |
|
Signature verification from 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 |
Yes |
Yes |
Yes |
|
Proof of Relationship |
Yes |
Yes |
Yes |
|
Confirmed admission letter |
Yes |
No |
No |
|
Letter from college |
Details of course and fee structure to be paid |
No |
No |
|
Academic Pass out Mark sheet/Certificate |
Yes |
No |
No |
