Kotak Mahindra Bank has decreased its education loan interest rates by 0.05%, or 05 basis points with effect from Monday, October 16, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Kotak Mahindra Bank Limited – Current Education Loans or Student Loans Interest Rates
New Delhi (Delhi, India), February 25, 2018
Kotak Mahindra Bank Limited Cuts Education Loan Interest Rate to 11.50% Per Annum
The Kotak Mahindra Bank Limited has decreased its education loan interest rates by 0.05 percent, or 05 basis points with effect from Monday, October 16, 2017.
Kotak Mahindra Bank has revised its minimum interest rate for education loan from 11.55 percent to 11.50 percent per annum for female students for the education loan amount above Rs. 750,000 and from 12.05 percent to 12.00 percent per annum for male students for the education loan amount above Rs. 750,000.
Kotak Mahindra Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Kotak Mahindra Bank Student Loan Scheme – Current Education Loan Interest Rates for Various Category of Borrowers
Kotak Mahindra Bank Student Loan Scheme Interest Rate for Female Students:
12.50% Per Annum for Kotak Mahindra Bank Education Loan Amount up to Rs. 4,00,000
12.00% Per Annum for Kotak Mahindra Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
11.50% Per Annum for Kotak Mahindra Bank Education Loan Amount above Rs. 750,000
Kotak Mahindra Bank Student Loan Scheme Interest Rate for Male Students:
13.00% Per Annum for Kotak Mahindra Bank Education Loan Amount up to Rs. 4,00,000
12.50% Per Annum for Kotak Mahindra Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
12.00% Per Annum for Kotak Mahindra Bank Education Loan Amount above Rs. 750,000
Kotak Mahindra Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Kotak Mahindra Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is Rs. 50,000
Kotak Mahindra Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is Rs. 10,00,000 for studies in India and Rs. 20,00,000 for studies abroad.
Kotak Mahindra Bank Education Loan Margin Amount:
Minimum 0% Margin of the Education Expenses for Loan up to Rs. 4,00,000
Minimum 5% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Studies within India
Minimum 15% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Higher Studies Overseas.
Kotak Mahindra Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute
Kotak Mahindra Bank Student Education Loan Processing Fee and Documentation Charges: Nil Fee or Charges
Minimum Age Limit of Applicants for Getting the Kotak Mahindra Bank Education Loan Sanctioned: Minimum Age 18 Years at the Time of Education Loan Commencement
Maximum Age Limit of Applicants for Getting the Kotak Mahindra Bank Education Loan Sanctioned: Maximum Age 35 Years for Non-Employed Personnels and 45 Years for Working Employees or Executives at the Time of Education Loan Commencement
Maximum Tenure for the Kotak Mahindra Bank Student Education Loan: Maximum Education Loan Tenure is 12 Years Post Moratorium Period
Kotak Mahindra Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
Kotak Mahindra Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 750 inclusive of GST
Charges for Kotak Mahindra Bank Education Loan EMI Late Payment: Minimum 2% Per Month of the Kotak Mahindra Bank Education Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Guarantor Requirement for the Kotak Mahindra Bank Education Loan: Guarantor is Required – The parent(s) or guardian of the student needs to be co-applicant(s) of the student loan
Eligible Courses for the Kotak Mahindra Bank Student Education Loan: Regular career-oriented full-time degree and diploma courses for studies in India and abroad.
Kotak Mahindra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Kotak Mahindra Bank Limited