The following are the features of Kotak Mahindra student scheme offered to students:
- The maximum amount of loan that can be availed for studying in India is Rs. 10 lakh. However, for students wishing to study abroad, the maximum available amount of loan is Rs. 20 lakh. The maximum amount of loan available to an individual will also depend on the bank’s discretion and will depend on the income of the individual and the capacity to repay the loan amount in full within the stipulated time.
- The loan offered by the bank is quickly approved so that the individual does not have to wait for a long time to access the funds required to start the relevant course. After completing all the necessary formalities required for the loan processing stage like filling up the application form, submitting the required documents, etc., the loan is quickly disbursed.
- The loan process is very easy and which requires very less documents easily available with every individual.
- A joint applicant or a co-borrower or a guarantor is required along with the student to apply for a Kotak Mahindra education loan. This person undertakes to repay the loan amount in due time or guarantees the repayment of the loan amount within the specified tenure.
- Loan for courses is also available which means now pursuing professional courses study in India from good educational institutions is no longer a dream for any student.
- Tenure of loan is longer which means your monthly instalments will be less.
- Bank has introduced a new scheme for vocational education and training under the name Kotak Mahindra Vocational Education and Training Loan which provides the amount of education loan to students who pursue vocational courses from educational institutions.