Have I chosen right mutual funds for my kids’ education?

I have started SIPs of Rs 2,000 per month in the following mutual funds:
Kotak Standard Multicap Fund
HDFC Small Cap Fund
Mirae Asset Large Cap Fund

I have an investment horizon of 7 to 10 years. I am investing for my kids’ education. Are the schemes appropriate? Or should I invest in other mutual funds?
--Ajit Singh

Ankita Tanna Narsey, Founder, Oaktree Financial Advisors, responds:

You have chosen good mutual fund schemes. But you have not mentioned the amount required for your kids’ education. It will help you to find out the SIP amount you need to invest every month to achieve your target goal.

I would advise you to increase your SIP amount by at least 10% every year. You can also take the help of a professional financial advisor.