By extending our previous isobar model to the K0Λ isospin channel, we investigate the properties of the K0Λ photo- and electroproduction at energies near threshold. It is found that the pseudovector coupling yields significantly larger cross sections. Variation of the K1 coupling constants has significant effect only on the pseudovector model. The electromagnetic form factor of the neutral kaon K0 is found to have a sizable effect on the longitudinal cross section of the K0Λ electroproduction near the threshold. 2011 American Physical Society.