Loan comparison of ICICI Bank Education Loan vs Kotak Mahindra Bank Education Loan

ICICI Bank Education Loan

Kotak Mahindra Bank Education Loan

Interest Rate

10.50% onwards per annum
Up to 16% per annum

Loan Amount

* For courses in India: Up to Rs.50 Lakh * For courses abroad: Up to Rs.1 Crore
* For courses in India: Up to Rs. 10 Lakh * For courses abroad: Up to Rs. 20 Lakh

Loan Tenure

* Up to 8/10 years for Under Graduate post-course period + 6 months * Up to 10/12 years for Post Graduate post-course period + 6 months
5 to 7 Years

Loan Processing fees

NIL
NIL

EMI per Lakh

Rs. 1105 Per Lakh
Rs. 1469 Per Lakh

Part Payment Charges

NIL or Rs. 1500 + GST
Lock-in period for 12 months. After 12 months, 5% foreclosure charges + GST on principal outstanding

Minimum Income

Stable
Stable

Documents

* KYC

* Mark sheets of 10th, 12th, graduation and entrance exams

* Admission letter

* Fee structure

* Co-applicant KYC and income proof

* Additional documents may be requested in case of collateral required

* 2 photos 

* Photo Id

* Residence Proof

* Proof of Identity/Date of Birth Proof

* Signature Verification

* Academic Documents

* Proof of Admission

* Application Form

* Income Details of the Co-applicant

* Confirmed admission letter

* Details of the course and fee structure to be paid

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