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

Interest Rate

Up to 16% per annum
13.70-15.20% per annum

Loan Amount

* For courses in India: Up to Rs. 10 Lakh * For courses abroad: Up to Rs. 20 Lakh
* Starting from Rs. 50,000 * Unsecured Loan up to Rs. 40 Lakhs * Loan for Higher Study: Up to 7.5 Lakhs

Loan Tenure

5 to 7 Years
Up to 15 Years

Loan Processing fees

NIL
* Up to Rs. 10 Lakhs: NIL * Above Rs. 10 Lakhs: Rs. 5000 + GST

EMI per Lakh

Rs. 1469 Per Lakh
Rs.1312 Per Lakh

Part Payment Charges

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

Minimum Income

Stable
Stable

Documents

* 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

Documents for Education Loan for salaried and other individuals:

* KYC documents

* Bank Statement / Pass Book of last 6 months

* Optional – Guarantor Form

* Copy of admission letter of the Institute along with fees schedule

* Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Additional Documents for Education Loan for all other Individuals:

* Documents required for the first disbursement

* Demand letter from college or university

* Loan agreement signed by applicant, co-applicants

* Sanction letter signed by the applicant, co-applicants

* Disbursement request form signed by applicant, co-applicants

* Receipts of margin money paid to the college/university along with bank statement reflecting the transaction

* Documents for collateral security (if applicable)

* Form A2 signed by applicant or co-applicants in case of overseas institute

Documents required for subsequent disbursement:

* Demand letter from college or university

* Disbursement request form signed by applicant, co-applicants

* Receipts of margin money paid to the college/university along with bank statement reflecting the transaction

* Exam progress report, mark sheet, bonafide certificate (Any one)

* Form A2 signed by applicant or co-applicants in case of overseas institute


More comparisions with Kotak Mahindra Bank Education Loan

More comparisions with Axis Bank Education Loan

Downloads