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

Kotak Mahindra Bank Education Loan

Federal Bank Education Loan

Interest Rate

Up to 16% per annum
10.05% onwards per annum

Loan Amount

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

Loan Tenure

5 to 7 Years
Up to 15 Years

Loan Processing fees

NIL
For studies in India – NIL

EMI per Lakh

Rs. 1469 Per Lakh
Rs. 1078 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

* Passport / Voters ID card/ Driving License/PAN Card

* Ration card/ Electricity Bill/ Lease agreement/Trade license /Sales Tax certificate

* Offer letter / Admission letter

* Basic Qualification & mark-list

* Proof of Fees structure

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