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

Interest Rate

Up to 16% per annum
9.45-13.36% per annum

Loan Amount

* For courses in India: Up to Rs. 10 Lakh * For courses abroad: Up to Rs. 20 Lakh
* Get up to Rs. 30 Lakhs as an education loan * Avail loans of up to Rs. 7.5 Lakh without collateral

Loan Tenure

5 to 7 Years
Up to 15 Years

Loan Processing fees

Maximum up to 1% of the loan amount as applicable or Minimum Rs. 1000/- whichever is higher

EMI per Lakh

Rs. 1469 Per Lakh
Rs. 1041 Per Lakh

Part Payment Charges

Lock-in period for 12 months. After 12 months, 5% foreclosure charges + GST on principal outstanding
Up to 4% of the Outstanding Balance prepaid, if the loan is foreclosed/ part prepaid during Moratorium (along with and in addition to due/accrued interest, if any, and other amounts due and/or payable by the Borrower to the Bank). No prepayment charges will be charged if the loan is foreclosed / part prepaid any time after the expiry of the Moratorium

Minimum Income



* 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

1. Education loan for Indian Education for Pre-sanction loans:

* Duly filled application form

* Latest photograph (Signed Across)

* Admission letter from the institute with the fee break–up

* Academic mark sheets (SSC, HSC and Graduation)

* Age proof

* Identity proof

* Residence proof

* Signature proof

* Salary slips of the last two months carrying the date of joining details (Salaried)

* Bank statement of the salary account for the last 6 months (Salaried)

* ITR of last two years with computation of income (Self-employed)

* Audited Balance Sheet or Profit and loss statement for the last 2 years (Self- employed)

* Bank statement for the last 6 months (Self-employed)

* Latest Sales or service tax return as proof of turnover (Self-employed)

* Proof of qualification (Self-employed)

2. Education loan for Indian Education for Post-sanction loans:

Even for post-sanction loans, you have to submit the above-mentioned documents. Along with them, the following is also required to be submitted:

* Completed loan agreement signed by the applicant and co-applicant

* PDCs, ACH or SI Mandate

* In case of ACH and SI mode of repayment, three security PDCs need to be submitted

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