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ICICI Bank vs Kotak Mahindra Bank Education Loan
ICICI Bank advertises the lower starting rate (8.5% vs 11%). On ₹20 lakh over 10 years that is about ₹3,30,344 less interest, or ₹2,753 less per month, at the starting rates.
| ICICI Bank | Kotak | |
|---|---|---|
| Starting interest rate | 8.5% | 11% |
| EMI for ₹20 lakh, 10 years | ₹24,797 | ₹27,550 |
| Total interest | ₹9,75,657 | ₹13,06,000 |
| Processing fee | Not stated | Not stated |
| Prepayment | No foreclosure charges | Not stated |
| Maximum tenure | 15 years | - |
Source: ICICI Bank official page, checked 1 November 2026.
Source: Kotak Mahindra Bank official page, checked 2 November 2026.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Frequently asked questions
Which is cheaper, ICICI Bank or Kotak education loan?
ICICI Bank advertises the lower starting rate (8.5% vs 11%). On ₹20 lakh over 10 years that is about ₹3,30,344 less interest, or ₹2,753 less per month, at the starting rates. Your actual rate may differ from the starting rate.