Coolant channels allow internal coolant delivery to the cutting region and significantly improve drilling, but these channels also reduce the torsional and torsional-axial stiffness of the drills. Such a reduction in stiffness can degrade the quality of the drilled holes. The evacuation of cutting chips and the delivery of the cutting fluid put strict geometrical restrictions on the cross-section design of the drill. This necessitates careful selection and optimization of features such as the geometry of the coolant channels. This paper presents a new method that uses Prandtl's stress function to predict the torsional and torsional-axial stiffness values. Using this method drills with one central channel are compared to those with two eccentric coolant channels, which shows that with the same cross-section area, the reduction of axial and torsional-axial stiffness is notably smaller for the design with two eccentric channels compared to a single central channel. The stress function method is further used to select the appropriate location of the eccentric coolant channels to minimize the loss of torsional and torsional-axial stiffness. These results are verified by comparison to the results of three-dimensional finite element analyses.