Education Loan EMI Calculator 🎓
Calculate your education loan EMI, total interest, and explore prepayment options
Education Loan EMI Calculator
Calculate your monthly EMI for education loans. Adjust the values below to see how it affects your repayment.
Prepayment Calculator
See how making extra payments can reduce your loan tenure and total interest paid.
Loan Projection Calculator
Estimate your future loan balance and repayment obligation if you're still in school.
Projected Repayment
Amount Borrowed:
₹2,00,000
Balance After Graduation:
₹2,00,000
Balance After Grace Period:
₹2,08,000
Projected Monthly EMI:
₹4,217
Total Interest:
₹45,049
* The "Grace Period" is the period between graduation and when repayment begins.
* For subsidized loans, you may not need to pay interest during school or grace period.
* This projection assumes equal monthly payments after grace period.
Understanding Education Loans in India 🎓
Types of Education Loans in India
Domestic Education Loans
- For studies within India
- Lower interest rates (8-12%)
- Collateral required for larger amounts
- Tax benefits under Section 80E
International Education Loans
- For studies abroad
- Higher loan amounts (up to ₹1.5 crore)
- Higher interest rates (10-14%)
- Foreign exchange coverage included
Government Schemes
- Vidya Lakshmi Portal
- Central Sector Interest Subsidy
- Padho Pardesh (for minority students)
- State government schemes
Key Features of Education Loans
| Feature | Description | Benefit |
|---|---|---|
| Moratorium Period | 6-12 months after course completion | No EMI payments during this period |
| Tax Benefits | Section 80E of Income Tax Act | Interest paid is tax deductible |
| Collateral | Required for loans above ₹7.5 lakh | Lower interest rates with collateral |
| Course Coverage | UG, PG, PhD, vocational courses | Wide range of eligible programs |
Education Loan EMI: How It Works
EMI Calculation Formula
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate/12/100)
N = Loan tenure in months
Example Calculation
For ₹5 lakh loan at 8% for 5 years (60 months):
Monthly Interest Rate = 8%/12 = 0.6667%
EMI = [500000 × 0.006667 × (1.006667)^60] / [(1.006667)^60 - 1]
EMI ≈ ₹10,135
Tips for Managing Education Loan EMIs
Before Taking the Loan
- Compare interest rates from multiple banks
- Negotiate for lower rates with good academic records
- Consider government schemes with subsidies
- Calculate future EMI burden realistically
After Taking the Loan
- Start paying interest during moratorium if possible
- Make partial prepayments when you have surplus funds
- Consider refinancing if interest rates drop significantly
- Claim tax benefits for interest payments
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Disclaimer:
This education loan EMI calculator provides estimates based on the inputs provided. Actual loan terms, interest rates, and EMI amounts may vary depending on the lender, your credit profile, and other factors. The calculator doesn't account for processing fees, prepayment charges, or other loan-related fees. Please consult with financial institutions for exact loan terms and conditions before making any financial decisions.