Education Loan Calculator
Student loan repayment plan
Loan Details
Monthly EMI
₹16,344
Total Interest
₹3.73 L
Total Payment
₹13.73 L
Loan Breakdown
Education Loan EMI Calculator – Invest in Your Future Wisely
An education loan is a planned investment in your future earning potential. Whether you are pursuing a professional degree in India or an MBA abroad, an education loan calculator helps you understand your repayment obligations before you graduate. Our free education loan EMI calculator lets you compute your monthly payment after the moratorium period, total interest cost, and full repayment schedule — so you can choose the right loan amount, lender, and tenure with complete financial clarity.
How the Education Loan Calculator Works
Enter the total loan amount you need (including tuition, living expenses, and other costs), the interest rate offered by your bank, and the expected repayment tenure after completing your course. Most education loans come with a moratorium period (course duration + 6–12 months) during which no EMI is paid — though interest may accrue. After this period, regular EMIs begin. Use this calculator to plan your post-graduation EMI so you can choose an amount that fits comfortably within your expected starting salary.
Benefits of Using an Education Loan Calculator
- ✓Pre-loan Clarity: Know your post-graduation EMI before taking the loan so you can borrow only what you can comfortably repay.
- ✓Tax Savings under 80E: Interest paid on education loans is fully deductible under Section 80E with no upper limit for up to 8 years.
- ✓Lender Comparison: Compare interest rates from banks, NBFCs, and government schemes to find the most affordable option.
- ✓Course-cost Planning: Estimate the total cost of your education by factoring in tuition, accommodation, books, and living expenses.
- ✓Moratorium Awareness: Understand the total interest that may accrue during the moratorium period and plan accordingly.
Key Features
- ✓Up to ₹50 Lakh: Covers loan amounts for both domestic colleges and premium international institutions.
- ✓15-Year Tenure: Supports long repayment periods suitable for large education loans with lower starting salary constraints.
- ✓Year-wise Schedule: See exactly how your loan repayment progresses each year after the moratorium ends.
- ✓Interest Breakdown: Visual chart clearly splits how much of your total repayment is principal and how much is interest.
- ✓Real-time Sliders: Adjust loan amount and tenure to find the most comfortable post-graduation EMI for your budget.
Frequently Asked Questions about Education Loans
Is the interest on an education loan tax-deductible?
Yes. Under Section 80E of the Income Tax Act, the entire interest paid on an education loan is deductible from your taxable income. There is no cap on the deduction amount. This benefit is available for up to 8 years starting from the year you begin repayment.
What is a moratorium period in education loans?
A moratorium period is a repayment holiday given during your course duration plus an additional 6–12 months after graduation. During this time, you do not need to pay EMIs. However, simple interest typically accrues on the outstanding principal during this period, which is added to the loan balance.
How much education loan can I get without collateral?
Most banks in India offer unsecured education loans up to ₹7.5 lakh (under the IBA Model Scheme). Amounts above ₹7.5 lakh typically require collateral such as property, FD, or a government security. For premium institutions like IITs or IIMs, some banks extend unsecured limits up to ₹40 lakh.
Which banks offer the best education loan rates?
Government banks like SBI (with Vidyalakshmi scheme), Bank of Baroda, and Canara Bank typically offer lower rates (8.5–10.5%) compared to private banks. Specialized schemes like SBI Scholar Loan for top institutions offer rates as low as 8.15%. Always compare multiple banks and check for subsidies under the Central Scheme to provide interest subsidy.
What should I keep in mind before taking an education loan?
Consider the total loan cost including moratorium interest, compare lenders for rate and processing fees, check for pre-payment charges, ensure the course and institution are recognized by the bank, and realistically assess your expected starting salary to ensure comfortable repayment after graduation.