Name: GyanDhan Education Loan EMI Calculator
Rating: 4.9 (133 reviews)
Author: GyanDhan

Calculate your Education Loan EMIs

Loan Amount

INR

Course Duration (in Months)

Loan Tenure

Note: This is your repayment period after the moratorium (course duration + grace period) ends.

Rate of Interest

Does Your Repayment Start While Studying?

Yes

Grace Period

Tell Us More

Amount Required Per Month

₹

Disbursal Option

Custom

Default

Payment at Month 0

INR

Your EMI will be

₹37,465

Total interest you'll have to pay

₹15,96,605

Your total payment

(Principal + Interest)

₹35,96,605

Comparison Between Different Moratorium Repayments

Calculate EMI to see product comparisons

Potential Tax Savings (Section 80E)

Save taxes on your education loan interest under the old tax regime

Total Interest Payable

₹0

Over loan tenure

Your Tax Bracket

30%

Marginal tax rate

Estimated Tax Savings

₹0

Over 8 years

Key Benefits of Section 80E

✓ 100% interest deduction - No upper limit on interest amount
✓ 8 years of benefits - Claim deduction for up to 8 years or until loan is paid
✓ Old tax regime only - Available when filing taxes under old regime
✓ Self or relative - Loan can be for yourself, spouse, children, or student for whom you are legal guardian

💡

Pro Tip:

If you're in the 30% tax bracket, you could save approximately ₹0 over 8 years by claiming Section 80E deductions. This reduces your effective interest cost significantly!

Tax Regime:

Section 80E Guide

* Tax savings are indicative and based on standard tax rates for FY 2024-25. Actual benefits may vary based on your total income, deductions, and applicable surcharges. Consult a tax advisor for personalized advice.

Complete Repayment Schedule

Frequently Asked Questions

Who is eligible for an education loan?

Students who wish to pursue their education, be it in an Indian institute or a foreign one can avail an education loan. Students can avail loans for both undergraduate and post graduate courses.
An education loan is offered to students pursuing professional courses such as law, medicine, engineering, management, science, economics, etc. However in certain instances financial institutes may also provide loans towards vocational and diploma courses. The primary concern for a course is that it must be job oriented, i.e. the course must prepare the student for a job in a particular industry.

Who offers education loans?

Almost every public sector bank in India, and a few private sector banks, offer education loans. Examples would be Axis Bank, SBI Bank, Bank of Baroda and HDFC. However, the terms and conditions regarding the loans vary between banks. Apart from banks, there are several NBFCs (Non-banking financial corporation) that specialize in offering education loan products, for example Avanse, Incred and Credila.

How does the loan work?

The education loan can be availed by a student along with a parent/guardian who acts as the guarantor for the loan. Apart from this, in case of secured loans, a collateral (eg: a house) must be pledged as security to avail the loan. Once the loan is approved, students can submit the approval letter to their institute / visa authorities. Each time a demand is being made by the institute, the bank / NBFC makes the disbursement directly to the institute. However, living expenses can be disbursed directly to the student. While you study, you don’t make any payments to the lender (note: in some cases full or partial interest may be demanded). After your finish your course and start working, you’ll repay the loan in a defined time period (called the repayment period). You can choose to pay the loan earlier as well.

What does the education loan cover?

The loan covers everything from the tuition fees to examination fees to the cost of books and accommodation. Some financial institutes even offer to cover the cost of buying a two wheeler (for domestic loans) and one way air ticket (for international loans).

What is an EMI and what does it have to do with my loan?

An EMI is short for Equated Monthly Instalments. Once a loan is secured from a lender, your repayments are calculated by applying the interest payable to it and apportioning it into equal instalments that have to be repaid every month to the bank. As the name suggests the EMI will be fixed every month. It will contains a portion of the principal amount payable and also a portion of interest due.
The EMI amount, as evident from the word Equated, will stay the same throughout the course of the loan, except in case of interest rate revisions or part payment of the loan amount. You can calculate your EMI using our most accurate and customized EMI calculator for education loans.

How to calculate EMI for education loans using the education loan calculator?

This EMI calculator for education loans is simple to use. Users must input Loan Amount required, Number of Months / Tenure of Loan, Interest Rate and Course Duration. This will display the EMI Payable by you every month.
Apart from this, the calculator has features that display the total amount of interest that you will be paying throughout the loan tenure and so, you can also compare this to the Principal amount due. This will give you a clear picture of how much interest you will be paying in comparison to the principal amount. As an output, you can also see and download your monthly repayment schedule.
There are other cool customizations that you can make in our EMI calculator to get a more accurate picture of your education loan EMI. We discuss these customizations in other questions.

How is EMI calculated for education loan? Can I calculate the EMI on my own?

Yes, but this is going to take you a while. The formula for EMI is [P x R x (1+R) n] / [(1+R) n – 1].

- P stands for the Principal Loan Amount
- R stands for the rate of interest
- n stands for the loan tenure in months

The answer to this will give you the quantum of EMI to be paid every month. However, this formula cannot show you the interest and principal amount breakup like in our calculator.

What is so different about this EMI calculator for education loans?

This education loan EMI calculator is very flexible as users can set their own set of parameter.It is not hardwired to pre-determined inputs specific to a particular institute or bank. Users can use their input such as interest rate, tenure, course duration and loan quantum to calculate payments on hypothetical scenarios as well.
Our education loan EMI calculator also shows you the monthly breakup schedule for your EMI payments, i.e. the breakup between Principal Amount and Interest Amount in each and every EMI instalment that you make. The EMI calculator also helps you plan your finances better with disbursement planning.
Importantly, ours is the only EMI calculator that is specifically designed for education loans. A key factor effecting the repayment schedule is your disbursement pattern, i.e. how much amount you will disburse in which month of your education. Further, if you need to make repayments during your study period, our EMI calculator can take that into account as well.

How can I customize my disbursal schedule?

Check “Disbursal Option” radio button, and select “Custom - tell us how you plan to disburse”. Here you can enter the amounts you plan to disburse from your loan

How can I account for repayments I make during the study period?

Check the “Need to repay while studying?” radio button. Then you can tell us whether you’ll be paying Partial Interest, Full Interest or Full EMI right away. You can also input the amount you are required to pay every month.

Why would I need to calculate my Principal and Interest Amount break-up every month? Isn’t that just too much information that is unnecessary?

When a person secures a loan from a bank, he or she is charged an EMI to repay the loan. While the EMI amount is the same every month, the principal and interest component varies every month. The Interest Component of the EMI is higher towards the start of the repayment and this keeps reducing towards the end of the tenure. In effect, the bank is looking to collect the interest amounts in the initial stages of the repayments.
Why do banks do so? By doing so, the bank can effectively ensure that it recollects as much of interest as possible, in case the student decides to pre-close the loan ahead of its schedule. In such an instance, the bank will suffer a loss of interest that it could have collected had the loan been paid as per schedule.

Why is this important to me?

In case you wish to pre-close a loan or are planning to pre-close your education loan, this information would be essential. Say for example, you plan to close your loan in the 12th month of its tenure, i.e. after one year of its repayment, this breakup schedule will provide you with an accurate picture as to what is the exact loan amount due from you. As discussed above the bank will look to recover higher amount of interest during the initial months.
So if you are looking to close the loan, the common assumption is to reduce the EMIs paid till now (i.e. 12 EMIs) from the outstanding loan amount and the balance need to settled. However, this is far from the reality, as the bank would have charged more interest than principal amount in the initial stages of the loan. This education loan EMI calculator gives you a clear picture of what your outstanding loan balance would be at any given month and this will help you plan your finances for the future.

In case I wish to pre-close a part of the loan during the tenure, can the calculator help me understand what will be my revised EMI?

Certainly. As the EMI will vary after a portion of the loan is paid, this can also be calculated. The user must just simply enter the new Outstanding Loan Amount in the Loan Amount column along with the pending number of months in the Tenure. It is likely that the interest rate won’t vary so this factor can remain constant. The new EMI will be calculated in this manner.

How to calculate education loan?

To calculate an education loan, follow these steps:
- Determine the Loan Amount: Include tuition fees, accommodation, living costs, travel, and other educational expenses.
- Interest Rate: Find out the annual interest rate offered by the lender.
- Loan Tenure: Decide the repayment period in years.
- Repayment Method: Understand if the interest is compounded monthly or annually.

What is an Education Loan EMI Calculator?

An Education Loan EMI Calculator is an online tool that helps borrowers estimate the monthly payments they will need to make towards their education loan. It requires inputs such as the loan amount, interest rate, and loan tenure to calculate the EMI. This calculator simplifies financial planning for students by providing a clear picture of the loan repayment schedule, helping them manage their finances effectively during and after their studies.

Is the education loan interest rate calculator and study loan EMI calculator the same?

No, they are not the same. An education loan interest rate calculator estimates the interest rate for a loan, while a study loan EMI calculator calculates the monthly repayment amount.

What are the benefits of GyanDhan's student loan EMI calculator?

GyanDhan's student loan EMI calculator is celebrated for its ease of use, rapid results, and ability to handle a variety of scenarios at no cost. Its exceptional customization options allow users to accurately calculate their EMIs quickly. An additional benefit is the feature that enables viewing and downloading the loan repayment schedule, facilitating meticulous financial planning for the future. Its adaptability and comprehensive features rank it as a highly flexible and all-inclusive tool for managing education loan repayments.

What is the moratorium period in an education loan?

The moratorium period (also called grace period) is the time during your course duration plus 6-12 months after course completion when you don't have to pay EMIs. During this period, interest continues to accrue on your loan. At GyanDhan's calculator, you can customize your moratorium period and see exactly how it affects your total interest and EMI. You can choose to pay nothing, partial interest, or full interest during this period.

Can I get tax benefits on my education loan?

Yes! Under Section 80E of the Income Tax Act, you can claim 100% of the interest paid on your education loan as a tax deduction for up to 8 years. There is no upper limit on the deduction amount. This benefit is available only under the old tax regime. Our calculator now shows you potential tax savings based on your interest payments. For example, if you're in the 30% tax bracket and pay ₹5 lakhs in interest, you could save ₹1.5 lakhs in taxes over 8 years!

What is the difference between secured and unsecured education loans?

Secured loans require collateral (like property, fixed deposits) and typically offer higher loan amounts (up to ₹1.5 Cr) with lower interest rates (starting from 9%). Unsecured loans don't require collateral but have lower loan limits (up to ₹40 lakhs) and slightly higher interest rates (starting from 10.5%). GyanDhan helps students get both types of loans from 15+ lenders. Use our calculator to see how different interest rates affect your EMI and total repayment.

How much education loan can I get for studying abroad?

For study abroad loans, you can typically get:
- With collateral: Up to ₹1.5 Crore (or full cost of education, whichever is lower)
- Without collateral: Up to ₹40 Lakhs from NBFCs, ₹7.5 Lakhs from most public sector banks

The loan covers tuition fees, living expenses, travel costs, and other educational expenses. Use our calculator to plan your EMI based on your actual loan requirement.

What interest rate should I expect for my education loan?

Education loan interest rates in India typically range from:
- Public sector banks (with collateral): 9-11% p.a.
- Public sector banks (without collateral): 10.5-12% p.a.
- Private banks and NBFCs: 10.5-13.5% p.a.

Rates for women borrowers are often 0.5-1% lower. Your actual rate depends on your profile, course, university, and collateral. Use our calculator to compare how different interest rates impact your monthly EMI and total cost.

How long does it take to repay an education loan?

Education loan repayment tenure typically ranges from 10-15 years (120-180 months), though some lenders offer up to 20 years for high-value loans. The repayment starts after your moratorium period ends (course duration + 6-12 months). You can choose a longer tenure for lower EMIs or shorter tenure to pay less total interest. Use our calculator's tenure slider to find the right balance between affordable EMIs and total interest cost.

Should I pay interest during my study period?

This depends on your financial situation:
- Pay nothing (full moratorium): Lowest monthly burden during studies but highest total interest
- Pay partial interest: Moderate burden during studies, moderate total interest
- Pay full interest: Higher burden during studies but lowest total interest

Use our calculator to compare all three options side-by-side. Even paying ₹5,000/month during a 2-year course can save you lakhs in total interest!

Can I prepay my education loan without penalty?

Most education loans in India allow prepayment without penalty, especially for floating rate loans. However, some lenders may charge 2-5% prepayment penalty for fixed-rate loans or loans prepaid within the first 1-2 years. Prepaying even small amounts can significantly reduce your total interest. Use our calculator to see your outstanding balance at any point and plan partial prepayments strategically.

How does flexible disbursal help in education loans?

Flexible disbursal means you take the loan amount in parts as per your fee payment schedule (semester-wise or year-wise) instead of taking the full amount upfront. Benefits include:
- Interest is charged only on the disbursed amount
- Lower interest burden during initial semesters
- Better alignment with actual fee payment needs

Our calculator is the only one that lets you customize disbursal timing and see exactly how it reduces your interest cost!

What documents do I need to apply for an education loan?

Standard documents required include:
- Student documents: Admission letter, fee structure, passport, visa (for abroad), academic records (10th, 12th, graduation)
- Financial documents: Income proof of co-borrower, bank statements (6 months), IT returns (2 years)
- For secured loans: Property documents, valuation report

After using our calculator to know your EMI, check your loan eligibility and get a personalized document checklist.

Do I need a co-borrower for education loan?

Yes, almost all education loans require a co-borrower (usually a parent or guardian) who:
- Has a steady source of income
- Will be jointly liable for loan repayment
- Must be between 21-60 years at the time of loan application

The co-borrower's income is crucial for loan approval and determines your loan eligibility. Use our eligibility checker to know how much loan you can get based on co-borrower income.

How accurate is this EMI calculator?

Our calculator uses the standard EMI formula: [P x R x (1+R)^n] / [(1+R)^n – 1], which is the same formula used by all banks and financial institutions. It's 100% accurate for the inputs you provide. However, your actual EMI may vary slightly based on:
- Processing fees and other charges
- Insurance premiums (if applicable)
- Interest rate changes (for floating rate loans)
- Bank-specific calculation methods

Always verify the final EMI with your lender after loan approval.

Feature	SBI	Groww	Bank of Maharashtra	Yes Bank
Moratorium Period Customization			Limited	Limited
Flexible Loan Disbursal			Limited
Partial Interest Payment Options	Limited		Limited
Downloadable Repayment Schedule
Month-by-Month Breakdown	Limited	Limited		Limited
Prepayment Options		Limited

Education Loan EMI Calculator with Moratorium

Calculate your Education Loan EMIs

Your EMI will be

Total interest you'll have to pay

Your total payment