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

₹29,897

Total interest you'll have to pay

₹23,05,211

Your total payment

(Principal + Interest)

₹43,05,211

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 (Equated Monthly Instalment) is the fixed amount you pay every month to the bank, consisting of both principal and interest. The EMI remains constant throughout the loan tenure (unless the rate or balance changes due to part-payment). You can calculate your EMI using GyanDhan's accurate and customized education loan EMI calculator.

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

Enter your Loan Amount, Loan Tenure, Interest Rate, and Course Duration. The calculator will display your monthly EMI, total interest payable, and a downloadable repayment schedule. You can also compare the total interest vs. principal to understand your full repayment structure. You can make further customizations, discussed in later FAQs.

How is EMI calculated for an education loan? Can I calculate it manually?

Yes, using the formula:
EMI = P × R × (1+R)ⁿ / ((1+R)ⁿ − 1)

Where:
P = Loan Amount (Principal)
R = Monthly Interest Rate
n = Loan Tenure (in months)

However, this manual calculation won't give you the month-by-month interest/principal breakup like our calculator does.

What is so different about GyanDhan's EMI calculator for education loans?

Unlike generic EMI calculators, GyanDhan's tool is specifically built for education loans. You can:
• Customize interest rate, tenure, and course duration
• Add disbursal schedules and in-study repayments
• View month-by-month EMI breakup (Principal + Interest)
• Plan finances through disbursement and repayment simulations

It's the only EMI calculator that considers your actual disbursement pattern and study-period payments for a realistic EMI forecast.

How can I customize my disbursal schedule?

Select the "Disbursal Option" radio button and choose "Custom – tell us how you plan to disburse." You can then enter the amounts you plan to disburse at different stages (semester-wise, year-wise, etc.).

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

Select "Need to repay while studying?" and choose whether you'll pay Partial Interest, Full Interest, or Full EMI. You can also input the monthly amount you'll pay during your course.

Why should I know my monthly Principal and Interest breakup while repaying an education loan?

Because while your EMI remains constant, the split between principal and interest changes monthly. The interest component is higher in the early months and decreases later. This structure helps banks recover most of their interest upfront.

Why do banks calculate EMIs this way?

Banks calculate EMIs this way because interest is charged on the remaining loan amount, which is highest at the start. So, in the early months, a larger part of your EMI goes toward interest. As you keep paying and the loan balance gets smaller, more of your EMI goes toward repaying the actual loan amount. This helps banks get back their interest in a balanced and predictable way.

Why is it important to understand how much of my EMI goes toward interest and principal?

If you plan to pre-close your loan, understanding the interest vs. principal split helps you know the exact outstanding balance. Many assume that paying a few EMIs means proportionally reducing the loan — but banks recover more interest first. GyanDhan's calculator gives you the real-time outstanding balance at any stage.

If I pre-close a part of my loan, can the EMI calculator show my revised EMI?

Yes. Simply enter the new outstanding amount and remaining tenure in the calculator. The tool will compute your updated EMI instantly. Usually, the interest rate remains unchanged unless revised by your lender.

How to calculate education loan?

To calculate an education loan:
• Determine the Loan Amount (tuition, accommodation, living costs, etc.)
• Note the Interest Rate offered by the lender
• Set the Loan Tenure (repayment period)
• Understand whether interest compounds monthly or annually

Use our calculator to visualize repayment and adjust parameters easily.

What is an Education Loan EMI Calculator?

An Education Loan EMI Calculator is an online tool that helps you estimate the monthly payments required to repay your education loan. By entering your loan amount, interest rate, and tenure, you get a clear view of your repayment schedule — simplifying financial planning before and after your studies.

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

No. An interest rate calculator estimates your rate of interest, while an EMI calculator estimates your monthly repayment amount. GyanDhan's tool combines both for a full view of your repayment journey.

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

• Extremely easy to use and free
• Provides quick and accurate results
• Displays repayment schedule (downloadable)
• Allows full customization (disbursal, in-study payments, etc.)
• Helps in tax and financial planning through realistic forecasts

What is the moratorium period in an education loan?

The moratorium period (or 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. At GyanDhan's calculator, you can customize your moratorium period to see exactly how it affects your total interest and EMI — whether you choose to pay nothing, partial interest, or full interest.

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?

Typically 10–15 years, extendable up to 20 years for higher-value loans. Repayment begins after your moratorium period (course duration + 6–12 months). Longer tenures reduce EMIs but increase total interest — use the tenure slider on our calculator to balance affordability vs. total cost.

Should I pay interest during my study period?

Options:
• Full moratorium: Pay nothing → Highest total interest
• Partial interest: Moderate balance
• Full interest: Lowest total cost

Even small monthly payments can save lakhs in total interest. Try different options in the calculator to see savings.

Can I prepay my education loan without penalty?

Most floating-rate education loans allow prepayment without penalty. Some fixed-rate loans may charge 2–5% fees if prepaid early. Prepaying even small amounts significantly reduces total interest. Use our calculator to plan the timing of partial prepayments.

How does flexible disbursal help in education loans?

Flexible disbursal means the loan is released in parts based on your fee schedule.
Benefits:
• Interest charged only on disbursed amount
• Lower cost in early semesters
• Better fee alignment

Our calculator lets you model disbursal patterns for precise interest tracking.

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 GyanDhan's EMI calculator?

Our calculator uses the same formula used by all banks —
EMI = P × R × (1+R)ⁿ / ((1+R)ⁿ − 1)
It's 100% accurate for your inputs. Actual EMI may slightly vary due to:
• Processing or insurance fees
• Floating interest rate changes
• Bank-specific rounding methods

Always confirm with your lender after 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