Student Loan Calculator

I want to borrow at

a rate of % over year(s)

My course is month(s) long

Total Interest to be paid


Total Payment (Principal + Interest)


Your EMI per month will be


Note: We've made a few to arrive at above results Check Loan Eligibility

Customize your results

We've made assumptions of a basic education loan in the above calculations. However, education loans can have different structures. You can customize the results by telling us more below. By default, the grace period is 6 months

Default - x every y months Custom - tell us how you plan to disburse

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This is how EMI and total payment vary as per the moratorium repayment type of your loan
Full EMI right away
Full Interest every month
Partial interest every month
Total Payment

Loan Repayment Schedule

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.
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.
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.
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).
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 customized and accurate most accurate EMI calculator for education loans.
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.
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]. Here P stands for the Principal Loan Amount, R stands for the rate of interest and 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.
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.
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
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.
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.
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 you outstanding loan balance would be at any given month and this will help you plan your finances for the future.
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.