Education Loan EMI Calculator India — Student Loan Guide
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Education loans in India (₹4L to ₹1.5Cr) come with a moratorium period — no repayment during study + 6–12 months after. Interest accrues during moratorium and is either paid monthly or added to principal (simple vs compound). For loans above ₹7.5L, collateral is required. Calculate your post-study EMI, total repayment and impact of interest subsidy schemes here.
💡 Best Tenure Suggestion
Compare how tenure affects your EMI and total interest
🔄 Prepayment Calculator
See how a lump-sum prepayment reduces your loan burden
🏦 Compare Loan from 3 Banks
See EMI difference across banks for your loan amount of ₹10,00,000
📅 Amortization Schedule
Month-by-month loan repayment breakdown
| Month | EMI | Principal | Interest | Balance | Paid % |
|---|---|---|---|---|---|
| Month 1 | ₹8,678 | ₹1,595 | ₹7,083 | ₹9,98,405 | |
| Month 2 | ₹8,678 | ₹1,606 | ₹7,072 | ₹9,96,799 | |
| Month 3 | ₹8,678 | ₹1,618 | ₹7,061 | ₹9,95,181 | |
| Month 4 | ₹8,678 | ₹1,629 | ₹7,049 | ₹9,93,552 | |
| Month 5 | ₹8,678 | ₹1,641 | ₹7,038 | ₹9,91,912 | |
| Month 6 | ₹8,678 | ₹1,652 | ₹7,026 | ₹9,90,260 | |
| Month 7 | ₹8,678 | ₹1,664 | ₹7,014 | ₹9,88,596 | |
| Month 8 | ₹8,678 | ₹1,676 | ₹7,003 | ₹9,86,920 | |
| Month 9 | ₹8,678 | ₹1,688 | ₹6,991 | ₹9,85,232 | |
| Month 10 | ₹8,678 | ₹1,700 | ₹6,979 | ₹9,83,533 | |
| Month 11 | ₹8,678 | ₹1,712 | ₹6,967 | ₹9,81,821 | |
| Month 12 | ₹8,678 | ₹1,724 | ₹6,955 | ₹9,80,098 |
How to Use EMI Calculator India
Select your loan type (Home, Car, Personal, Education), enter loan amount, set interest rate and tenure. Get instant monthly EMI, total interest, amortization schedule, and bank comparison — all free, no login required.
EMI Formula — How It Works
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1) where P = Principal, r = monthly rate (Annual/12/100), n = months.
Example: ₹10 lakh at 8.5% for 20 years → EMI = ₹8,678/month · Total Interest = ₹10.83 lakh · Total Payment = ₹20.83 lakh.
When Should You Prepay Your Loan?
Prepaying in the first half of the tenure saves maximum interest — because early EMIs are mostly interest. A ₹2 lakh prepayment in year 2 of a 20-year home loan can save ₹4–6 lakh in total interest. Use our Prepayment Calculator above to see your exact savings.
Home Loan vs Car Loan vs Personal Loan — Key Differences
Home Loan: Lowest rates (8.5–9.5%), longest tenure (30 years), secured against property. Car Loan: Medium rates (8–10%), tenure 1–7 years, car as collateral. Personal Loan: Highest rates (10.5–24%), no collateral, fastest disbursement.
Frequently Asked Questions
What is the moratorium period in education loan?
Moratorium = study period + 6 months (or 12 months for some banks). No EMI during this time, but simple interest accrues. For a ₹15L loan at 9% during a 2-year course, interest during moratorium = ₹2.7L. Repay this during study to reduce burden later.
Is there any government interest subsidy for education loans?
Yes — Central Government's IBA scheme: interest subsidy for students from families with annual income below ₹4.5L during moratorium. Also, PM Vidyalakshmi scheme offers loans at 3–4% for top institutions. State governments have additional schemes.
Can education loan interest be claimed as tax deduction?
Yes — Section 80E allows full deduction on interest paid on education loan (no maximum limit). Deduction available for 8 years from repayment start or until interest is fully repaid, whichever is earlier. Principal repayment is NOT eligible for 80C.
What is the maximum education loan amount in India?
PSU banks: ₹10L (domestic), ₹20L (abroad) without collateral. With collateral: no upper limit. Private banks and NBFCs: up to ₹1.5Cr. IIMs, IITs, AIIMS etc. get higher limits. Norms vary by institution tier and course.