Estimate your education loan EMI and view amortization schedule.
Monthly EMI
₹13,215
Total Interest
₹5,85,809
Total Payment
₹15,85,809
Education loans often have moratoriums; check lender terms for interest accrual during study period.
Use this free education loan EMI calculator to plan your student loan repayment before you apply. Enter the loan amount, interest rate, and tenure — the calculator instantly shows your monthly EMI, total interest payable, total repayment amount, and a complete month-by-month amortization schedule.
Education loans in India have a unique feature called the moratorium period — you are not required to repay during the course and for 6–12 months after graduation. However, interest continues to accrue during this period. Use this calculator to understand the actual repayment burden after the moratorium ends so you can plan your finances before and after graduation.
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest | Total Repayment |
|---|---|---|---|---|---|
| ₹5 lakh | 10% | 5 years | ₹10,624 | ₹1.37 lakh | ₹6.37 lakh |
| ₹10 lakh | 10% | 7 years | ₹16,601 | ₹3.93 lakh | ₹13.93 lakh |
| ₹15 lakh | 11% | 7 years | ₹26,035 | ₹6.87 lakh | ₹21.87 lakh |
| ₹20 lakh | 11% | 10 years | ₹27,551 | ₹13.06 lakh | ₹33.06 lakh |
| ₹40 lakh | 9.5% | 12 years | ₹43,956 | ₹23.30 lakh | ₹63.30 lakh |
| Bank | Interest Rate | Max Loan (India) | Max Loan (Abroad) | Collateral Required |
|---|---|---|---|---|
| SBI | 8.65–10.65% | ₹10 lakh (no collateral) | ₹1.5 crore | Above ₹7.5 lakh |
| Bank of Baroda | 9.15–11.15% | ₹10 lakh (no collateral) | ₹1.5 crore | Above ₹7.5 lakh |
| Canara Bank | 9.25–11.25% | ₹10 lakh (no collateral) | ₹1 crore | Above ₹7.5 lakh |
| HDFC Credila | 10.50–14.00% | ₹20 lakh | ₹1.5 crore | Flexible |
| Avanse | 11.00–14.50% | ₹15 lakh | ₹75 lakh | Flexible |
* Rates are indicative and subject to change. Always check the lender's official website for current rates.
Education loan interest rates in India typically range from 8.5% to 15% per annum depending on the lender, loan amount, course, and institution. Government banks (SBI, Bank of Baroda, Canara Bank) generally offer lower rates (8.5–11%) than private banks and NBFCs. Some government schemes offer subsidised rates for economically weaker sections. Female students get an additional 0.5% concession from most public sector banks.
The moratorium period is the repayment holiday given during the course duration plus 6–12 months after course completion (or 6 months after getting a job, whichever is earlier). During this period, you are not required to pay EMIs. However, interest continues to accrue during the moratorium — either as simple interest paid monthly, or capitalised to the principal and repaid with EMIs after the moratorium ends.
For studies in India, most public sector banks provide up to ₹10 lakh without collateral and up to ₹20–75 lakh with collateral (property, FD, LIC policy). For studies abroad, loans up to ₹1.5 crore are available with collateral from major public sector banks. Private banks and NBFCs may offer higher amounts. The loan amount typically covers tuition fees, accommodation, books, and other course-related expenses.
Yes. Under Section 80E of the Income Tax Act, the interest paid on an education loan is fully deductible from taxable income for up to 8 consecutive years from the year repayment starts. There is no upper limit on the deduction amount. This benefit is available under both the old and new tax regimes, making it one of the few deductions available under the new regime.
Yes. Most banks allow prepayment of education loans without any foreclosure penalty, especially for loans taken by individuals (not companies). Making prepayments reduces the outstanding principal and saves significant interest over the loan tenure. If you receive a salary hike or bonus, directing it toward education loan prepayment is a smart financial move given the relatively high interest rates.
Typically required: admission letter from the institution, fee structure, mark sheets of previous qualifying exams, income proof of co-applicant (parent/guardian), address proof, identity proof (Aadhaar, PAN), bank statements (last 6 months), and collateral documents if the loan exceeds the no-collateral limit. Some banks may also require a confirmed fee receipt or university acceptance letter.