Use Our Education Loan EMI Calculator
Enter your loan amount, interest rate, and tenure, and instantly see your estimated monthly installments. Our helps you decide your loan amount and repayment schedule.
EMI Calculator
**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
| Period | Payment | Interest | Balance |
|---|
Bank Name
Loan Amount
Interest Rate
Processing Time
Processing Fee
Upto INR 2 Crore
9.95% - 12%
7 Days
0.5 - 1%
Upto INR 2 Crore
9.95% - 13.50%
10 Days
0.75 - 1%
Upto USD 200K
10.5% - 14%
7 days
100USD+ 5%
Upto INR 1.5 Crore
10.15% - 11.15%
25 days
INR 10,000
Upto INR 1.5 Crore
9.75% - 13%
14 days
0.75%
Upto INR 1.5 Crore
10% - 13%
7 days
0.85 - 1 %
Upto INR 1.5 Crore
10.50% - 13%
7 days
1%
Upto INR 1 Crore
9.95% - 12%
7 days
0.5 - 1 %
Education Loan Repayment Duration Comparison
Your repayment tenure impacts your monthly EMI and total repayment. Use our education loan calculator to find the best plan. Here’s an example for a ₹10 lakh loan at 10% interest.
01 Short Tenure (5 Years).
• Monthly EMI: ₹21,247
• Total Interest Paid: ₹2,74,823
• Total Repayment Amount: ₹12,74,823
02 Medium Tenure (10 Years).
• Monthly EMI: ₹13,215
• Total Interest Paid: ₹5,85,809
• Total Repayment Amount: ₹15,85,809
03 Long Tenure (15 Years).
• Monthly EMI: ₹10,746
• Total Interest Paid: ₹9,34,289
• Total Repayment Amount: ₹19,34,289
Eligibility Criteria for Study Abroad Education Loan
To obtain a study abroad education loan, students must meet multiple criteria. These can vary slightly between banks and NBFCs granting education loans for studying abroad.
Education Loan Repayment Options
Educational loan interest is the amount lenders charge (banks or NBFCs) on the borrowed amount. Interest expense can vary based on your profile, credit score, and lender policies.
Loan Disbursement & Interest Start
Interest starts accumulating as soon as the loan is disbursed, even during the study period.
Moratorium Period & Interest Accrual
During this period, you don’t pay any EMI, but interest keeps adding up.
EMI Calculation & Repayment
Once repayment begins, EMIs are calculated based on loan amount, interest rate, and tenure.
Total Interest Paid Over Time
A longer tenure lowers EMIs but increases the total interest paid.
frequently asked questions
How is education loan interest calculated?
The bank calculates interest on your education loan based on three things: how much you borrow, the interest rate, and how long you take to repay. If your loan has a moratorium period, interest keeps accumulating even though you’re not making payments. Some lenders charge simple interest during this period, while others apply compound interest, which can make the total repayment amount much higher.
What factors affect my education loan eligibility?
Lenders look at multiple things before approving an education loan. They check your loan amount, co-applicants’ income, credit history, and even the university you’re applying to. Some banks prefer students enrolling in high-ranked universities, as they have better job prospects. If you have a co-applicant with a stable income or can offer collateral you’re more likely to get approved with a better interest rate.
How does the repayment tenure impact my EMI?
Your loan tenure plays a big role in how much you’ll pay every month and how much you’ll end up paying in total. A longer tenure brings down your monthly EMI, making repayment easier, but it also increases the total interest you’ll pay over time. On the flip side, a shorter tenure makes your EMI higher but helps you clear the loan faster and pay less in total interest. Finding a balance that works for you is key.
Can I get an education loan without collateral?
Yes, many lenders offer unsecured education loans, meaning you don’t need to pledge property or assets. However, these loans usually come with higher interest rates because banks take on more risk. If you can provide collateral (like property, fixed deposits, or LIC policies), you’re more likely to get a lower interest rate and better loan terms.
Can I claim tax benefits on my education loan?
Absolutely. Under Section 80E of the Income Tax Act, you can deduct the interest paid on your education loan from your taxable income for up to 8 years after you start repaying. This tax benefit applies to both domestic and international education loans, making it a great way to reduce your tax burden.