🎓 Education Loan EMI Calculator
Calculate your monthly education loan EMI instantly. Simulate prepayments, check affordability and compare lender offers — free, private, no signup.
Loan details carried from the EMI Calculator tab. Enter your one-time prepayment below.
| Metric | Without Prepayment | With Prepayment |
|---|---|---|
| Adjust the sliders above to see prepayment savings. | ||
| Metric | Loan A | Loan B | Difference | Better |
|---|---|---|---|---|
| Enter both loan details above to compare. | ||||
How to Use This Education Loan EMI Calculator
This education loan EMI calculator takes the uncertainty out of student loan planning. Enter the loan amount, your lender's interest rate and the repayment tenure — this education loan EMI calculator instantly shows your monthly EMI, total interest payable and a complete year-wise amortisation schedule. Four tabs cover every planning need: EMI calculation, prepayment simulation, affordability check and side-by-side lender comparison.
Set the loan amount using the slider — from ₹50,000 for a domestic diploma course to ₹20 lakh for a postgraduate programme. Pick a rate from the five lender presets or type your own figure. Enter only the repayment tenure, not the moratorium period — results update live with every change. Use the Prepayment tab to see how a lump-sum payment after employment reduces your interest burden, the Affordability tab to find the maximum loan your first salary supports, or the Compare tab to evaluate two lender offers side by side.
Education Loan EMI Calculator Formula
Every education loan EMI calculator uses the standard banking formula: EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments. On a ₹5 lakh loan at 10.5% over 5 years, n = 60 months and the monthly EMI works out to ₹10,742 — with total interest of ₹1,44,520. Note that most banks charge simple interest during the moratorium period; this calculator models only the post-moratorium EMI repayment phase.
Education Loan Interest Rates in 2026
Education loan rates in 2026 vary widely by lender, course type and whether the student studies in India or abroad. The presets in this education loan EMI calculator reflect current starting rates for eligible applicants with a creditworthy co-applicant:
| Lender | Starting Rate (p.a.) | Processing Fee |
|---|---|---|
| SBI (Scholar Loan) | 8.15% | Nil |
| Canara Bank | 8.50% | Nil |
| Bank of Baroda | 8.85% | Up to 1% |
| HDFC Credila | 9.50% | Up to 1% |
| Axis Bank | 13.70% | Up to 2% |
A 1% rate difference on a ₹5 lakh loan over 5 years adds over ₹13,000 in total interest. Government banks also offer interest subsidies under the Central Sector Interest Subsidy (CSIS) scheme for eligible EWS and LIG students. Use the Compare tab in this free education loan EMI calculator to weigh two lenders before you apply.
Factors That Affect Your Education Loan EMI
Four variables directly determine the result of any education loan EMI calculator:
- Loan amount — a higher principal increases your monthly instalment and total interest cost. Borrow only what you need; co-fund with scholarships or parental savings where possible.
- Interest rate — public-sector banks are consistently cheaper than private lenders for education loans. A CIBIL score above 700 for your co-applicant (usually a parent) unlocks the best rates.
- Repayment tenure — a longer tenure lowers your monthly EMI but substantially increases the total interest paid. Most banks allow up to 15 years for repayment.
- Moratorium period — the course duration plus 6–12 months during which no EMI is paid. Simple interest accrues; some borrowers choose to pay this interest monthly to reduce the post-moratorium principal.
Education Loan EMI for Different Amounts
The table below shows indicative monthly EMIs from this education loan EMI calculator at 10.5% interest for a 5-year repayment tenure:
| Loan Amount | Monthly EMI | Total Interest |
|---|---|---|
| ₹1,00,000 | ₹2,148 | ₹28,882 |
| ₹3,00,000 | ₹6,445 | ₹86,647 |
| ₹5,00,000 | ₹10,742 | ₹1,44,520 |
| ₹10,00,000 | ₹21,485 | ₹2,89,100 |
Use the Prepayment tab to model how a lump-sum payment after your first year of employment reduces the outstanding principal. All results in this free education loan EMI calculator run entirely in your browser — no data is stored or transmitted.
Frequently Asked Questions
What is the EMI for a ₹5 lakh education loan?
At 10.5% interest for a 5-year repayment tenure, the monthly EMI on a ₹5 lakh education loan is approximately ₹10,742 — with total interest of around ₹1,44,520. Change the loan amount, rate or tenure in the calculator above to get your exact figure instantly.
How does this education loan EMI calculator work?
This education loan EMI calculator uses the standard formula EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1], where P is the principal, r is the monthly interest rate and n is the number of monthly instalments. Enter your loan amount, rate and repayment tenure and results update instantly. Everything runs in your browser — no data is sent to any server.
Which bank offers the lowest education loan interest rate in 2026?
As of 2026, SBI offers education loans starting at 8.15% under its Scholar Loan scheme, making it one of the cheapest options. Canara Bank starts at 8.50% and Bank of Baroda at 8.85%. Government-backed Central Sector Interest Subsidy (CSIS) further reduces the effective rate for eligible EWS and LIG students during the moratorium period.
Is there a moratorium period on education loans?
Yes. Most Indian banks offer a moratorium period equal to the course duration plus 6 to 12 months. During this time, only simple interest accrues — no EMI payments are required. Full repayment (EMI) begins after the moratorium ends. This calculator computes EMIs for the repayment phase only; enter your post-moratorium repayment tenure in years.
Can I get a tax deduction on education loan interest?
Yes. Under Section 80E of the Income Tax Act, the entire interest paid on an education loan is deductible for up to 8 consecutive assessment years from the year repayment starts. There is no upper limit on the deduction amount, making it particularly valuable for larger loans. The principal repayment is not deductible under this section.
Is this education loan EMI calculator free to use?
Yes, completely free. All four tabs — EMI calculator, Prepayment, Affordability and Compare — are free with no signup required. Every calculation runs entirely in your browser and no personal data is stored or transmitted.