Education Loan EMI Calculator
What an education loan actually costs you
An education loan does not start repaying next month. Repayment begins after your course plus a grace period, and interest runs through all of it — so the amount you end up repaying is larger than the amount you borrowed, before a single EMI is paid. Enter the figures your bank has quoted and this shows you both halves.
Use this calculator for an estimate only. What you are actually charged differs from bank to bank — each lender sets its own rate, decides how interest is handled during the moratorium, and applies its own processing and other charges, so the figure on your sanction letter may differ from the one here. Your sanction letter governs — it states the rate, whether it is fixed or floating, how interest is treated during your course, and any charges. A floating rate changes your EMI after you have signed.
The calculator needs JavaScript. The EMI table below gives the monthly payment per ₹1,00,000 borrowed, at a range of rates and tenures.
The moratorium, and the choice inside it
The moratorium is your course length plus a grace period after it — commonly six months, or until you start earning. You are not required to pay EMIs during it. You are still charged interest.
Pay nothing during the moratorium
Interest accrues and is added to your principal when repayment starts, so your EMIs are calculated on a larger loan than the one you took. This is what happens by default if you do nothing.
Pay the interest each month while studying
Your principal stays exactly as sanctioned and your EMI is lower for the whole tenure. Most lenders allow this and some reduce the rate slightly for it. It is the single biggest saving available to a borrower, and it is the one nobody is told about.
EMI per ₹1,00,000 borrowed
Multiply the figure for your rate and tenure by the number of lakhs you are borrowing. That gives the EMI once repayment has started — add the moratorium interest to your principal first if you will not be servicing it.
| Rate | 5 years | 7 years | 10 years | 15 years |
|---|---|---|---|---|
| 8% a year | 5 years ₹2,028 | 7 years ₹1,559 | 10 years ₹1,213 | 15 years ₹956 |
| 9% a year | 5 years ₹2,076 | 7 years ₹1,609 | 10 years ₹1,267 | 15 years ₹1,014 |
| 10% a year | 5 years ₹2,125 | 7 years ₹1,660 | 10 years ₹1,322 | 15 years ₹1,075 |
| 11% a year | 5 years ₹2,174 | 7 years ₹1,712 | 10 years ₹1,378 | 15 years ₹1,137 |
| 12% a year | 5 years ₹2,224 | 7 years ₹1,765 | 10 years ₹1,435 | 15 years ₹1,200 |
| 13% a year | 5 years ₹2,275 | 7 years ₹1,819 | 10 years ₹1,493 | 15 years ₹1,265 |
| 14% a year | 5 years ₹2,327 | 7 years ₹1,874 | 10 years ₹1,553 | 15 years ₹1,332 |
This grid is not a rate card
These columns are a range to read your own quote against, not rates anyone is offering. Education loan rates are set per lender and per applicant and depend on your collateral, your co-applicant and the course — the only figure that means anything is the one written on your own sanction letter.
Working out what your course will actually cost?
Tuition, living costs, scholarships and the gap you would need to fund are part of choosing a course and a country. Tell us where you are applying and we will go through the numbers with you.
Education loan questions
How is EMI calculated on an education loan?
With the standard EMI formula — principal, monthly rate and number of months. What makes an education loan different is what happens before that: repayment starts after the moratorium, and the interest charged during it is normally added to your principal, so the EMI is calculated on a larger figure than the amount you borrowed.
What is the moratorium period on an education loan?
Your course duration plus a grace period after it, commonly six months or until you find work, whichever the lender specifies. You are not asked for EMIs during that time. Interest is still charged throughout, which is the part most borrowers are surprised by.
Should I pay the interest while I am still studying?
If you can, yes. Paying only the interest each month keeps your principal exactly as sanctioned, so every EMI afterwards is lower and you pay less over the whole tenure. Switch the option in the calculator above and it shows you the difference on your own figures.
Does the EMI change if the interest rate changes?
On a floating rate, yes. Lenders usually keep the EMI the same and extend the tenure, or reset the EMI at a review — either way the total you repay moves. Ask whether your rate is fixed or floating and what it is linked to before you sign, because this calculator assumes one rate for the whole term.
Can I repay an education loan early?
Usually, and on floating-rate loans to individuals there is normally no prepayment penalty. Check your own sanction letter for the terms, and be aware that paying a lump sum early in the tenure saves far more interest than the same amount paid late.
How much can I borrow, and what rate will I get?
That is set by the lender, not by a calculator. It depends on the course, the institution, your co-applicant's income and whether you are offering collateral, and it varies widely between lenders and between applicants at the same lender. Get a written quote and put those numbers into this page rather than the other way round.
Do you arrange education loans?
We help you work out what your course and living costs will come to, what scholarships and financial aid you could apply for, and how large a gap you would need to fund. Lending itself is between you and your bank. Bring us the figures from a sanction letter and we will tell you how they sit against the course you are considering.