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Education Loan EMI Calculator
— with Moratorium,
for India & Abroad
Use this free online education loan EMI calculator to know exactly what your monthly EMI, total interest and repayment will be — before you sign. Built for Indian students studying in India and abroad, with full moratorium-period support.
Max loan supported
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No sign-up needed
Education Loan EMI Calculator
Updates instantly as you dragThe study + grace period when you don't pay EMIs. Interest accrues and is added to your loan.
Amortization schedule
| Period | Principal paid | Interest paid | Total payment | Balance |
|---|---|---|---|---|
| Year 1 | ₹2,04,303 | ₹2,00,353 | ₹4,04,656 | ₹17,95,697 |
| Year 2 | ₹2,26,818 | ₹1,77,839 | ₹4,04,656 | ₹15,68,880 |
| Year 3 | ₹2,51,814 | ₹1,52,843 | ₹4,04,656 | ₹13,17,066 |
| Year 4 | ₹2,79,564 | ₹1,25,092 | ₹4,04,656 | ₹10,37,502 |
| Year 5 | ₹3,10,373 | ₹94,283 | ₹4,04,656 | ₹7,27,129 |
| Year 6 | ₹3,44,577 | ₹60,079 | ₹4,04,656 | ₹3,82,551 |
| Year 7 | ₹3,82,551 | ₹22,105 | ₹4,04,656 | ₹0 |
Early instalments are interest-heavy; principal repayment accelerates over time. Prepaying reduces total interest.
How to use the EMI calculator
No spreadsheets, no guesswork. This online EMI calculator for education loans works for both India and abroad — move three sliders and your full repayment picture appears instantly.
Enter your loan amount
Type the amount you plan to borrow, or drag the slider — anything from ₹50,000 to ₹1.5 crore for study in India or abroad.
Set the interest rate & tenure
Use the rate offered by your lender (or our indicative rates) and choose a repayment period from 1 to 15 years.
Read your EMI & schedule
See your monthly EMI, total interest, the principal-vs-interest split, and a full year-by-year amortization schedule.
Why a moratorium changes everything
For education loans you usually don't pay EMIs while studying. But interest still builds up during this moratorium period and gets added to your loan — so your EMI starts higher once repayment begins.
Toggle "Add a moratorium period" in the calculator to see the real impact, and consider paying simple interest during your course to save lakhs.
What is an education loan EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you repay to your lender every month until the loan is fully cleared. Each EMI has two parts: a portion that pays down the principal (the money you borrowed) and a portion that covers the interest.
In the early years, a larger share of your EMI goes towards interest. As the outstanding balance falls, more of each payment chips away at the principal — which is exactly why prepaying early saves so much.
Your EMI depends on three things: how much you borrow, the interest rate, and how long you take to repay. This calculator lets you flex all three to find a monthly payment that fits your budget.
Lower rate, lower EMI
Even a 1% lower interest rate can save you lakhs over a long tenure. Always compare lenders.
Longer tenure, smaller EMI
Stretching repayment lowers the monthly amount — but you pay more total interest.
Pay during study
Servicing simple interest in the moratorium keeps your EMI and total cost down.
Section 80E benefit
Interest paid on an education loan is tax-deductible under Section 80E for up to 8 years.
How the EMI is calculated
EMI = P × r ×(1 + r)n(1 + r)n − 1
Principal — the loan amount you borrow
Monthly interest rate = annual rate ÷ 12 ÷ 100
Number of monthly instalments (tenure × 12)
Worked example: For a ₹20,00,000 loan at 10.5% p.a. over 7 years (84 months), the monthly rate is 0.00875. Plugging into the formula gives an EMI of about₹33,809, with roughly ₹8.4 lakh paid in interest over the full term.
Education loan EMI calculator with moratorium period
Almost every education loan in India comes with a moratorium — and ignoring it is the single biggest reason students underestimate their EMI. Here's how our calculator handles it, and how to use the moratorium to your advantage.
A moratorium period (also called a repayment holiday or grace period) is the time during your course — plus typically 6 to 12 months after you finish — when you are not required to pay your full EMI. It exists because most students have no income while studying
The catch: interest still accrues during the moratorium. With most lenders this is simple interest charged on the amount disbursed. If you don't pay it, that interest is added to your principal when repayment begins — a process called capitalisation. Your EMI then starts higher than the loan amount alone would suggest.
To model this, switch on "Add a moratorium period" in the calculator above, enter your course length plus the grace months, and choose whether you'll pay simple interest during the course. You'll instantly see how much capitalised interest adds to your EMI.
Pay simple interest during study — save lakhs
On a ₹20 lakh loan at 10.5% with a 4-year moratorium, the accrued interest can exceed ₹8 lakh. If that is capitalised instead of paid, you then pay interest on interest for the rest of the tenure.
Servicing even the simple interest each month during your course keeps your principal flat, lowers your post-study EMI, and can cut total repayment significantly.
Tip: Compare both scenarios in the calculator — "pay during study" vs "full moratorium" — before you decide.
Indicative education loan interest rates
A 2026 snapshot of indicative rates across leading Indian banks, NBFCs and international lenders, compiled from each lender's disclosures. Use them as a starting point in the calculator — your actual rate depends on your profile, collateral, university and course.
| Lender | Indicative rate (p.a.) | Max loan | Collateral | Best for |
|---|---|---|---|---|
SBI State Bank of India | 8.05% – 11.15% | ₹1.5 Cr | Secured | Lowest rates, govt. backing |
BoB Bank of Baroda | 8.70% – 11.40% | ₹1.5 Cr | Secured | Premier abroad institutes |
HC HDFC Credila | 9.95% – 13.50% | No upper cap | Optional | Fast NBFC sanction |
AV Avanse Financial | 10.50% – 15.00% | No upper cap | Optional | Without-collateral abroad |
AX Axis Bank | 10.50% – 15.00% | ₹75 L | Optional | Quick digital process |
IC ICICI Bank | 9.00% – 13.00% | ₹1-3 Cr | Secured | Flexible repayment |
PB Prodigy / Intl. lenders | 9.66% – 15.00% | Course-based | No collateral | STEM masters abroad |
Rates shown are indicative starting/typical ranges compiled in 2026 from lender disclosures and are floating (linked to each bank's EBLR/MCLR/BRLLR or, for international lenders, SOFR), so they change frequently. Your actual rate depends on collateral, the university's ranking, loan amount, country and co-applicant profile, and most public banks offer a 0.5% concession for women borrowers. Always confirm the current rate on the lender's official website before applying. Note: under the RBI Prepayment Charges Directions effective 1 January 2026, foreclosure and prepayment charges on floating-rate loans to individual borrowers — which covers virtually all education loans — have been removed.
What affects your education loan EMI?
Five levers decide how much you pay each month. Understanding them helps you negotiate a better deal.
Loan amount
A bigger principal means a bigger EMI. Borrow only what you need after factoring in scholarships and savings.
Interest rate
Secured loans and strong co-applicant profiles unlock lower rates. Even 1% lower saves lakhs.
Repayment tenure
Longer tenure lowers the monthly EMI but raises total interest. Balance affordability vs. total cost.
Moratorium period
Interest accrues while you study. Servicing it during the course keeps your post-study EMI lower.
Collateral & security
Pledging property or an FD as collateral typically reduces your rate and increases your eligible amount.
Prepayments
Lump-sum prepayments cut the outstanding principal, shrinking either your EMI or remaining tenure. Since January 2026, floating-rate education loans carry no foreclosure or prepayment penalty.
Frequently asked questions
Everything students ask us about education loan EMIs, moratoriums and repayment.
EMI is calculated using the formula EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100) and n is the number of monthly instalments. Our calculator applies this automatically and also accounts for the moratorium period if you enable it.
A moratorium (repayment holiday) covers your course duration plus typically 6–12 months after. You dont pay EMIs during this time, but simple interest usually accrues and is added to your loan. Paying at least the interest during the moratorium meaningfully reduces your total cost.
Yes. Most lenders allow part-prepayment and foreclosure, usually with no penalty on floating-rate education loans. Prepaying early reduces total interest because you clear the principal sooner. Use the schedule above to see how the balance falls over time.
Rates in India typically range from about 8.5% to 15% p.a., depending on the lender, whether the loan is secured or unsecured, your course and country, and your co-applicants profile. See the comparison table above for indicative lender rates.
Yes. Under Section 80E of the Income Tax Act, the interest paid on an education loan is fully deductible from your taxable income for up to 8 years, with no upper limit on the interest amount. The principal portion is not deductible.
No — it's an accurate estimate based on your inputs. Your actual EMI depends on the final sanctioned amount, the lender's rate, processing fees and moratorium terms. Talk to a CollegeSathi counsellor for a personalised quote.
When you enable the moratorium, the calculator works out the simple interest that accrues during your course plus the grace months. If you choose not to service it, that interest is added to your principal (capitalised) before EMIs begin, so your EMI is calculated on the higher balance. If you opt to pay interest during study, the principal stays unchanged and your EMI is lower.
Yes. It supports loan amounts from ₹50,000 up to ₹1.5 crore and tenures up to 15 years, which covers both domestic education loans and larger study-abroad loans for the USA, UK, Canada, Australia and Europe. Just enter your lender's rate — abroad loans usually carry slightly higher rates and longer moratoriums.
Completely free, with no sign-up or login. You can calculate your education loan EMI online as many times as you like, adjust the loan amount, interest rate, tenure and moratorium, and view a full amortization schedule instantly.
Now you know the cost — let's find the right college.
Your EMI is just one part of the equation. CollegeSathi counsellors match you to colleges that fit your budget, scores, and goals — for free.
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