Education loan EMI calculator
Enter the loan amount, interest rate and period, and choose what happens to interest while you study (the moratorium). The calculator shows the EMI, total interest and a year-by-year breakdown.
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What is a moratorium
Education loans usually need no EMI while you study and for a few months after. This period is the moratorium. Interest still runs during it, and what happens to that interest makes a big difference to the total cost.
Why paying interest while studying helps
If moratorium interest is added to the loan, the EMI is worked out on the larger amount. Paying just the interest each month while studying keeps the loan from growing and lowers total interest. Switch between the options above to see the difference.
How to compare interest rates
Look beyond the rate: processing fees, guarantor or collateral conditions, floating or fixed rates, and charges for early repayment. Read each bank's sanction letter carefully.
Tax deduction
In India, interest on an education loan may qualify for an income tax deduction under some conditions, depending on your tax regime. Ask a CA about the current rules for your situation.
Frequently asked questions
How does this calculator work out the EMI?
It uses the standard reducing-balance method banks use, where interest each month is charged on the principal still outstanding.
Why is my bank's EMI slightly different?
Banks release fees in instalments, some compound interest during the moratorium, and rates can change. This is an estimate; the exact EMI is in your sanction letter or repayment schedule.
How long should the loan be?
A longer period lowers the EMI but raises total interest. Change the period above to see both effects. We are not financial advisers; talk to a qualified adviser before a big decision.
Is my information saved anywhere?
No. All calculation happens in your browser. Figures go into a link only when you press Copy link.
First work out the total cost of study and the loan you need