Education Loan Calculator
Calculate the monthly EMI, total interest, and total repayment for an education loan based on the loan amount, interest rate, and repayment tenure you enter.
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Your result
₹13,280.95
Monthly EMI
AI explanation
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)Worked example
₹8,00,000 education loan at 10% for 7 years (repayment phase)
| Field | Value |
|---|---|
| Education loan amount | 800000 |
| Interest rate (per annum) | 10 |
| Repayment tenure (months) | 84 |
| Monthly EMI | 13280.95 |
| Total interest payable | 315599.8 |
| Total payment (principal + interest) | 1115599.8 |
Assumptions
- Uses the standard reducing-balance (amortizing) EMI formula for the repayment phase only.
- Assumes a fixed interest rate for the full repayment tenure.
- Does not model the moratorium period (course duration + a grace period, typically 6-12 months after course completion), during which many lenders charge simple interest only or let interest accrue and capitalize into the principal at the start of EMI repayment.
Frequently asked questions
What is a moratorium period on an education loan?
It's the period covering your course duration plus a grace period (commonly 6-12 months) after completion, during which most lenders don't require EMI payment — though interest may still accrue and get added to the principal before EMI repayment begins.
Does this calculator include the moratorium period?
No — it calculates the EMI for the repayment phase only, based on the principal you enter (which should include any interest capitalized during the moratorium, if applicable).
Is there tax benefit on education loan interest in India?
Yes, under Section 80E of the Income Tax Act, the entire interest paid on an education loan (for self, spouse, or children) is deductible from taxable income for up to 8 years, with no upper limit on the deduction amount.
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Sources
- Reserve Bank of India — Fair Practices Code for Lenders — Reserve Bank of India. Effective 01-05-2015, reviewed 12-09-2026.
This calculator provides an estimate for the post-moratorium repayment phase only, based on the standard reducing-balance formula. It does not model moratorium-period interest accrual, processing fees, or other lender-specific charges. Actual terms offered by a bank or NBFC may differ.
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