🎓 Education Loan Calculator

Calculate EMI for your education or student loan.

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What is an Education Loan Calculator?

Funding a degree — whether an engineering course in India or a master's abroad — often means taking an education loan that gets repaid over several years after the course ends. This calculator computes your monthly EMI, total interest, and total repayment for a given loan amount, interest rate, and tenure, so you can plan your finances well before the first EMI becomes due.

EMI Formula

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]

Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months.

Worked Example

Consider an education loan of ₹15,00,000 at 10.5% per annum for 7 years (84 months).

r = 10.5 ÷ 12 ÷ 100 = 0.00875 per month
EMI = 15,00,000 × 0.00875 × (1.00875)84 ÷ [(1.00875)84 − 1] ≈ ₹25,290

Over 84 months, total repayment comes to roughly ₹21,24,360, with about ₹6,24,360 paid as interest. Most Indian education loans include a moratorium period — no EMI is due during the course duration plus a grace period of 6–12 months after completion — though interest may keep accruing during this time and get added to the principal once repayment begins.

How to Use This Calculator

  1. Enter the Loan Amount sanctioned for your course.
  2. Enter the Interest Rate quoted by your bank (annual, %).
  3. Enter the repayment Tenure in months, counted from when the moratorium ends.
  4. Click Calculate to see your EMI and total repayment.
💡 Tip: Under Section 80E of the Income Tax Act, the entire interest paid on an education loan is deductible from taxable income — with no upper limit — for up to 8 years or until the interest is fully repaid, whichever comes first. Only interest qualifies, not principal repayment.

Once you've estimated your EMI here, the Personal Loan Calculator can help you compare costs if you're considering a top-up loan for other expenses.

📅 Last reviewed: July 2026 · Formulas verified against RBI/SEBI/IT Dept guidelines.