Education Loan Calculator
Calculate EMI for education loans with moratorium period. Plan your higher education financing.
Loan Details
Note: Interest accrues during moratorium and is added to principal. Tax deduction on interest under Section 80E (no limit) for 8 years.
Repayment Summary
Repayment Schedule
| Year | Opening | Principal | Interest | Closing |
|---|---|---|---|---|
| Year 1 | ₹21.98 L | ₹1.38 L | ₹2.03 L | ₹20.60 L |
| Year 2 | ₹20.60 L | ₹1.52 L | ₹1.89 L | ₹19.08 L |
| Year 3 | ₹19.08 L | ₹1.67 L | ₹1.74 L | ₹17.41 L |
| Year 4 | ₹17.41 L | ₹1.84 L | ₹1.57 L | ₹15.57 L |
| Year 5 | ₹15.57 L | ₹2.02 L | ₹1.39 L | ₹13.55 L |
| Year 6 | ₹13.55 L | ₹2.22 L | ₹1.19 L | ₹11.32 L |
| Year 7 | ₹11.32 L | ₹2.44 L | ₹97,119 | ₹8.88 L |
| Year 8 | ₹8.88 L | ₹2.68 L | ₹72,877 | ₹6.20 L |
| Year 9 | ₹6.20 L | ₹2.95 L | ₹46,229 | ₹3.24 L |
| Year 10 | ₹3.24 L | ₹3.24 L | ₹16,936 | ₹0 |
What is Education Loan Calculator, and How Does it Help You
Pursuing higher education, whether in India or abroad, is a major milestone that often requires substantial financial planning. An education loan helps students bridge the gap between their savings and tuition/living costs. However, student loans have unique terms, such as a "moratorium period" (a grace period during the course duration plus 6-12 months when the student is not required to pay EMIs).
The Education Loan EMI Calculator is a specialized digital tool built to help students and parents plan their loan repayment structure before signing the agreement.
Understand Moratorium
Calculate how much interest will accumulate during your study years and how it will affect your post-study monthly EMIs.
Budget Monthly Outflows
Determine the exact Equated Monthly Installment (EMI) you will need to pay once your course ends, ensuring your starting salary can cover it.
Section 80E Deductions
Estimate the interest paid during the year, which is 100% tax-deductible for up to 8 years under Section 80E, with no maximum limit.
How Does the Education Loan Calculator Work?
Unlike standard loans, education loans accumulate interest during the moratorium period. The calculator handles this in two distinct phases:
Phase 1: The Moratorium Period (Study Years)
Interest is calculated on the principal loan amount. By default, banks compound this interest. The outstanding loan balance at the end of the moratorium is:
Outstanding Balance = Principal × (1 + R)M
Where R is the monthly interest rate, and M is the moratorium period in months.
Phase 2: The Repayment Period
The monthly EMI is calculated on the new outstanding balance using the standard formula:
EMI = [P × r × (1 + r)n] / [(1 + r)n - 1]
Where P is the new outstanding principal (original loan + moratorium interest), r is the monthly interest rate (annual rate / 12 / 100), and n is the repayment tenure in months.
How to Use Education Loan Calculator
To calculate your student loan EMIs:
Enter the Loan Amount
Set the total loan amount required for tuition, accommodation, and other educational expenses.
Set the Interest Rate
Input the annual interest rate offered by the bank (usually between 8.5% and 15% p.a.).
Specify Moratorium Period & Tenure
Input the duration of your course plus the grace period, and select the repayment tenure you want after the moratorium ends.
Analyze Amortization & Report
Review your EMI, total interest payable, moratorium interest, and download the full schedule as a CSV file.
Advantages of Using Education Loan Calculator
✓ Avoid Over-Borrowing
Knowing your future EMIs in advance ensures you only borrow what you can realistically afford to pay back from your post-graduation salary.
✓ Moratorium Planning
Helps you decide if paying simple interest during the course duration is feasible to avoid the interest compounding into your principal.
✓ Maximized Tax Savings
Plan and track your interest payments to claim maximum tax deductions under Section 80E during your repayment years.
✓ Easy Bank Comparison
Easily compare different bank loan offers side-by-side by adjusting the interest rate slider to find the most cost-effective deal.