About this education loan
Education loans combine a large amount with a long repayment, so planning the EMI early helps. The calculator opens with ₹10 lakh at 9% for 10 years. Use the amount outstanding when repayment begins, which is higher than the amount you borrowed if interest built up during the course.
The figures use the reducing-balance method banks follow: interest each month is charged on what you still owe. Nothing you enter leaves your browser. Your own bank’s EMI can differ slightly because of rounding, the date of the first EMI and fees, so confirm it on the sanction letter.
How to use it
- The calculator is open with ₹10,00,000 at 9% for 10 years. Change the amount, rate or tenure.
- Read the monthly EMI, the total interest and the total amount payable.
- Open "Part-prepayment" to see how an extra payment shortens the loan and saves interest.
- Scroll to the schedule for each year, and download it as a PDF or CSV.
Example: ₹10,00,000 at 9% for 10 years
Loan ₹10,00,000 · 9% a year · 10 years
EMI ₹12,668 Total interest ₹5,20,109 Total payable ₹15,20,109
Monthly EMI on ₹10,00,000 by rate and tenure
| Rate \ Years | 5 yrs | 7 yrs | 10 yrs | 12 yrs | 15 yrs |
|---|---|---|---|---|---|
| 8% | ₹20,276 | ₹15,586 | ₹12,133 | ₹10,825 | ₹9,557 |
| 9% | ₹20,758 | ₹16,089 | ₹12,668 | ₹11,380 | ₹10,143 |
| 10% | ₹21,247 | ₹16,601 | ₹13,215 | ₹11,951 | ₹10,746 |
| 11% | ₹21,742 | ₹17,122 | ₹13,775 | ₹12,536 | ₹11,366 |
| 12% | ₹22,244 | ₹17,653 | ₹14,347 | ₹13,134 | ₹12,002 |
Worked out with the same formula as the calculator. Longer tenures lower the EMI but raise the total interest.
Features
- Accurate. The reducing-balance formula used by Indian banks.
- Prepayment planner. See the interest and time saved by a one-time or yearly extra payment.
- Full schedule. Year by year, expandable to every month, with PDF and CSV downloads.
- Private. No sign-up, and your numbers stay on your device.
Frequently asked questions
Does the EMI start while I am studying?
Usually not. Most education loans give a moratorium until a few months after the course ends. This calculator shows the EMI once repayment begins, on the amount outstanding at that time.
How is the education loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. See the guide "How to calculate EMI" for a worked example.
Does the EMI include processing fees and insurance?
No. It covers principal and interest only. Fees, insurance and taxes on them are extra, so check the sanction letter.
How can I reduce the interest I pay?
Many education loans have a moratorium: no EMI during the course plus a grace period. Interest usually still builds up, so the loan is larger when repayment starts. Paying the interest during the course, even partly, keeps the final EMI lower. Check the interest-subsidy and tax-benefit rules for your loan; they can change.
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