Education Loan EMI Calculator
Work out the monthly EMI on an education loan before you sign anything. Enter the amount, the interest rate, and how many years you will take to repay. The calculator shows the EMI, the total interest, and the full amount you will pay back.
EMI assumes repayment begins immediately on the amount shown. If your loan has a moratorium, the balance at repayment is higher. Use the moratorium calculator for that figure.
How this EMI calculator works
The calculator uses the standard reducing-balance EMI formula that every Indian bank and NBFC applies. The EMI stays fixed, but in the early years most of it is interest and only a little is principal. That is why a small change in the interest rate or the tenure moves the total interest a lot. A longer tenure lowers the EMI but raises the total interest you pay.
Read the EMI before you accept the loan amount
The number that matters is not the loan amount, it is the EMI as a share of your expected first salary. If the EMI is above 40 to 50 percent of your likely take-home pay, the loan is too large for the outcome you are projecting. For how repayment actually plays out once EMIs begin, see the guide on how to repay an education loan. If your loan has a moratorium, your repayment balance is higher than the amount you borrowed, so also check the moratorium calculator.