Education loan EMI calculator

Q: Does the loan cover hostel and living costs?

Many lenders fund tuition plus hostel, examination fees, equipment and travel. The covered heads vary, so check the sanction letter carefully.

Model the real cost of your loan: moratorium interest, processing fee, total interest and the full repayment schedule.

Your EMI

₹9,316/ month

Principal (with moratorium interest): ₹5,52,500
Interest during moratorium: ₹52,500
Total interest: ₹2,30,004
Total repayment: ₹7,82,504
Processing fee: ₹5,000
Total cost of loan: ₹7,87,504
EMIs: 84 months
Total commitment: 96 months

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Figures are indicative. Lenders apply their own rate resets, insurance charges and prepayment rules — confirm the final schedule with the bank before signing.

How to read these numbers

Moratorium interest accrues while you study. If you do not service it monthly, it is added to the principal and you pay interest on interest.
Total repayment is what leaves your account over the tenure — compare this, not just the EMI.
A longer tenure lowers the EMI but raises total interest. Prepayment (where allowed without penalty) is the cheapest way to cut cost.

Education loan FAQs

Do I need collateral for an education loan?+

Most lenders offer collateral-free loans up to a ceiling (commonly ₹7.5 lakh for domestic courses and higher for select institutes). Above that, tangible security or a stronger co-applicant is usually required.

What is a moratorium period?+

It is the study period plus a grace window (often 6–12 months) before EMIs begin. Interest still accrues during this time, and is usually added to the principal unless you service it monthly.

Can I claim tax benefit on the interest?+

Interest paid on an education loan is deductible under Section 80E for up to eight assessment years, subject to conditions. Confirm eligibility with a tax adviser.

Does the loan cover hostel and living costs?+

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Education loan EMI calculator

Loan details

Your EMI

How to read these numbers

Education loan FAQs

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