Education Loan EMI Calculator — Monthly Payment for Study Loans (India)
Calculate education loan EMI, total interest, and repayment schedule. Understand moratorium periods, Section 80E tax benefits, and how to choose the right loan.
Education loans fund dreams — but the repayment math is often an afterthought until the moratorium ends and the first EMI hits. The CalcHub Education Loan Calculator shows exactly what you'll pay during and after the moratorium period.
Education Loan EMI Table
At 9% interest rate (repayment phase):| Loan Amount | 5 Years | 7 Years | 10 Years | 15 Years |
|---|---|---|---|---|
| ₹5,00,000 | ₹10,379 | ₹7,994 | ₹6,334 | ₹5,072 |
| ₹10,00,000 | ₹20,758 | ₹15,987 | ₹12,668 | ₹10,143 |
| ₹15,00,000 | ₹31,137 | ₹23,981 | ₹19,002 | ₹15,215 |
| ₹20,00,000 | ₹41,516 | ₹31,975 | ₹25,336 | ₹20,286 |
| ₹30,00,000 | ₹62,274 | ₹47,962 | ₹38,004 | ₹30,430 |
| ₹50,00,000 | ₹1,03,790 | ₹79,937 | ₹63,340 | ₹50,716 |
The Moratorium Trap
Education loans have a moratorium period — you don't pay EMI during the course + 6–12 months after. But interest accrues during this entire period and gets added to the principal.
₹20 lakh loan at 9%, 4-year course + 1-year moratorium:| Period | What Happens | Balance |
|---|---|---|
| Loan disbursement | ₹20,00,000 principal | ₹20,00,000 |
| After Year 1 (moratorium) | 9% interest accrues | ₹21,80,000 |
| After Year 2 | ₹23,76,200 | |
| After Year 3 | ₹25,90,058 | |
| After Year 4 | ₹28,23,163 | |
| After Year 5 (moratorium ends) | EMI starts on this amount | ₹30,77,248 |
Current Education Loan Rates
| Lender | Domestic Study | Abroad Study | Collateral Required |
|---|---|---|---|
| SBI | 8.50–10.50% | 8.50–10.65% | Above ₹7.5 lakh |
| Bank of Baroda | 8.45–10.45% | 8.45–10.45% | Above ₹7.5 lakh |
| PNB | 8.55–10.25% | 8.55–10.25% | Above ₹7.5 lakh |
| HDFC Credila | 9.00–13.50% | 9.00–13.50% | Case by case |
| Avanse | 11.00–16.00% | 10.50–15.00% | Case by case |
| Prodigy Finance | — | 7–13% (USD) | No collateral |
Section 80E Tax Benefit
Interest on education loans is fully deductible under Section 80E — no upper limit.| Loan Amount | Annual Interest (Year 1) | Tax Saved (30% bracket) |
|---|---|---|
| ₹10 lakh | ~₹85,000 | ₹26,520 |
| ₹20 lakh | ~₹1,70,000 | ₹53,040 |
| ₹30 lakh | ~₹2,55,000 | ₹79,560 |
Is the Education Loan Worth It?
ROI calculation for a ₹20 lakh MBA:| Scenario | Pre-MBA Salary | Post-MBA Salary | Salary Jump | Loan Repaid In |
|---|---|---|---|---|
| Top B-school | ₹8 LPA | ₹25 LPA | ₹17 LPA | 2–3 years |
| Good B-school | ₹6 LPA | ₹14 LPA | ₹8 LPA | 3–5 years |
| Average B-school | ₹5 LPA | ₹8 LPA | ₹3 LPA | 5–8 years |
How to Use the Calculator
- Open the CalcHub Education Loan Calculator
- Enter loan amount (₹)
- Enter interest rate (%)
- Enter moratorium period (course duration + grace period)
- Enter repayment tenure (years after moratorium)
- See: EMI amount, total interest with moratorium impact, and repayment schedule
Should I start repaying during the moratorium?
Yes, if you can afford even partial interest payments. Paying just the interest (~₹15,000/month on a ₹20 lakh loan at 9%) prevents the principal from ballooning. This single decision can save ₹5–10 lakh over the loan lifetime.
Can parents claim the 80E deduction?
Yes — whoever repays the loan gets the deduction. If parents took the loan or are co-borrowers making payments, they can claim 80E on their tax return.
Education loan for abroad vs India — any difference?
Loans for abroad are typically larger (₹20–80 lakh vs ₹5–20 lakh for India). Interest rates may be slightly higher. Some foreign-currency-denominated loans (Prodigy Finance) have USD rates that may be lower but carry currency risk.
Related Calculators
- Loan EMI Calculator — generic EMI calculation
- Income Tax Calculator — 80E deduction benefit
- Compound Interest Calculator — moratorium interest math
- Salary Calculator — post-education income planning