Education and Higher studies Loan EMI Calculator
Use this simple educational loan calculator to calculate how much EMI and Interest you will need to pay in Indian Rupees (INR) for any studies and higher studies
This is the total loan amount you are planning to take.
Number of months
This is how long you plan to take the loan in months. Eg: 60 months = 5 years.
Annual Interest rate
This is the interest rate you are going to be paying for the loan
What are the eligibility criteria for a education loan?
- You need to be an Indian citizen to apply for a loan in India. (some banks apply to foreigners with additional requirements and documentation)
- Age should be between 18 to 35 years
- You should have good scores in school and college(if you went through college)
- You should be taking the loan for UG, PG or PG Diploma
- The college/university you are applying to must be recognized by the government
- You should have a guarantee from a parent of guardian who has a stable source of income
- You should have a valid admission proof showing you are accepted into the institution
How to use the Education Loan EMI calculator
Once you have entered all the above fields, click on the blue button “Calculate”. This will calculate your personal or other loan details in Indian Rupees (INR). Once this is calculated, you will be able to see the total Payment amount, this is the monthly EMI you need to pay back for the loan you have taken.
Education loan interest rates can be anywhere between 9% pa to 14% pa. Reputed banks such as SBI offer 10-12%pa. Where as third party lenders offer between 12% to 14% per annum.
This depends on how much your currently earn, how much are your expenses, other loans you already are paying and your credit history
Loans are given for PG Diploma. But no education loan is given for school. You can take a higher study loan for graduate (UG), masters, post gradute (PG), doctorate or PG Diploma courses.
Loan for studies is given upto 10 years. Some banks may extend this by upto 15 years for loans that are less than Rs.7.5 lakhs.
Yes, you can claim a tax exemption on the interest paid on education loan. The principle is taxable and you need to pay tax on that.