Education Loan Calculator – EMI for study loan in Indian Rupees (INR)

Here is a simple education loan calculator to calculate how much EMI you need to pay on the loan you have taken for higher studies in Indian Rupees (INR)
Education Loan Calculator - EMI for study loan in Indian Rupees (INR)

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

Loan Amount

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.

How much is the rate of interest for education loan in India?

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.

How much loan am I eligible for higher studies?

This depends on how much your currently earn, how much are your expenses, other loans you already are paying and your credit history

Can I take a education loan for high school or diploma?

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.

What is the duration of loans for education?

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.

Can I get a tax exemption on loan for education?

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.

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Abhi is a 29 yr old Indian, on FIRE to retire by 40. He has been investing and learning Finance for the past 12 years. After completing Mechanical engineering, he started working in a multi-national Bank and grew to become an AVP. Currently with an IT MNC as a VP. He lives in Bangalore with his wife and their 1 year old daughter. In his free time, Abhi loves to game on the Xbox, watch movies, read and blog.

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