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Education Loan EMI Calculator

Your Amortization Details (Yearly/Monthly)

EMIs are made up of the principal and the interest portions. It is the whole amount that you pay every month till you repay the full loan. The EMI is generally fixed on the whole tenure of the loan. At the beginning of your loan, a major portion of your repayment would go to the interest portion. As you keep repaying the loan, a higher portion will be adjusted to the principal component of the loan. 

If you prefer knowing the EMI you would be contributing each month towards an education loan before you apply for it, you can use the Educational loan EMI calculator .

What is an Education Loan EMI Calculator?

Groww's Education Loan EMI calculator is an online instrument that assists the loan-borrower with the calculation of the amount that they need to pay every month after borrowing an educational loan. It will give you an amortization schedule that shows you the EMI breakup in terms of monthly interest paid and the principal that has been repaid. 

It will also detail the amount of loan that you have repaid to date and how much is yet outstanding. All of this will give you a fair idea of how much an educational loan is going to cost you by assisting you in calculating the total interest amount that needs to be paid over the whole loan tenure.

How Does the Education Loan Calculator Help You?

If you are or planning to apply for an educational loan, you will choose to know how much on a monthly basis you would be giving in to the EMI of the loan. When you know how much would be spent there, you can apply preferred interest rates and selected banks. Along with that, you could also plan your monthly budget.

Using the education loan EMI calculator will assist you with it, as it is simple to use, extremely fast, you can test different combinations, and it is completely free.

How to Use the Educational Loan EMI Calculator?

As already mentioned, this tool has been made 100% free and user-friendly, which means you will only have to enter the following details to get started.

Amount:  This is the educational loan amount that you require, and you will have to update the loan amount by marking it on the calculator.

Tenure:  This will be the information on how long you would prefer to extend or shorten the tenure of your loan. In simpler words, it is the time period that you will be paying your EMI. Also, another point to note is that the longer the tenure of your EMI - the lesser would be the EMI amount to you, and the shorter the time period - the higher your EMI would be.

Rate of Interest: Now, different banks offer different rates of interest - which means you will have to enter your preferred interest rate on a loan. 

All of these data sets will give you the result of how much EMI you would be paying each month towards your loan. You can always edit these details and get a different set of EMI amounts that would suit your monthly budget. 

How to Calculate the Educational Loans EMI?

Mentioned below is the formula and an example to show how educational loan EMI is calculated.

This is the formula that is used to calculate the EMI of an educational loan.

EMI = [P*R*(1+R)^n]/[(1+R)^n-1]

P = The principal amount

R = The rate of interest

n = The tenure

Let us understand with an example how the educational loan EMI is calculated.

Mr Gokul borrows an educational loan of Rs. 10 lakhs with an average interest rate of 12% for a period of two years, and then the EMI would be:

P = 10 lakhs

R = 12/100/12 (converted to months)

N = 2 years

EMI = Rs. 46,073

Advantages of Using the Educational Loan EMI Calculator

These are some of the most crucial pros of utilizing the educational loan EMI calculator:

• The Educational loan EMI calculator will show you the EMI amount you would have to pay within seconds.
• You will get to see a clear picture of the EMIs that you will be paying every month.
• It will assist you in budgeting for the expenses and also saving for your financial goals.
• The amortization schedule shows you the education loan EMIs that you have already paid off.
• You will also gain an idea of the principal outstanding on the loan. This will help you manage your funds.
• You could also use this calculator from anywhere you wish, like, and all for free.

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Education Loan EMI Calculator

Smartest and the most accurate on the web.

Calculate and compare the actual repayment considering your moratorium period, partial disbursements, and more!

How long is your course (in months)

Total Loan Amount Assuming you need 0 every semester (customise this)

Rate of interest for the loan (in %)

Will you be paying anything during the moratorium period (course duration plus the grace period)?

PSI Maximum Possible PSI: 0

Grace Period: How many months after your course you will start paying EMI?

After the grace period, in how many years you will repay the education loan?

EMI monthly

Total Payment (Principal + Interest)

Total Interest Payable

WeMakeScholars is an organisation funded and supported by the Govt of India for free and genuine advice on education loans.

Further important details you must consider for the “No” payment option during Moratorium

You have chosen the option of “No payments” during the Moratorium period. This option is only offered by the Public sector banks like SBI, Bank of Baroda, Punjab National Bank, etc. Govt. Banks charge you simple interest for the moratorium period, hence that is considered for the calculations. With this provision of simple interest and the least rate of interest. Govt. banks are the best option for the education loan.

WeMakeScholars is funded and supported by the Govt. of India and it can offer you the following advantages when applying for an education loan with Govt. Banks:

• Convenient Process: Get the documents checklist and all the product information without visiting the branch.
• Lesser processing time: And public banks are known for their delayed processing. The key reason why Govt. of India has funded WeMakeScholars is to handle public banks applications and reduce their average processing time from 2 months to 15 days.
• Knowledgeable due to huge volumes: The number of loans WeMakeScholars sanction in a month, a particular branch of the bank would not have done that even in last 10 years because they deal with applications across the country. So they have the solution to almost any problem in an education loan that comes up in a case because of the vast experience related to resolving issues and speaking with various people at various hierarchies in the bank.
• Best customer service/support: You can avail complete customer support from the WeMakeScholars team for any of the doubts you have, anytime.
• Cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.
• Multicity cases can be tackled easily: Which means if your permanent resident of a city A and if the property belongs to city B, such study abroad education loan cases are not done/takes a lot of time if applied directly to the bank. Via WeMakeScholars, it can be done faster/on time.

Further important details you must consider for the Full or partial Interest payment option during Moratorium

You have chosen the option of full or partial interest payment during the Moratorium period. These are most common options offered by ICICI bank, Axis Bank and other private sector banks and also by NBFCs like Credila, Avanse, Incred, Auxilo and other NBFCs. Please note that unlike Govt. Banks, these lenders do not give the option of “No” payment during the moratorium. Hence, you have to opt for either Full monthly interest or partial interest option. The leftover interest portion is compounded monthly as per the terms of these banks and NBFCs. So, for the “Full Interest” and “Partial interest” option, we have used compound interest in the calculations.

WeMakeScholars is funded and supported by the Govt. of India and it can offer you the following advantages when applying for an education loan with Private Banks and NBFCs:

• 0.5% to 2% concession in Interest rate: If you apply for your study abroad education loan via WeMakeScholars, your interest rate will be atleast 0.5% lesser than going directly to NBFCs/ private banks.
• Negotiations on policies: Applying directly to the NBFCs or Private Banks, will leave you with only one option that is you directly asking for some concession. But with WeMakeScholars, you will have additional support of a Govt. of India funded organization, to get more fair policies of your loan, example, the tenure, the amount of payment during study period, the loan amount, the interest rate, all of these are negotiated.
• Best customer service with end-to-end coordination: If you go directly to the Private banks/NBFCs, you get education loan rejections without any proper explanation. While, the WMS team will negotiate with the lender to find other ways of getting your education loan sanctioned, which otherwise is not possible when you interact with them directly. This is because, the WMS team is associated directly with the Head office of these lenders.

Further important details you must consider for the full EMI payment option during Moratorium

You have chosen the option to make full EMI payments right from month 1 which means even during the Moratorium period (Course period plus 6 months), you will be paying EMI. For the calculation purpose, we have assumed that you will be taking the entire loan amount at the start of the course and hence semester-wise breakdown is not taken into consideration for this option. Generally, students don’t prefer this option as it burdens them or their parents heavily during the course period. If you are willingly choosing this option, it’s your choice but incase you are forcefully choosing this option because that’s the only option you are getting in the market, I would advise you to speak to WeMakeScholars Financial Officer to get better options.

WeMakeScholars is funded and supported by the Govt. of India and it can offer you the following advantages when applying for an education loan:

• 0.5% to 2% concession in Interest rate: If you apply for your study abroad education loan via WeMakeScholars, your interest rate will be at least 0.5% lesser than going directly to the bank.
• Negotiations on policies: Applying directly to the bank, will leave you with only one option that is you directly asking for some concession. But with WeMakeScholars, you will have additional support from a Govt. of India funded organization, to get more fair policies of your loan, example, the tenure, the amount of payment during study period, the loan amount, the interest rate, all of these are negotiated.
• Best customer service with end-to-end coordination: If you go directly to the bank, you get education loan rejections without any proper explanation. While, the WMS team will negotiate with the lender to find other ways of getting your education loan sanctioned, which otherwise is not possible when you interact with them directly. This is because, the WMS team is associated directly with the Head office of the lenders.

Due amount and Repayment schedule

Please find the due amount at the end of each semester, this shall help you to understand the due at each stage and plan the repayment accordingly.

Repayment schedule after Moratorium

What makes it the most accurate Education loan EMI calculator?

• Moratorium period: Education loan is very different from home loan, personal loan, auto loan or any other retail loans, because in all other loans EMI payments start from the next month of taking the loan. But as per Indian Banking association norms, all education loans must have a grace period, this means EMI of education loan will only start after the course is over and a grace period of 6-12 months is given as job search period. Hence, for calculating the EMI for the education loan we shall consider the payments during Moratorium separately and drive at the due at the end of grace period before calculating EMI. That is the method we have used in this Education loan EMI calculator.
• Compound and Simple interest: All banks have a different way of calculating the interest during the moratorium period. Some banks add the accrued interest to the principal every month making it monthly compounding, others add it every year, making it annual compounding and some banks do not compound the interest portion at all. In this Education loan EMI calculator, we have taken that into consideration.
• Semester-wise breakdown: Unlike a home loan, personal loan, or Car loan, you do not borrow the entire principal amount in one go in an education loan, instead the amount is taken semester-wise or year-wise. The usual EMI calculator will only allow you to enter one lump-sum principal amount but in this particular EMI calculator, Amount can be entered semester-wise, to get the most accurate result.
• Grace period: Some of the banks in India offers 6 months after the completion of course as grace period, others offer 12 months. In many of the cases, students do not need a grace period and they wish to start the repayment as soon as the course is over. This Education loan EMI calculator offers you the flexibility to choose it and get the most accurate result.

Education loan repayment is one of the greatest concerns that bothers higher education aspirants when they think about funding their higher studies with the help of an education loan. When aspirants think of borrowing an education loan to fund their studies, the very first factor that is taken into account is the amortization schedule of the lender whom they plan on approaching. So how do you go about it? This online education loan EMI calculator has been developed by the financial team of WeMakeScholars to help such applicants plan their education loan repayment schedule in a systematic manner.

This particular education loan EMI calculator has a very simple interface, thus making it easy for both loan applicants (students), as well as their co-applicants (parents/other family members) to calculate their monthly education loan repayment amount. Apart from that, it also enables students to customize their calculations by helping them to factor in their grace period, education loan moratorium period, partial education loan interest payment, full education loan interest payment, flexible disbursals of the education loan, etc.

Also, if you are still only thinking about borrowing an education loan and wish to get an estimate of the amortization schedule you may have to follow, this education loan EMI calculator will also help you get an idea of what can be expected during your education loan repayment period on the basis of your course duration, grace period, as well as the moratorium period. Students can get an estimate of the amortization schedule of both, secured education loans from government banks, as well as unsecured education loans from private banks.

What makes it better than the Education loan EMI calculators on the bank’s website?

Many students refer to bank specific websites for the Education Loan EMI Calculator before availing the education loan. But to be honest, we have checked all such links but didn’t find it to have any useful features. It was more or less a copy of their home loan EMI calculator which has totally different maths behind it. So, here are some bank specific features, you will find in this EMI calculator.

State Bank of India- SBI Education Loan EMI Calculator: If you are planning to take an education loan from SBI, you need to know that SBI doesn’t require you to pay the interest or any EMI during the moratorium period. Hence, it is very important for the particular SBI Education Loan EMI calculator to take that in consideration which we have done. Also, SBI charges you only simple interest during the moratorium period, hence if you use any other online available EMI calculator, you will get a wrong result because the usual EMI calculators just consider compound interest.

Bank of Baroda - BOB Education Loan EMI Calculator: Very similar to the SBI Education Loan EMI Calculator features, even for BOB Education Loan EMI Calculator, we have to consider the zero payments option during moratorium as well as the simple interest which the other EMI calculators over the web misses. By using this particular calculator for your BOB Education loan, you will be able to precisely calculate the final repayment amount and the breakdown of that.

Canara Bank Education Loan EMI Calculator: Canara Bank is a nationalized bank, hence as per the Indian Banking Association norms, they have to provide a moratorium period. But to balance the bank’s interest, they will always give you an option to pay full interest during the moratorium period which the Canara Bank employees will push you for or the option of no payments. Hence, better than the bank’s website, this particular Canara Bank Education Loan EMI Calculator will allow you to customize your results by choosing the apt option under the section “Will you be paying any interest during the moratorium period?”

Punjab National Bank- PNB Education Loan EMI Calculator: Punjab National Bank also offers a moratorium period with a flexibility of zero payments during this period. Also, like other nationalized banks, you are charged only simple interest for the grace period. This particular PNB Education Loan EMI Calculator, takes both these points in consideration while calculating your Education Loan Amortization Schedule.

ICICI Bank Education Loan EMI Calculator: ICICI being a private bank, does require you to make full or partial simple interest payments during the moratorium period that is course duration plus 6 months. How much you have to pay during the moratorium period is negotiable. Hence, this particular ICICI Bank Education Loan EMI Calculator gives you the option to enter the payments you will be making while studying, to derive the final EMI figure and education loan amortization schedule. This particular feature is not being offered even on the ICICI Bank website Education Loan EMI Calculator.

Axis Bank Education Loan EMI Calculator: Axis bank requires you to make the full interest payment during the study period. Hence, when we calculate the EMI for an Axis Bank Education Loan, we need to subtract that amount from the total repayable. Any general EMI calculator over the web and even the one on the Axis Bank website, doesn’t take this into account. That’s what makes it the best Axis Bank Education Loan EMI Calculator, for your study abroad education loan.

In addition to this, many students have asked us for the following bank-specific EMI calculators such as HDFC Credila Education Loan EMI Calculator, Avanse Education Loan EMI Calculator, Incred Education Loan EMI Calculator, Auxilo Education Loan EMI Calculator. Please note that all these are NBFCs and their most crucial point in the EMI calculation is to accurately enter the full or partial interest amount which they are asking you to pay during the study period. This particular EMI calculator provides you that feature. You may choose the option of Full EMI payment or full or partial interest in the above input section, to derive the accurate figures for the EMI and the amortization schedule.

Common FAQs Related To Education Loan Repayment

What is a moratorium period?

A moratorium basically refers to a break. In terms of an education loan, a moratorium period essentially refers to a period of time wherein students are not required to begin their education loan repayment. This is an exclusive feature of collateral education loans and is applicable to students who have borrowed government bank education loans. This moratorium period lasts for the entire course duration post which banks grant students with an additional grace period of six months before the ir repayment period begins. The interest for this moratorium period is calculated as simple interest in case of Govt banks but as compound interest for other lenders.

What is the usual grace period?

Not all lenders allow the borrower to avail a grace period on their education loan moratorium period. The grace period offered by lenders post the education loan moratorium period differs with respect to the terms and conditions of different lenders. Certain government banks grant a six month grace period post moratorium while others grant upto 12 months of grace period. With the help of this online education loan EMI calculator, you should be able to get your customized amortization schedule by entering the grace period granted by your respective education loan lender.

In how many years should we repay the loan?

The total education loan tenure decided by various lenders differs on the type of loan granted by them. NBFCs and private banks offer a total of 10 years as loan tenure for unsecured education loans. On the other hand, government banks grant an education loan tenure of 15 years.

Can I repay the loan before my scheduled repayment period? If yes, are there any prepayment penalties?

Government banks allow the prepayment of education loans without any penalties. However, NBFCs do not do so. NBFCs charge candidates with a fine for education loan prepayment if you prepay within 6 months.

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Education Loan EMI Calculator

Education Loan EMI Calculator is a financial tool that helps to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the education loan taken from Bank or any other financial institutions for a specified period.

(Calculate the EMI against the Education Loan taken from Bank or any other financial institutions by using this Education Loan EMI Calculator)

Education Loan equated monthly installment (EMI) is a fixed monthly installment paid by borrowers to the bank against the education loan taken for educational expenditure. Every month, it is due on a fixed day of the month until your loan is fully paid back.

Use this Education Loan Calculator to calculate the EMI on education loans taken from banks. This Education Loan EMI Calculator requires some data like – Your Principal Amount took from bank, Rate of Interest & Period (in No. of Months). After calculation, you will get the Equated Monthly Installments (EMI).

Information about Education Loan Calculator:

What is the Education Loan?

If you are planning to educate your child for higher studies and if you don’t have ready cash at your disposal, bank loans help you realise your dream. These bank loans can be repaid on a monthly basis in easy installments along with a small interest.

This Free Education Loan EMI calculator is a finance tool that will help you calculate monthly EMI as well as EMI interest payment on loans.

Features of SBI Education Loan:

• Repayment period of up to 15 years after Course Period + 12 months of repayment holiday
• Loans up to Rs. 20 lacs: NIL
• Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
• Upto Rs. 7.5 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
• Above Rs. 7.5 Lacs: Parent/ Guardian as co-borrower and tangible collateral security
• Up to Rs 4 Lacs – Nil
• Above Rs 4 Lacs – 5% for studies in India, 15% for studies in abroad
• Repayment will commence one year after completion of course.
• Loan to be repaid in 15 years after the commencement of repayment
• In case the second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of the second course
• The accrued interest during the moratorium period and course period are added to the principle and repayment are fixed in Equated Monthly Installments (EMI).
• If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.

Eligibility for SBI Education Loan:

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Courses Covered

Studies in india.

• Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM, etc
• Teacher training/ Nursing courses approved by the Central Government or the State Government
• Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping, etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the USA, etc.

Studies abroad

• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
• Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the USA, etc.

Expenses Covered

• Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course).
• Travel Expenses/Passage money for studies abroad.
• Cost of a Two-wheeler up to Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work, etc.

Loan Amount

• Medical Courses: Upto Rs 30 lacs
• Other Courses: Upto Rs 10 lacs (Higher loan limit for studies in India may be considered on cases to case basis, maximum up to Rs 50 lacs
• Up to Rs 7.50 lacs (Higher loan limit for Studies abroad are considered under Global Ed-vantage Scheme, maximum up to Rs 1.50 Crores)

What is Education Loan EMI?

EMI is the abbreviation for Equated Monthly Installment. Education Loan EMI is the monthly repayment that the borrower should make to repay the Education loan as per schedule.

How are the borrowed amount and interest due paid through EMIs?

Each EMI repays a part of the principal i.e. the borrowed amount and the interest due on the borrowed amount. The proportion of each EMI utilised for repayment of principal and interest, however, varies over time.

Banks and financial institutions, in general, calculate EMI through a common mathematical formula. Thus, for a given loan amount, tenure and interest rate, the EMI calculated and the amortization schedule offered by banks and Non-Banking Financial Companies (NBFCs) will typically be similar. This means that pattern of reduction of principal amount through the payment of each EMI will typically follow a similar trend across all financial institutions.

It is a well-known fact that the initial EMIs contribute more towards payment of interest due as compared to the principal amount. However, during the tenure of the loan, subsequent EMIs contribute more towards repayment of the principal amount as compared to previous EMIs.

What is the benefit of calculating Education Loan EMI?

Since education loan EMI is the fixed amount that you will need to pay to the bank towards repayment of your Loan, calculating the EMI helps you to plan your monthly budget.

What is the impact of part payments on Education Loan EMI?

Part payments reduce the outstanding loan amount, which in turn reduces the interest amount due. Without changing the EMI post part payment, the contribution of EMI towards principal repayment increases. Thus the education loan gets repaid faster.

EMI  Calculator for Education Loan:

An education loan EMI calculator is an effective tool that helps you in determining the amount of money you have to pay each month as installments for the education loan of your child. Our simple-to-use EMI calculator will tell you that amount in a matter of few seconds. This not only eliminates your visit to the bank but also helps a long way in arriving at a decision.

Use this Education Loan EMI Calculator to calculate the EMI on Education loan taken from a bank or any financial institution. This Education Loan EMI Calculator requires some data like – Your Principal Amount took from bank, Rate of Interest & Period (in No. of Months). After calculation, you will get the Equated Monthly Installments (EMI).

What is Equated Monthly Installment (EMI)?

Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.

The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you’ll pay more towards the principal and less in interest.

Here’s the formula to calculate EMI:

P is Principal Loan Amount

r is the rate of interest calculated on a monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)

n is loan term/tenure/duration in number of months

Education Loan EMI Calculator Variables:

This Education Loan Calculator for Education Loan uses four different variables that most of the calculator requires. These Education Loan EMI calculator variables are:

Principal Loan Amount: This is the amount borrowed by a borrower from the bank. If you apply for a higher loan amount, your monthly EMI will be high.

Rate of Interest: The Rate of Interest is the variable of the education loan calculator that appears as a percentage and is different for different types of loans. 

Loan Period: This is the period in which you can repay your education loan. Longer loan tenure means lower housing loan EMI.

Equated Monthly Installments (EMI): Equated Monthly Installment or EMI  is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.

How to use the Education Loan calculator?

To use the Education Loan  EMI calculator , by simply entering the loan amount, interest rate, and select the loan tenure. 

The EMI calculator will show the EMIs based on the entered numbers instantly. It will change as per modification.

Anyone can calculate his EMI against the Education Loan through this online Education Loan EMI calculator available on this page with high accuracy.

Following are the steps to calculate the EMI through this calculator:

• Step 1: Enter the Principal Loan Amount that he wants to borrow from the bank as an education loan.
• Step 2: After this, fill the rate of interest of the loan he gets from his bank or financial institution. The rate of interest appears as a percentage and is different for different types of loans.
• Step 3: The next step that one has to follow is to select the period for a loan in months. This is the period in which you can repay your education loan. Longer loan tenure means lower loan EMI.
• Step 4: Thereafter putting all the above data, click the calculate button for calculation of EMI.
• Step 5: After submitting all variables required by an EMI calculator, one will get the Equated Monthly Installment or EMI against the Education Loan.

Education Loan EMI Calculator Formula:

Here’s the formula to calculate Education Loan EMI:

E  is EMI

P  is Principal Loan Amount

Education Loan Interest Rate Calculator:

Education Loan Interest rate Calculator online can help you calculate the interest rate you are eligible for and also, the total interest you will pay during the loan duration. Some of the factors that are used for interest rate calculation are:

• Occupation of the borrowers:  Banks charge a slightly higher interest rate on Personal loans for self-employed as compared to that on loans for salaried borrowers.
• Amount of the Loan: This is the amount borrowed by a borrower from the bank. 
• Type of loan opted for: The bank also offers different rates on its various loan schemes such as Existing Loan Borrowers, Existing Term Deposit Customers, Professional & Self Employed, NRIs, etc .
• Existing bank customers: Banks also offer lower interest to its existing bank account holders to maintain its relationship.

Advantages of using this Education Loan EMI Calculator:

There are several advantages attached to using this online Education Loan  EMI calculator , which other such calculators may not provide.

Advantages of this EMI calculator are:

• Shows the results based on the fractional rate of interest.
• It helps you save time by showing the results immediately.
• It is more accurate compared to other EMI calculators.
• It helps you to determine the loan amount and tenor.

Using an EMI calculator is one of the first steps you take to apply for an education loan. The next steps involve arranging all the necessary documents and making sure you fulfill all the eligibility criteria.

FAQs about Education Loan EMI Calculator:

How can I pre-close the education loan?

You can pre-close your education loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount, and take the acknowledgment of the balance amount that you have paid.

How can I make sure my application is not rejected?

If you wish to have a fool-proof personal loan application procedure in place, you must consolidate all previous debts, pay all outstanding credit card bills, maintain a CIBIL score of 750 or above (the maximum score is 900), and never apply for multiple loans simultaneously.

Why should I calculate education loan EMI before taking a loan?

It is advised to calculate loan EMI prior to taking a loan. There are several benefits of calculating your education loan EMI as discussed below-

• In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.
• If you already know the EMI you have to pay each month, then you can plan your spending accordingly.
• Based on the EMI amount, you can opt for making prepayment of your Personal loan in the future when you have a surplus amount.

You are here to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the education loan taken from Bank. Calculate the Education Loan EMI by using this online Education Loan EMI Calculator .

Student Loan Calculator

Simple student loan calculator.

Please provide any three values below to calculate.

Student Loan Repayment Calculator

Use the calculator below to evaluate the student loan payoff options, as well as the interest to be saved. The remaining balance, monthly payment, and interest rate can be found on the monthly student loan bill.

Pay off in 6 years and 2 months

The remaining term of the loan is 9 years and 10 months. By paying an extra $150.00 per month, the loan will be paid off in 6 years and 2 months. It is 3 years and 8 months earlier . This results in savings of $4,421.28 in interest payments.

Student Loan Projection Calculator

Use the calculator below to estimate the loan balance and repayment obligation after graduation. This calculator is mainly for those still in college or who haven't started. Before estimating, it may be helpful to first consult our College Cost Calculator to get a rough idea of how much college may cost.

You need to make $45,790 per year or more to repay the loan with less stress.

Related College Cost Calculator | Loan Calculator

In the U.S., there are several types of student loan providers: government and private. Federal and state governments provide the lion's share of student loans in the country and offer the considerable advantage of being subsidized. This means that students are not required to pay interest on their student loans while they are still considered students. Therefore, the cost of public, subsidized loans is lower than those offered by the private sector. As a matter of fact, federal student loans have some of the lowest interest rates around and do not require cosignatories, simply proof of acceptance to an educational institution. For these reasons, more than 90% of student debt today is in the form of federal loans.

Before delving into student loans, governmental or private, remember that there are other options to consider. Grants and scholarships do not require repayment as loans do, and some of these can cover the entirety of a student's education costs, preempting the need for a loan. Work-study programs exist for students who have financial needs and are able to work part-time. Students with extra disposable income can pay it towards schooling costs before taking out student loans to help decrease the size and length of their student loans, making them more affordable in the long run. Ideally, only after exploring these options should students resort to taking out some of the student loans described below.

Federal Student Loan

Direct Subsidized and Direct Unsubsidized Loans (sometimes referred to as Stafford Loans)

Direct Subsidized Loans are need-based and dependent on Expected Family Contribution (EFC) to determine the loan amount. Because they are subsidized, there are 6-month grace periods after a person completes their studies before mandatory payments of the interest on the loans begin. Direct Unsubsidized Loans, on the other hand, are not need-based and interest on the loans begins accruing immediately after approval.

Direct PLUS Loans

These are typically for graduate or professional students enrolled at least half-time at an eligible school or parents of dependent undergraduate students enrolled at least half-time. Borrowers should have favorable credit histories, and the maximum possible loan amount is the difference between the cost of attendance for attending a particular school and any other financial aid received, such as scholarships. The interest rate on Direct PLUS loans tends to be higher than Stafford loans. There is an up-front fee called the origination fee that hovers around 4% of the loan amount.

Direct Consolidation Loans

Borrowers of multiple federal student loans can choose to consolidate them into a single Direct Consolidation Loan. The main reasons for consolidating include having one simple monthly payment instead of several, lower monthly payments but longer time period on loans, and access to additional income-driven repayment plans. Before choosing to consolidate, there are some tradeoffs to consider. For example, lengthier loans will result in more paid out for interest. Furthermore, consolidation may also negate certain benefits inherent in individual loans, such as interest rate discounts, principal rebates, or loan cancellation benefits.

State Student Loan

The fifty states have a wide variety of loan offers that differ immensely from state to state, usually offered by state agencies or state-chartered non-profit organizations. No two states will offer the same student loans. The list of available student loans offered by all fifty states is extensive; students should consult their state's department of post-secondary education for details about state-specific aid that is available.

Similar to some federal student loans, certain state student loans may also contain forgiveness programs, though only if the student remains in the state after graduation. Whether student loans are forgivable or not will be dependent on what each state deems appropriate to forgive, which is usually reserved for pressing needs such as particular industries. Student loans for nursing or teaching are commonly forgiven for that reason.

Individual state filing deadlines are frequently earlier than the federal standard, so make sure timetables reflect whichever comes first. State student loans may also have additional, unique eligibility requirements. Generally, participants must be residents of the state or must be out-of-state students enrolled in a college within the particular state.

Private Student Loan

Private student loans mostly originate from banks and loan companies; as a result, applicants will be expected to go through the full underwriting process that includes checking credit histories and debt-to-income ratios. Also, almost all private student loans are not subsidized; interest payments usually must be made for the life of the loan. Interest rates are higher than subsidized student loans but still relatively low in the world of private loans.

Since the U.S. loan market is dominated by cheaper federal student loans, people that use private student loans in the U.S. are few and far between. However, private student loans can be used to help pay for education if federal programs are not an option or have been exhausted. Some students will find that federal loans cannot cover all the costs associated with college and will require some other form of funding. However, keep in mind that rates on these tend to be higher and are more likely to be variable rather than fixed. Some private schools may offer loans through school trust funds. Rates from these tend to be lower than loans from private lenders. Unlike federal student loans, these are heavily dependent on credit. Since parents tend to have better credit histories than their children, having a parent cosign can result in better rates. Also, note that private student loans are normally not forgivable.

With that said, private student loans do carry some benefits: The application process is typically less stringent, funds are available almost immediately, and interest may be tax-deductible. Also, they aren't based on financial needs like most federal loans.

Student Loan Repayment Options

It is not uncommon for new graduates to struggle to repay their student loans. Unfortunate circumstances such as flaccid job markets or recessions can exacerbate situations. For federal student loans, there are some alternative solutions that can aid in dwindling down student loan payments. Income-based repayment plans can potentially cap the amount that students repay each month based on available income if they find that their student loans become increasingly harder to pay off. These plans prolong the life of the loans, but they relieve the burden of large monthly payments. There are also graduate repayment plans that slowly ramp up monthly payments over time, presumably in conjunction with projected salaries as people progress through their careers. Extended graduated repayment plans allow borrowers to extend their loans for up to 25 years. For some income-linked plans, in the end, the remaining balance may be forgiven, especially for those in public services.

The major repayment plans for federal student loans are listed below.

* Loan forgives tax-free after 120 qualifying loan payments (10 years) for these in public services. It is not income tax-free and only forgives at the end of the loan term for others.

It is obvious through the table that many different loan repayment plans exist. However, most borrowers will end up with the standard plan when it comes time to repay the loans, which is also the default plan when no plan is chosen.

All educational loans in the U.S., including federal and private student loans, allow for penalty-free prepayment. When graduates find themselves entrenched in their careers and financially stable, they can put more money towards the reduction of existing student loans without penalty.

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Education Loan EMI Calculator

Use Axis Bank Education Loan Calculator to calculate your monthly installments & plan your future.

In a knowledge economy that we live in today, education plays a pivotal role. Education empowers us to reach new heights in our career, enables to live a respectable life, elevates our standard of living, aids accomplish financial goals, and much more!

Education is a long-term personal investment that has the potential to generate returns like none other.

With an education loan, you can make your dreams come true. Education Loans are available for career-focused courses such as medicine, engineering, and management at both undergraduate and postgraduate levels at top institutions in India and overseas. These loans can cover a wide range of expenses, including tuition, exam fees, library subscriptions, textbooks, necessary laboratory equipment, computers, and accommodation costs, if applicable.

Students can directly apply for an education loan . However, their parent(s) or guardian will be treated as co-applicants, and their role will be akin to a primary debtor (a person who owes money).

But before you apply for an education loan, as a prudent loan planning exercise, assess how much the Equated Monthly Instalment (EMI) will be.

Axis Bank’s Education Loan EMI calculator is an automated tool that will quickly let you know your EMI.

Break-up of Total Payment

Amortization schedule.

Note: The EMI would start post completion of the course. During the period of course only simple interest would be charged. The rate of interest for calculation of simple interest amount defers from bank to bank. Hence the amortization table shows the payment schedule post completion of the course years.

Remember, the interest rate and your loan tenure are the vital deciding factors that determine loan EMI.

The EMI of your loan consists of the principal portion and the interest. In the early stages of the loan's term, a larger portion of the EMI goes towards paying off the interest. Over time, as the loan balance decreases, more of the payment is applied to the principal amount.

Axis Bank India offers education loans at attractive interest rates for a loan amount ranging from Rs 50,000 to Rs 75 lakh.

Apply for an education loan today and fuel your dreams!

Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

Frequently Asked Questions

The eligibility criteria are as follows:

• The applicant and co-applicant should be over 18 years of age and citizen of India
• The student needs to have secured at least 50% marks during HSC and graduation
• The student needs to have obtained admission to career-oriented courses viz. Medicine, Engineering, Management, etc., either at the graduate or post-graduate level
• Secured admission in India or abroad from a recognised college/education institution through entrance test/merit based selection process post completion of HSC (10+2), is a must
• The co-applicant, i.e. parent(s) or guardian, need to have a regular source of income

The following need to be submitted along with the education loan application form :

• Income statements (Salary slip, Form 16, Income-Tax Returns of the last 2 years, and Computation of income of last 2 years certified by a Chartered Accountant)
• Bank Statement/Pass Book of the last 6 months
• Copy of the admission letter of the Institute along with the ‘fee schedule’
• Mark sheets and/or pass certificates of SSC, HSC, Degree Courses, National level entrance test
• Age proof (birth certificate, passport, Aadhaar, PAN card, driving license)
• Address proof (Aadhaar, passport, latest electricity bill, latest telephone bill, ration card, existing house lease agreement, bank account statement)
• Photo identification proofs (Aadhaar, voter id, PAN card, passport, driving license)
• Passport size photos of the applicant and co-applicants
• Guarantor form (optional)

The bank sanctions the education loan only after thorough due diligence. Axis Bank usually disburses loans within 15 days from the date of receipt of the complete application along with all documents required for a full appraisal.

There is no margin for education loans upto Rs 4 Lakhs. For loans above Rs 4 Lakh, the margin for studies within India is 5% and for studies overseas is 15%.

The documents required for the first disbursement are:

• Demand Letter from college or university
• Disbursement Request Form (DRF) signed by the applicant, co-applicants
• A signed copy of Loan Agreement (which includes Demand Promissory Note, DP Note Delivery-cum-Waiver Letter, Standing Instruction Request, PDC (Post-dated Cheque)
• Sanction Letter signed by the applicant, co-applicants
• Form A2 signed (for the purchase of foreign exchange) by applicant or co-applicants in case abroad Institute cases
• Proof of margin money payments made to the educational institution and bank statements showing these transactions are required.
• Additional documents may include collateral security
• if needed and Form A2 completed by the applicant or co-applicants for studies abroad.

For subsequent disbursements as well, many of the aforementioned documents will be needed, particularly the demand letter from the college or university, DRF, receipt of margin money paid, and one any from the exam progress report, mark sheet, bonafide certificate.

Yes, Rs 500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue instalment/s. So, as far as possible, keep your repayment track record clean.

Yes. The interest component of the EMI paid on an education loan is deductible under Section 80E of the Income Tax Act of 1961, which can provide tax relief.

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Do You Know an Education Loan Can Get You a Tax Benefit?

You would agree that today education, particularly higher education, plays an important role in shaping our future.

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U.S. Sen. Bob Menendez  was convicted of all charges Tuesday in a sweeping corruption trial in which he was accused of accepting bribes of gold and cash from three New Jersey businessmen and acting as an agent for the Egyptian government.

A jury in Manhattan deliberated for parts of three days before finding the Democrat guilty of 16 crimes, including bribery, extortion, honest services fraud, obstruction of justice and conspiracy.

Prosecutor said he abused the power of his office to protect allies from criminal investigations and enrich associates, including his wife, through acts that included meeting with Egyptian intelligence officials and softening his position toward that country as he speeded its access to millions of dollars in U.S. military aid.

Menendez, 70, looked toward the jury at times and appeared to mark a document in front of him as the verdict was read. Afterward, he sat resting his chin against his closed hands, elbows on the table. He vowed to appeal as he left the courthouse.

“I have never violated my public oath. I have never been anything but a patriot of my country and for my country. I have never, ever been a foreign agent,” Menendez said before a collection of microphones before walking briskly to a waiting car.

Menendez did not testify at the nine-week trial, but insisted publicly that he was only doing his job as chairman of the Senate Foreign Relations Committee. He said gold bars found in his New Jersey home by the FBI belonged to his wife, Nadine Menendez. She too was charged, but her trial was postponed so she could recover from breast cancer surgery. She has pleaded not guilty.

The verdict potentially dooms Menendez’s chances of winning reelection as an independent.

The trial’s outcome prompted a chorus of Democrats to call on Menendez to resign, including Senate Majority Leader Chuck Schumer, New Jersey’s junior senator, Corey Booker, and the party’s nominee to replace Menendez, Rep. Andy Kim.

“In light of this guilty verdict, Senator Menendez must now do what is right for his constituents, the Senate, and our country, and resign,” Schumer’s statement said.

New Jersey Gov. Phil Murphy, who would appoint Menendez’s replacement, urged the Senate to expel him if he doesn’t resign. It’s not clear whether Schumer would be willing to hold those votes. Expulsion requires a two-thirds majority. A senator has not been removed from office in over a century.

Curtis Bashaw, the Republican candidate for the seat, also called on Menendez to quit, saying New Jersey deserves better than “corruption and made-for-tv political scandals, courtesy of Bob Menendez and the Democratic machine.”

The Senate Ethics Committee, meanwhile, will complete its own investigation of Menendez “promptly” and consider a “full range of disciplinary actions,” according to a statement from Democrat Chris Coons and Republican James Lankford, the committee’s chairman and vice-chairman.

Menendez faces the possibility of decades in prison. Judge Sidney H. Stein scheduled sentencing for Oct. 29, a week before Election Day.

This was the second corruption trial for Menendez. An earlier prosecution on unrelated charges in 2017 ended with a deadlocked jury.

“This case has always been about shocking levels of corruption, hundreds of thousands of dollars in bribes in the form of cash, gold bars, a Mercedes-Benz. This wasn’t politics as usual, this was politics for profit. And now that a jury has convicted Bob Menendez, his years of selling his office to the highest bidder have finally come to an end,” U.S. Attorney Damian Williams said outside the courthouse.

Two co-defendants were also convicted. The New Jersey businessmen, Wael Hana and Fred Daibes, were accused of paying bribes. A third businessman, Jose Uribe, pleaded guilty prior to trial and testified against the others.

Hana’s lawyer, Lawrence Lustberg, said he would file motions to set aside the verdict. The American system of justice “has, in his view, let him down,” Lustberg said. Daibes’ lawyer, César de Castro, also promised an appeal, saying: “We think the result was wrong.”

The trial took place in a federal courthouse a little more than a block from the state courthouse where former President Donald Trump was convicted in May of falsifying business records. The two powerful men were on trial simultaneously for weeks.

The jury’s decision followed a lengthy probe that included a June 2022 FBI raid on Menendez’s home in Englewood Cliffs, a wealthy community just across the Hudson River from New York City. FBI agents seized nearly $150,000 worth of gold bars and $480,000 in cash, mostly in stacks of $100 bills, stuffed stuffed in boots, shoeboxes and jackets. In the garage was a Mercedes-Benz convertible.

Prosecutors argued that the gold, cash and car were bribes. Menendez’s lawyers disputed that, arguing that the gold belonged to his wife and she had kept him in the dark about financial troubles so grim that she nearly lost the home to foreclosure. They said the senator habitually hoarded money because his parents escaped Cuba in 1951 with only the cash they had hidden in a grandfather clock.

More shocking, though, were allegations that Menendez had earned some of the treasure by using his powerful perch on the Senate Foreign Relations Committee to benefit Egypt, an important U.S. ally but one often subject to American criticism over alleged human rights abuses.

Prosecutors said Nadine Menendez held herself out as a conduit to her powerful husband, exchanging texts with an Egyptian general and helping to arrange a Washington visit by the chief of Egypt’s intelligence service. To one general she texted, “Anytime you need anything you have my number and we will make everything happen.”

Sen. Menendez, prosecutors said, took actions to ingratiate himself with Egyptian officials, including providing them with information about the staff at the U.S. Embassy in Cairo and ghostwriting a letter to fellow senators encouraging them to lift a hold on $300 million in military aid. The senator also told his wife to let her Egyptian contacts know he planned to sign off on $99 million in tank ammunition.

Prosecutors said serial numbers on the gold bars and fingerprints on tape that bound together the stacks of cash were traced to Hana and Daibes.

Prosecutors said Menendez took numerous actions to benefit the businessmen, including protecting Egypt’s decision to award Hana a lucrative monopoly to certify that meat sent to Egypt met Islamic dietary requirements. Menendez asked a U.S. agriculture official to drop his opposition to the monopoly deal despite concerns it would drive up prices.

Uribe testified at the trial that he paid for Nadine Menendez to get a Mercedes-Benz convertible in exchange for the senator’s help assuring that his insurance business would not be affected by New Jersey criminal probes of a trucking company belonging to his friend.

Prosecutors also said Sen. Menendez attempted to interfere in a federal criminal prosecution of Daibes, a  politically influential real estate developer  accused of bank fraud. The U.S. attorney for New Jersey, Philip Sellinger, testified at the trial that Menendez questioned him about the Daibes prosecution and said he believed he was “being treated unfairly.”

Prosecutors also presented evidence that Menendez took actions favorable to Qatar’s government to help Daibes secure a multimillion-dollar deal with a Qatari investment fund.

Menendez’s political career began in 1974 when, only two years out of high school, he was elected to the education board in Union City, New Jersey. He later served in the state legislature, then was elected to the U.S. House in 1992. He became a U.S. senator in 2006.

Menendez had the dubious distinction of being the only U.S. senator indicted twice.

In 2015, he was charged with letting a wealthy Florida eye doctor buy his influence through luxury vacations and campaign contributions. After a jury couldn’t reach a unanimous verdict in 2017, New Jersey federal prosecutors dropped the case rather than put him on trial again.

Voters accepted the mistrial as an exoneration and returned Menendez to the Senate.

After his second indictment last summer, Menendez claimed he was being persecuted, saying some people “cannot accept that a first-generation Latino American from humble beginnings could rise to be a U.S. Senator.”

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