Education Loan EMI Calculator
Monthly instalment, total interest and total payable on a loan
27%
interest
Monthly EMI
₹13,075
for 84 months at 9.5% per year
- Loan amount
- ₹8,00,000
- Total interest
- ₹2,98,316
- Total you repay
- ₹10,98,316
Total interest
₹2.98 L
37% of the loan amount
Total repayment
₹10.98 L
84 EMIs
Loan-free by
Oct 2033
if you start next month
What if the tenure changed?same amount and rate
60 months (5 yr)
₹16,801
−₹90,226 interest
72 months (6 yr)
₹14,620
−₹45,693 interest
96 months (8 yr)
₹11,929
+₹46,841 interest
108 months (9 yr)
₹11,047
+₹94,813 interest
Repayment schedule
| Year | Principal | Interest | Paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹84,519 | ₹72,383 | ₹1,56,902 | ₹7,15,481 |
| Year 2 | ₹92,908 | ₹63,994 | ₹1,56,902 | ₹6,22,573 |
| Year 3 | ₹1,02,129 | ₹54,774 | ₹1,56,902 | ₹5,20,444 |
| Year 4 | ₹1,12,265 | ₹44,637 | ₹1,56,902 | ₹4,08,179 |
| Year 5 | ₹1,23,407 | ₹33,495 | ₹1,56,902 | ₹2,84,773 |
| Year 6 | ₹1,35,655 | ₹21,248 | ₹1,56,902 | ₹1,49,118 |
| Year 7 | ₹1,49,118 | ₹7,784 | ₹1,56,902 | ₹0 |
Standard reducing-balance EMI, the formula every bank uses. It leaves out processing fees, insurance and rate resets, which change the real cost. For education loans, interest paid is deductible under Section 80E for up to eight years, and paying the moratorium interest as it falls due (many banks give a 1% concession for this) keeps the EMI noticeably lower. Confirm the exact figure with the lender's sanction letter.
About this tool
An EMI (equated monthly instalment) is the fixed amount a borrower repays each month on a reducing-balance loan: part of each instalment goes toward interest and part toward the principal, with the interest share shrinking over the life of the loan. This calculator applies the standard reducing-balance formula banks use for education and personal loans.
Enter the loan amount, the annual interest rate quoted by the lender, and the tenure in years to see the monthly instalment alongside the total interest and total amount you would pay back over the full term.
Frequently asked questions
›Does this include processing fees or insurance?
No, it calculates the EMI on the principal, rate and tenure alone. Lenders typically add a one-time processing fee and sometimes bundle loan insurance, both of which increase the effective cost beyond what's shown here.
›What interest rate should I use for an education loan?
Use the rate on your sanction letter, not an advertised 'starting from' rate, since actual rates vary by lender, collateral, course and the co-applicant's credit profile.
›Does a moratorium period change the EMI shown here?
No. Many education loans allow a moratorium (no repayment during the course plus a grace period, though interest often still accrues). This calculator assumes EMIs start immediately; a moratorium changes the real repayment schedule.