Education Loan Calculator
Calculate education loan EMI with moratorium period. Plan student loans for college fees + living expenses.
Monthly EMI (after moratorium)
What is an Education Loan?
Education loans cover tuition fees, accommodation, books, equipment for higher studies in India or abroad. Unique feature: moratorium period — no EMI during course duration + 1 year grace period. Interest accumulates during moratorium and gets capitalized into principal. Repayment typically starts 1 year after course completion or when employed (whichever earlier).
How to use
- Enter loan amount — Total course cost – your contribution
- Set interest rate — 9-11% typical for unsecured loans
- Course + repayment duration — Course years + 5-15 year repayment
- View EMI and total cost — Including moratorium interest
Tips
- Section 80E: full interest deductible for 8 years (no upper limit)
- Shop multiple banks — rates vary 9-12%
- Government Vidya Lakshmi portal: single application for multiple banks
- Foreign study loans: 9-11.5% typically; secured loans cheaper if collateral available
FAQs
What's moratorium?
Period where no EMI is paid (during course + grace year). Interest still accrues, added to principal at repayment start.
Collateral required?
Loans up to ₹7.5L: usually no collateral. Above: collateral often required (property, FD, NSC).
Can I prepay?
Yes — most banks allow prepayment without penalty after 1 year. Saves significant interest.