Planning for further education can be a little stressful, especially when it comes to finances. Many students go for education loans to help pay for their studies, doesn’t matter it is in India or abroad. However, managing the repayment of the loan amount can be confusing, as you do not know how much you’ll have to pay each month.
Plan your higher education finances smartly with our Education Loan EMI Calculator. Whether you’re aiming to study in India or abroad, this tool helps you calculate your monthly repayment accurately within seconds.
Our calculator gives you a quick estimate of your EMI (Equated Monthly Instalment), total repayment, and interest payable, based on your loan amount, tenure, and interest rate. It’s perfect for students, parents, or anyone seeking clarity before taking an education loan.
Use the MapMyCourse Education Loan EMI Calculator to get detailed insights:
These three simple inputs allow you to calculate:
Example:
For a ₹25,00,000 education loan at 6.48% interest for 19 years, your EMI will be ₹19,121.40, and your total repayment will be approximately ₹43,59,679.03.
An Education Loan EMI is the fixed monthly payment made to repay your education loan. It consists of both the principal amount and the interest. EMI amounts vary depending on the loan amount, interest rate, tenure, and moratorium period.
The EMI stays the same each month, which makes it easy to plan your budget. This means you’ll know exactly how much you need to pay every month until the loan is fully repaid.
Use this formula to calculate EMI manually:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
Bank | Interest Rate | Processing Fee |
SBI | 7.90% p.a. to 10.90% p.a. | Loans up to Rs.7.5 lakh- Nil |
HDFC Bank | 10.50% p.a. onwards |
|
Axis Bank | 9.58% p.a. to 12.75% p.a. | Up to 2% of the loan amount + GST |
ICICI Bank | 10.25% p.a. onwards | Up to 2% of the loan amount plus GST |
Canara Bank | 8.35% p.a. to 11.75% p.a. | Minimum processing fees or Nil |
IDFC FIRST Bank | 9.50% p.a. onwards | Up to 1.5% of the Loan Amount or as per any bank-specific scheme |
Indian Overseas Bank | 8.50% p.a. to 12.75% p.a. | – |
Bank of India | 10.55% to 11.85% p.a. | Nil |
Kotak Mahindra Bank | Maximum up to 16% p.a. | Nil |
Note: Interest rates are subject to change based on collateral, co-applicant income, and creditworthiness.
Our tool offers a better experience than most bank and aggregator websites by providing:
Compare multiple loan options at once by adjusting variables like interest rate and tenure. This feature helps you evaluate different repayment plans side by side to make a well-informed decision.
Your data is safe with us! Our calculator is designed with privacy in mind, ensuring that your loan details and personal information are kept secure.
| Loan Amount | Interest Rate | Tenure | EMI | Total Interest | Total Payment |
| ₹5,00,000 | 8.5% | 5 years | ₹10,045 | ₹80,680 | ₹5,80,680 |
| ₹10,00,000 | 9.0% | 7 years | ₹14,870 | ₹4,21,327 | ₹14,21,327 |
| ₹15,00,000 | 10.0% | 10 years | ₹19,808 | ₹8,77,808 | ₹23,77,808 |
| ₹20,00,000 | 9.5% | 10 years | ₹25,899 | ₹11,07,923 | ₹31,07,923 |
| ₹25,00,000 | 10.5% | 12 years | ₹30,909 | ₹13,57,303 | ₹38,57,303 |
| ₹50,00,000 | 11.0% | 15 years | ₹58,739 | ₹35,91,029 | ₹85,91,029 |
Ans: The EMI for a ₹10 lakh loan at 10% interest for 7 years is around ₹16,618 per month. The total repayment would be about ₹13.96 lakh, including ₹3.96 lakh in interest.
Ans: To calculate the EMI, use this formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Ans: Use this EMI formula or simply enter your loan details in our education loan EMI calculator to get instant results.
Ans: The EMI for a ₹5 lakh loan at 9% interest for 5 years is about ₹10,378 per month. You can adjust the values in our calculator to see different results based on your loan amount and tenure.
Ans: No, EMI usually doesn’t start immediately. Usually, there’s a moratorium period during the study and 6–12 months after completion, during which EMI is not required. However, interest may still accrue.
Ans: Banks like SBI offer competitive rates starting from 8.55%, especially under government schemes like the Vidya Lakshmi Portal and CSIS.
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