Education Loan EMI
Estimate monthly EMI, total interest, and amount payable. See the principal-vs-interest split visually.
- Monthly EMI Exact amount
- Interest split Visual chart
- Yrs / Months Flexible tenure
Education Loan EMI
Estimate monthly EMI, total interest, and amount payable. See the principal-vs-interest split visually.
How the Education Loan EMI Calculator Works
Planning your tuition and living cost financing is easier with the MapMyCourse Education Loan EMI Calculator.
Inputs Required:
- Loan Amount (Principal): Total tuition and hostel fee loan requested from the bank.
- Interest Rate (% per annum): Bank interest rate (typically 8.5% to 12.5% for education loans).
- Tenure: Repayment tenure in years or months after the moratorium period.
Loan Moratorium Period:
Most Indian banks offer a moratorium period (course duration + 1 year or 6 months after getting a job) during which simple interest accrues before EMIs begin.
Frequently Asked Questions
What is the EMI formula?
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is Principal, R is monthly interest rate, and N is tenure in months.
Are education loan interest payments tax deductible?
Yes! Under Section 80E of the Income Tax Act, the full interest paid on an education loan is deductible without any upper limit for up to 8 assessment years.
Can I calculate tenure in months instead of years?
Yes, use the tenure unit toggle button to switch between years and months.