Student Loan Calculator
Calculate your education loan EMI, total interest, and repayment schedule with moratorium period awareness.
* All calculations are approximate.
How Student Loan Calculator Works?
Calculate your education loan EMI, total interest, and repayment schedule with moratorium period awareness.
Enter the total education loan amount you plan to borrow.
Specify the annual interest rate offered by your bank or NBFC.
Enter the repayment tenure (number of years after the moratorium period).
The calculator computes your monthly EMI using the standard reducing balance formula, along with total interest payable over the entire tenure.
It displays the total amount payable (principal + interest) so you can see the true cost of borrowing.
Formula Used
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P = principal, r = monthly interest rate, n = total months
Interest accrues during the moratorium period (course duration + 1 year), which can increase your total repayment by 20-30%. Paying interest during moratorium significantly reduces total cost.
Important — Read Before You Decide
- Education loans have a moratorium period (course duration + 1 year) before EMI starts
- Interest accrues during the moratorium period — this adds significantly to total cost
- Government provides interest subsidy on education loans up to ₹10 lakh for economically weaker sections
- Collateral is typically required for education loans above ₹7.5 lakh
- Tax deduction under Section 80E is available on interest paid (no limit, for 8 years)
- Processing fees for education loans range from 0.5% to 2% of loan amount
- Some banks offer lower rates for premier institutions (IITs, IIMs, NITs)
- Co-borrower (usually parent) is mandatory for education loans
What Happens If You Ignore These?
- Interest accumulation during moratorium increasing total repayment by 20-30%
- Defaulting on education loan affecting both student and co-borrower's credit score
- Not claiming Section 80E tax benefits losing thousands in tax savings
- Choosing wrong repayment tenure — too short means high EMI, too long means excess interest
- Not comparing lenders and missing lower interest rate options
Smart Tips
- Pay at least the interest during moratorium to reduce total cost significantly
- Compare rates from banks, NBFCs, and government schemes before borrowing
- Claim Section 80E tax deduction every year on interest paid
- Consider partial prepayments whenever you receive bonuses or windfalls
- Choose the shortest tenure where EMI fits comfortably in your starting salary budget
- Check if your target college has tie-ups with banks for preferential rates
Frequently Asked Questions
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