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Education Loan EMI Calculator

EMI on an education loan once repayment begins. Most education loans have a moratorium during study, and interest accruing in that window is handled by the moratorium calculator.

Also called: student loan emi, study loan calculator.

₹

Type "50 lakh", "1.2 crore" or "250k", all of them parse.

%
years
Payment frequency

Paying quarterly or yearly instead of monthly changes the interest, not just the instalment.

Fewer, larger instalments means the balance sits higher for longer, so total interest rises even though each payment covers more principal.

Prepayments and extra payments

A lump sum, a standing extra amount, or both. The schedule and the saving are recomputed against them.

₹

A standing amount on top of the instalment. This is what a "round up my EMI" plan does.

₹

Leave at 0 if you are not making a lump-sum prepayment.

Fees and ongoing charges

Processing fees raise your effective rate; insurance and maintenance raise your real monthly outgo.

₹

Deducted from what you receive but charged on the full loan, so they raise your APR without changing the instalment.

₹

Not part of the loan, but part of what leaves your account each month.

Interest-only period before repayment

Months before repayment starts, and whether the interest accruing in them is capitalised. The same arithmetic covers a study-period holiday, a deferment and a payment pause.

If you do not, it is added to the loan, which is why an education loan is often larger when repayment begins than the amount that was disbursed.

Monthly instalment
₹26,987

₹26,987 a month for 10 years. Over the full term you repay ₹32,38,440, of which ₹12,38,440 is interest. 61.92% of what you borrowed.

Total interest
₹12,38,440
Total repayment
₹32,38,440
Interest as % of principal
61.92%
Interest in period 1
₹17,500
Principal in period 1
₹9,487
How this is calculated

An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.

Where your money goes

Total₹32.4 lakh
Principal ₹20,00,000 (62%)Interest ₹12,38,440 (38%)

Outstanding balance

Hover or drag for values
₹0₹4.98 lakh₹9.95 lakh₹14.9 lakh₹19.9 lakhMonth 1Month 120
Outstanding balance
120 rows
MonthPaymentInterestPrincipalBalance
1₹26,987₹17,500₹9,487₹19,90,513
2₹26,987₹17,417₹9,570₹19,80,943
3₹26,987₹17,333₹9,654₹19,71,289
4₹26,987₹17,249₹9,738₹19,61,551
5₹26,987₹17,164₹9,823₹19,51,728
6₹26,987₹17,078₹9,909₹19,41,818
7₹26,987₹16,991₹9,996₹19,31,822
8₹26,987₹16,903₹10,084₹19,21,739
9₹26,987₹16,815₹10,172₹19,11,567
10₹26,987₹16,726₹10,261₹19,01,306
11₹26,987₹16,636₹10,351₹18,90,955
12₹26,987₹16,546₹10,441₹18,80,514
Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for India change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

An EMI does two jobs at once: it pays the interest that accrued this month, and it repays some principal. Because the principal shrinks, next month's interest is smaller, so more of the identical payment goes to principal. The formula answers one question. What fixed payment, repeated n times, drives the balance to exactly zero?

E = P * i * (1+i)^n / ((1+i)^n - 1)
E
The equal periodic instalment (currency)
P
Principal: the amount borrowed (currency)
i
Monthly interest rate = annual rate ÷ 12 ÷ 100 (decimal)
n
Total number of monthly instalments (months)

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

20L at 10.5% for 10 years

Education loan amount
₹20,00,000
Interest rate (per year)
10.5%
Tenure
10 years

Monthly instalment₹26,987

independent closed-form implementation; equals Excel PMT(10.5%/12, 120, -2000000)

Open this example

a two year moratorium capitalises into a larger loan

Education loan amount
₹20,00,000
Interest rate (per year)
10.5%
Tenure
10 years
Interest-only months before repayment starts
24

Monthly instalment₹33,263

2,000,000 x (1 + 0.105/12)^24 = 2,465,103.40 by hand, and the instalment is then PMT(10.5%/12, 120, -2465103.40) = 33,262.87. This is the figure education-loan borrowers are most often surprised by, so it is the one worth pinning.

Open this example

zero interest subsidy case

Education loan amount
₹12,00,000
Interest rate (per year)
0%
Tenure
10 years

Monthly instalment₹10,000

i=0 branch

Open this example

Method and limits

What it assumes

  • Interest compounds monthly on the reducing balance.
  • The rate stays fixed for the whole term. Floating-rate loans reset periodically.
  • Processing fees, insurance and statutory charges are excluded.

What it deliberately does not model

  • Does not model rate resets on floating-rate loans. Most lenders hold the instalment steady and extend the term instead, so a rate rise can add years without changing what leaves your account each month.
  • Does not include property insurance, maintenance or association dues, or any lender fee.
  • Assumes every instalment is paid in full and on time.
  • Assumes repayment starts immediately. If your loan has a moratorium, the balance at the start of repayment is higher than the amount disbursed.

Formula version 1.0.0 · definition 1.0.0 · India · Report a problem with this calculator