Education Loan EMI & Interest Calculator

You can now calculate your monthly EMI, interest rate, and eligibility in just a few clicks with our education loan calculator.

Bank Name

Loan Amount

Interest Rate

Processing Time

Processing Fee

Upto 1.5Cr

10.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1.25%

Upto 1.5Cr

10.5% - 13%

Secured: Upto 3 weeks Unsecured: Upto 1 week

0.75% - 1.25%

Upto 85L

11% - 12.75%

Upto 1 week

0.75% - 1.25%

Upto 1Cr

11.25% - 12.75%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1.25%

Upto 75L

11% - 12.75%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.85% - 1%

Upto 1Cr

10.75% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 3Cr

9.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 1Cr

9.5% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 75L

11.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 1.5Cr

9.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 1.5Cr

8.25% - 11%

Secured: Up to 3 weeks Unsecured: Up to 2 weeks

Secured: Rs. 20,000 Unsecured: Rs. 10,000

Upto $220k

8.47% - 13.5%

Automated process

500 USD + 4%

Upto $100k

9.5% & 9.99%

Up to 1 week

1% + 2%

Upto $100k

10.5% - 12.75%

Up to 1 week

200 USD + 2%

Upto $100k

9.99% - 14.99%

Automated process

6.50%

Education Loan Repayment Duration Comparison

Your repayment tenure impacts your monthly EMI and total repayment. Use our education loan calculator to find the best plan. Here’s an example for a ₹10 lakh loan at 10% interest.

Short Tenure (5 Years)

• Monthly EMI: ₹21,247
• Total Interest Paid: ₹2,74,823
• Total Repayment Amount: ₹12,74,823

Medium Tenure (10 Years)

• Monthly EMI: ₹13,215
• Total Interest Paid: ₹5,85,809
• Total Repayment Amount: ₹15,85,809

Long Tenure (15 Years)

• Monthly EMI: ₹10,746
• Total Interest Paid: ₹9,34,289
• Total Repayment Amount: ₹19,34,289

Use Our Education Loan EMI Calculator

Easily estimate your monthly EMI based on loan amount, tenure, and interest rate.
Use our education loan EMI calculator online to plan your repayments with clarity.

Enter Loan Amount (in INR)* Loan tenure in years

0 yrs 20 yrs

10 yrs

Interest Rate (%)

6% 15%

8.5 %

Here are your results!

EMI Amount: ₹0

Total cost of education loan: ₹0

Total interest paid: ₹0

Loan Amortization Schedule (Yearly/Monthly)

Find Out if You Qualify for an Education Loan

Get an instant assessment of your education loan eligibility based on your income, co-applicant details, loan amount, and country.

Enter co-applicant’s monthly income

Add existing EMIs (if any)

Select your university rank

Choose your study destination

See how much loan amount you qualify for

How Education Loan Interest is Calculated

Education loan interest is calculated based on how and when repayments begin. This knowledge helps you estimate your total repayment and choose the best loan terms.

Loan Disbursement & Interest Start

Interest starts accumulating as soon as the loan is disbursed, even during the study period.

Moratorium Period & Interest Accrual

During this period, you don’t pay any EMI, but interest keeps adding up.

EMI Calculation & Repayment

Once repayment begins, EMIs are calculated based on loan amount, interest rate, and tenure.

Total Interest Paid Over Time

A longer tenure lowers EMIs but increases the total interest paid.

GradRight connects you with multiple lenders to help you choose the best option for your future.

Frequently Asked Questions

How is education loan interest calculated?

The bank calculates interest on your education loan based on three things: how much you borrow, the interest rate, and how long you take to repay. If your loan has a moratorium period, interest keeps accumulating even though you’re not making payments. Some lenders charge simple interest during this period, while others apply compound interest, which can make the total repayment amount much higher.

What factors affect my education loan eligibility?

Lenders look at multiple things before approving an education loan. They check your loan amount, co-applicants’ income, credit history, and even the university you’re applying to. Some banks prefer students enrolling in high-ranked universities, as they have better job prospects. If you have a co-applicant with a stable income or can offer collateral you’re more likely to get approved with a better interest rate.

How does the repayment tenure impact my EMI?

Your loan tenure plays a big role in how much you’ll pay every month and how much you’ll end up paying in total. A longer tenure brings down your monthly EMI, making repayment easier, but it also increases the total interest you’ll pay over time. On the flip side, a shorter tenure makes your EMI higher but helps you clear the loan faster and pay less in total interest. Finding a balance that works for you is key.

Can I get an education loan without collateral?

Yes, many lenders offer unsecured education loans, meaning you don’t need to pledge property or assets. However, these loans usually come with higher interest rates because banks take on more risk. If you can provide collateral (like property, fixed deposits, or LIC policies), you’re more likely to get a lower interest rate and better loan terms.

Can I claim tax benefits on my education loan?

Absolutely. Under Section 80E of the Income Tax Act, you can deduct the interest paid on your education loan from your taxable income for up to 8 years after you start repaying. This tax benefit applies to both domestic and international education loans, making it a great way to reduce your tax burden.