Education Loan EMI Calculator
Calculate your monthly EMI for any education loan amount, interest rate, and tenure. Compare what you'd pay across SBI, HDFC Credila, Avanse, Prodigy and other lenders side-by-side.
💰 Education Loan EMI Calculator
Calculate your monthly EMI in seconds
💡 Tip: Most Indian lenders cap tenure at 10-12 years; SBI allows 15. Longer tenure = lower EMI but more total interest.
Your monthly EMI
₹43,466
for 84 months
Principal
₹25.0 L
Total interest
₹11.5 L
Total amount payable
₹36.5 L
EMI at different interest rates
Same loan (₹25.0 L) and tenure (7 years) at common rates:
| Interest Rate | Monthly EMI | Total Paid | Lender Examples |
|---|---|---|---|
| 8.5% | ₹39,591 | ₹33.3 L | SBI (with collateral) |
| 10.0% | ₹41,503 | ₹34.9 L | HDFC Credila, ICICI |
| 11.5% | ₹43,466 | ₹36.5 L | Avanse, Auxilo |
| 13.0% | ₹45,480 | ₹38.2 L | Prodigy, InCred |
| 14.5% | ₹47,543 | ₹39.9 L | MPOWER, riskier profiles |
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Compare 8 top lenders side-by-side — interest rates, max amounts, processing time.
Frequently Asked Questions
How is education loan EMI calculated?+
EMI is calculated using the formula: EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of monthly payments (tenure in years × 12). Our calculator does this automatically — just enter your loan amount, rate, and years.
What is a good interest rate for an education loan in India in 2027?+
Anything between 8.5%-12% is competitive. SBI offers the lowest at 8.5-11% (requires collateral). HDFC Credila and ICICI charge 10.5-12.5% for premium universities. NBFCs like Avanse and Auxilo are 11-14%. Global fintechs (Prodigy, MPOWER) charge 12-16% but need no collateral or co-signer. Always negotiate — your specific rate depends on your co-applicant's credit score and the university.
Is there a moratorium on education loan EMIs?+
Yes. Most Indian lenders give 'course duration + 6 months' moratorium before EMIs start. SBI gives up to 1 year. During the moratorium, interest accrues but you don't pay EMIs. Some students pay simple interest during studies to reduce the total loan burden — discuss this with your lender. Prodigy and MPOWER charge interest during the entire course (which can add 15-20% to total cost).
Can I prepay my education loan to reduce EMIs?+
Yes — RBI mandates that floating-rate education loans cannot have prepayment penalties. You can make part-prepayments anytime, which either reduces your EMI or shortens the tenure (your choice). Most graduates aggressively prepay in the first 3-5 years of working to cut the long interest tail. Fixed-rate loans may have 2-4% prepayment charges — check your sanction letter.
Does the EMI calculator factor in processing fees?+
No — this calculator shows the EMI on the principal loan amount only. Most lenders charge a one-time processing fee of 0.5-2% upfront (deducted from disbursement) which doesn't affect your EMI but does reduce the cash you receive. For example, on a ₹25 L loan with 1% processing fee, you actually get ₹24.75 L disbursed.
How does Section 80E tax benefit affect my EMI cost?+
Section 80E lets you deduct the ENTIRE interest paid (no upper limit) from your taxable income for up to 8 years. If you're in the 30% tax bracket, that effectively reduces your interest by 30% — making a 12% loan feel like 8.4%. Save your annual interest certificate from the lender. This benefit doesn't reduce your EMI, but it does reduce your total cost when you file taxes.