About the Education Loan EMI Calculator
Education loans usually have a moratorium: you may not need to pay EMIs during the course. Interest still builds up, and it is added to your loan when repayment starts.
Enter the loan amount, interest rate, course length and repayment period to see your EMI.
Formula used
Interest during the course = Loan × rate × course years ÷ 100. EMI is then calculated on (loan + that interest) over the repayment period.
Frequently asked questions
Should I pay interest during the course?
If you can, yes. It stops the interest from being added to the loan and lowers your EMI.
Is there a tax benefit?
Interest on an education loan can be deductible under the old regime. Check the current rules.
When does repayment start?
Usually after the course ends plus a grace period, such as 6 to 12 months. Check your lender.