Calculate Your Education Loan EMIs
Plan monthly repayments towards an Education Loan smartly with our Education Loan EMI Calculator. Simply enter the loan amount, interest rate, and loan tenure in the calculator to estimate the Education Loan EMI amount instantly. This tool offers the financial clarity you need to pursue academic goals confidently and manage your finances effectively from day one.
Key Factors Affecting Your Education Loan EMI
An Education Loan EMI amount is shaped by four key factors. Understanding these can help you plan monthly repayments better:
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Principal Loan Amount: This is the total amount you borrow for your education. A higher principal directly results in a higher EMI amount.
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Interest Rate: Even small variations in the interest rate can have a notable effect on your total repayment cost. A lower rate decreases your monthly EMI and the overall cost.
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Loan Tenure: A longer repayment period eases your monthly EMI but adds to the total interest, while a shorter tenure increases monthly Education Loan EMI amount but reduces the overall interest.
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Moratorium Period: The repayment holiday during your course. Your final EMI depends on how the interest accrued in this period is handled, either by paying it or adding it to your principal loan amount.
How to Calculate Education Loan EMI
The formula for calculating your EMI amount is as follows:
EMI = [P x R x (1+R)ⁿ] / [(1+R)ⁿ-1]
Where:
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P = Final principal amount. For an Education Loan, this is the initial loan amount plus any interest that is capitalised (added) during the moratorium period
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R = Monthly interest rate (annual rate ÷ 12)
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n = Loan tenure in months
For example, let's say you take a loan with the following details, where interest is not paid during the moratorium:
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Initial Loan Amount: ₹20 Lakh
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Annual Interest Rate: 11.25%
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Moratorium Period: 12 months
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Repayment Tenure: 10 years (120 months)
Calculation:
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Interest during moratorium (12 months): ₹20,00,000 × 11.25% × 1 = ₹2,25,000
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Final Principal (P) for EMI: ₹20,00,000 + ₹2,25,000 = ₹22,25,000
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Monthly Interest Rate (R): 11.25% ÷ 12 = 0.9375% = 0.009375
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Tenure (n): 120 months
When these values are placed in the formula:
EMI = [22,25,000 × 0.009375 × (1 + 0.009375)¹²⁰] / [(1 + 0.009375)¹²⁰ − 1]
The EMI is calculated to be approximately ₹31,304 per month.
Steps to Use the Education Loan EMI Calculator
Calculating your Education Loan EMI is quick and simple. Just follow these steps:
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Enter the loan amount you need.
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Input the applicable interest rate.
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Select your preferred repayment tenure.
The EMI calculator will instantly show your estimated monthly instalment, helping you plan your finances with clarity.
Benefits of Using an Education Loan EMI Calculator
Here’s why you should use this tool before applying for a loan:
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Better Budgeting: Get a clear idea of your EMI in advance to plan your monthly outgo and future finances confidently.
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Informed Decisions: Compare different loan amounts and tenures to find a repayment plan that suits you best.
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Complete Transparency: Understand the total cost of your loan, including all interest payable, with no hidden surprises.
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Instant Accuracy: Save time by getting quick, error-free calculations without any manual effort.
Why Choose Poonawalla Fincorp’s Education Loan EMI Calculator?
Our Education Loan EMI calculator provides clear and actionable insights.
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Accurate Estimates: Get realistic calculations based on actual loan parameters.
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Simple and Instant: The easy-to-use interface provides results in seconds, with no registration required.
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Full Transparency: Understand the total cost of your loan, including interest.
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Flexible Planning: Use the calculator as many times as needed to compare different scenarios and find the best repayment plan for you.
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education loan13 Nov 2025| 3 min -
Frequently Asked Questions
A moratorium period is a repayment holiday where you are not required to pay EMIs. This usually covers your entire course duration and may extend up to one year after its completion, allowing you to focus on your studies without financial stress.
Yes, you can claim significant tax benefits under Section 80E of the Income Tax Act, 1961. The entire interest portion of your Education Loan EMI is eligible for deduction from your taxable income for up to eight consecutive years.
Yes, a co-applicant such as a parent or guardian with a stable source of income is usually required even though actual terms and conditions may vary from lender to lender. The co-applicant provides financial security and is jointly responsible for the loan repayment.
Expenses covered by the Education Loan usually include tuition fees, living and travel expenses, costs for study materials, insurance, and other course-related expenses for studies in India or abroad.
Your EMI is calculated on the principal amount that is outstanding after the moratorium ends. If interest is not paid during this period, it is generally capitalised (added to the principal), and the EMI is calculated on this higher amount.
You can lower your EMI by choosing a longer repayment tenure or by paying the simple interest during the moratorium period. Paying the interest prevents the principal from increasing, which results in a smaller EMI.
Yes. lenders do not charge any prepayment penalties on floating-rate loans. This allows you to pay off your loan early and save on total interest costs without any extra charges.
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