Calculate Instalments With An Education Loan EMI Calculator
Poonawalla Fincorp’s Education Loan Instalment Calculator helps you estimate your equated monthly instalment (EMI) in just a few seconds. Using the calculator is simple; just enter the loan amount, interest rate, and your preferred tenure. This online tool provides a clear breakdown of how your loan will be repaid.
With an unsecured Education Loan of up to ₹2 Crore at competitive interest rates, you can easily plan your funding for higher education at a university of your choice. Try our Education Loan instalment calculator today and make your loan planning stress-free! Apply Now
Steps to Use the Education Loan EMI Calculator
Calculating your Education Loan EMI is quick and simple. Just follow these steps:
- Enter the loan amount you need for your studies.
- Input the applicable interest rate.
- Select your preferred repayment tenure in months.
- The Education Loan EMI calculator displays your approximate monthly EMI, along with a clear split of the principal amount and total interest payable.
This monthly EMI calculator helps you plan your finances better by giving a clear understanding of your repayments before you apply.
How to Calculate Education Loan EMI Amount
The formula for calculating your EMI amount is as follows:
EMI = [P x R x (1+R)ⁿ] / [(1+R)ⁿ-1]
where P is the final principal amount (initial loan plus any interest capitalised during the moratorium period). R is the monthly rate of interest (annual rate ÷ 12), and n is the loan tenure in months.
Estimated Education Loan EMI by Loan Amount
To help you benchmark your monthly outflow before applying, the table below outlines the estimated monthly instalments across different loan amounts and tenures using our Student Loan Calculator. The amount is calculated at an indicative starting interest rate of 10.25% p.a., assuming no moratorium capitalisation:
|
Education Loan Amount |
EMI for 5 Years |
EMI for 10 Years |
EMI for 15 Years |
| ₹10,00,000 | ₹21,370 | ₹13,354 | ₹10,899 |
| ₹20,00,000 | ₹42,741 | ₹26,708 | ₹21,799 |
| ₹50,00,000 | ₹1,06,851 | ₹66,770 | ₹54,498 |
| ₹1,00,00,000 | ₹2,13,703 | ₹1,33,539 | ₹1,08,995 |
| ₹2,00,00,000 | ₹4,27,405 | ₹2,67,078 | ₹2,17,990 |
Disclaimer: The figures above are indicative estimates for informational purposes. Actual EMIs may vary based on the sanctioned interest rate, disbursement schedule, and moratorium terms.
Key Factors Affecting Education Loan EMI Amount
Your EMIs toward an Education Loan repayment depend on four important factors. Knowing these will allow you to plan your monthly repayments with ease with the help of the EMI calculator:
Principal Loan Amount
This is the overall amount you borrow to finance your education. An increase in principal increases EMI. Our Education Loan EMI calculator enables you to compare different loan amounts to find a comfortable repayment base.
Interest Rate
Even slight changes in the interest rate will impact your overall cost of repayment. A lower rate reduces your monthly EMI and its interest outgo.
Loan Tenure
A longer repayment period lowers your monthly EMI, but increases the overall interest paid over your loan tenure. Conversely, a shorter tenure increases the monthly Education Loan EMI but reduces the total interest payable.
Moratorium Period
This is the repayment holiday granted during your course. Your final EMI is based on how the interest accrued during this period is handled. It can be paid separately as simple interest or capitalised (added) to the principal loan amount before your EMI repayment begins.
Understanding the Impact of the Moratorium Period on Your EMI
During the moratorium period, simple interest accrues on the disbursed loan amount. Let us look at an example of a ₹20,00,000 Education Loan at an interest rate of 10.25% p.a., with a 2-year course duration and a 10-year repayment tenure:
- Scenario A (Interest Paid During Moratorium): If you service the simple interest during the 24-month moratorium (₹17,083 per month), your principal remains ₹20,00,000 when regular EMIs start. Your monthly EMI for 120 months will be ₹26,708.
- Scenario B (Interest Capitalised After Moratorium): If you do not pay interest during the 24-month moratorium, the accrued simple interest of ₹4,10,000 (₹20,00,000 × 10.25% × 2 years) is added to your principal. Your revised principal (P) becomes ₹24,10,000, and your monthly EMI for the 120-month repayment tenure becomes ₹32,183.
Amortisation Schedule for an Education Loan
An amortisation schedule provides a transparent year-by-year breakdown of how your EMIs are split between principal repayment and interest charges. During the initial years of your Education Loan, a larger portion of your EMI goes towards servicing interest. As the tenure progresses, a higher proportion goes towards reducing the principal balance.
Below is an illustrative yearly amortisation schedule generated via our Educational Loan Calculator for a loan amount of ₹20,00,000 at 10.25% p.a. over a tenure of 5 years, with a monthly EMI of ₹42,741:
|
Year |
Opening Principal Balance (₹) |
Annual EMI Paid (₹) |
Principal Repaid (₹) |
Interest Paid (₹) |
Closing Principal Balance (₹) |
| Year 1 | 20,00,000 | 5,12,892 | 3,23,230 | 1,89,662 | 16,76,770 |
| Year 2 | 16,76,770 | 5,12,892 | 3,57,969 | 1,54,923 | 13,18,801 |
| Year 3 | 13,18,801 | 5,12,892 | 3,96,442 | 1,16,450 | 9,22,359 |
| Year 4 | 9,22,359 | 5,12,892 | 4,39,049 | 73,843 | 4,83,310 |
| Year 5 | 4,83,310 | 5,12,892 | 4,83,310 | 29,582 | 0 |
Benefits of Using the Education Loan EMI Calculator
Here is why students and parents should use our Education Loan instalment calculator before applying:
- Instant & Registration-Free: Get precise, error-free EMI estimates within seconds using our simple interface, with no registration required.
- Complete Cost Transparency: Visualise the exact split between your principal amount and total interest payable across your entire repayment timeline.
- Flexible Scenario Planning: Compare multiple loan amounts, interest rates, and tenures at no cost to find a repayment schedule that fits your monthly budget.
You can also use Poonawalla Fincorp’s Principal Moratorium EMI calculator to estimate how the moratorium period may impact your loan amount and monthly EMI.
Why Choose Poonawalla Fincorp’s Education Loan EMI Calculator?
Our Education Loan EMI calculator provides clear and actionable insights tailored for students and parents. Here are the key reasons to choose our calculator:
- Accurate Estimates: Get reliable estimates based on actual Education Loan terms.
- Simple and Instant: The user-friendly interface displays results within seconds, with no registration required.
- Clear Cost Breakdown: Visualise the exact ratio of principal to interest payable across your entire repayment timeline.
- Flexible Planning: Use the Education Loan EMI calculator multiple times to compare different tenure and interest rate combinations at no cost.
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Frequently Asked Questions
The Education Loan EMI Calculator helps you estimate your monthly EMI based on the loan amount, interest rate, and loan tenure. Once you enter these three values into the tool, it immediately shows you the approximate EMI amount, giving you an accurate idea of how much you will need to allocate every month before applying for the loan.
Poonawalla Fincorp offers Education Loan interest rates starting at 10.25%* p.a. The final rate offered depends on your academic profile, chosen university, and co-applicant's credit profile.
Yes. Poonawalla Fincorp provides a moratorium period that typically includes the course duration plus up to 1 year after course completion before EMI repayment begins. Interest may accrue during this period as per the loan terms.
Yes, there are no prepayment or foreclosure charges on floating-rates of education loans. However, if you have opted for a fixed-rate Education Loan, a foreclosure charge of 2% (plus applicable GST) is levied on the prepaid principal amount.
A co-applicant for an Education Loan can be a parent, legal guardian, spouse, sibling, parent-in-law, uncle or aunt (parent’s sibling), or a first cousin who has a stable income and the financial capacity to support the loan repayment. Poonawalla Fincorp allows you to include up to 5 eligible family members as co-applicants to help strengthen your loan eligibility.
The EMI calculator generally estimates the monthly instalment based on the loan amount, interest rate, and tenure. To factor in the repayment holiday, you can use the moratorium EMI calculator, which estimates the interest accrued during the moratorium period and adds it to the principal amount before calculating the final EMI.
Yes, the calculator can also provide an estimate for other loan types, such as personal loans. This is because it uses the standard EMI calculation formula based on loan amount, interest rate, and tenure.
Yes, the calculator helps you estimate your monthly EMI and total interest outgo in advance, allowing you to plan your finances, choose an optimal repayment tenure, and manage your repayment strategy more effectively.
No, the Education Loan EMI Calculator can be used instantly and as many times as needed without registration by simply entering the loan amount, interest rate, and tenure.
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