Education Loan EMI Calculator
Calculate monthly EMI for your education loan. Plan your finances before taking an education loan for higher studies in India or abroad.
EMI Calculator
Monthly EMI:
Rs. 0
Total Interest:
Rs. 0
Total Payment:
Rs. 0
Loan Affordability Check
Check how much loan you can afford based on your expected salary
Education Loan Interest Rates (2025-26)
| Bank/Lender | Interest Rate | Max Amount |
|---|---|---|
| SBI Scholar Loan | 8.15% – 10.15% | Up to Rs. 1.5 Cr |
| HDFC Credila | 9.00% – 13.25% | Up to Rs. 75 Lakhs |
| Axis Bank | 9.70% – 15.20% | Up to Rs. 75 Lakhs |
| ICICI Bank | 9.85% – 11.25% | Up to Rs. 1 Cr |
| Bank of Baroda | 7.70% – 9.70% | Up to Rs. 80 Lakhs |
| Punjab National Bank | 7.65% – 9.90% | Up to Rs. 20 Lakhs |
| Canara Bank | 8.15% – 9.15% | Up to Rs. 40 Lakhs |
Education Loan Tax Benefits
- Section 80E: Entire interest paid on education loan is tax deductible
- No limit: Unlike other sections, there is no maximum limit
- Duration: Available for 8 years from the year you start paying
- Eligible courses: Any graduate or post-graduate course in India or abroad
Tips for Education Loans
- Compare rates: Check at least 3-4 banks before deciding
- Check processing fees: Usually 0.5% to 2% of loan amount
- Collateral: Loans above Rs. 7.5 lakhs usually need collateral
- Moratorium period: Course duration + 6-12 months grace period
- Subsidy schemes: Check Vidyalakshmi portal for interest subsidy
- Co-borrower: Parents usually need to be co-borrowers
Average Cost of Higher Education
| Course/University | Estimated Cost |
|---|---|
| IIT B.Tech (4 years) | Rs. 8-10 Lakhs |
| NIT B.Tech (4 years) | Rs. 5-7 Lakhs |
| Private Engineering (4 years) | Rs. 8-20 Lakhs |
| MBBS Government (5.5 years) | Rs. 3-5 Lakhs |
| MBBS Private (5.5 years) | Rs. 50 Lakhs – 1.5 Cr |
| IIM MBA (2 years) | Rs. 20-25 Lakhs |
| MS in USA (2 years) | Rs. 40-80 Lakhs |
| MS in Germany (2 years) | Rs. 10-20 Lakhs |
