Education Loan EMI Calculator
Education loans usually come with a moratorium period, you don't pay EMIs while studying and for a short grace period after. This calculator models the EMI you'll face once repayment actually starts.
- Interest often accrues during the moratorium even though you're not paying EMIs, paying it off as simple interest during this period, if you can, avoids it compounding into the principal.
- Section 80E allows you to deduct the entire interest portion (no upper limit) for up to 8 years, this is one of the most generous deductions available.
- Compare public sector bank rates against private lenders and NBFCs, the spread on education loans can be wide.
- If studying abroad, watch for currency risk on loans disbursed or repaid in a different currency than your future income.
Most education loans have a moratorium covering the course duration plus a grace period (commonly 6 to 12 months) after completion or securing a job, whichever is earlier. This calculator shows the EMI once that period ends.
Section 80E lets you deduct the full interest paid on an education loan from your taxable income, with no upper cap, for up to 8 consecutive years starting from when repayment begins.
Yes, most education loans require a parent or guardian as co applicant, and their credit profile and income can influence both the approved amount and the interest rate.
Prepayment Simulator
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