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Education loans do not start repaying until after the course. This shows what the interest accrued during study adds to your loan, and how much you save by paying that interest as you go.
Move a slider or type a number. Everything updates instantly, and the link above carries your values so you can share or save them.
Fifteen lakh
Course duration plus 6 to 12 months. You pay no EMI during this time.
About ₹12,500 a month while studying. It stops the interest being added to your principal.
EMI once repayment starts
₹34,862
beginning after 4 yr
Simple interest on the disbursed amount
₹2,36,700
Paying about ₹12,500 a month during the course would save this much overall. Many banks also give a small rate concession for doing it.
All the interest you pay on an education loan is deductible under Section 80E, with no upper limit, for up to eight years from when repayment starts. It is claimable by whoever actually repays, student or parent.
Simple interest accrues during the moratorium. Unless serviced, it is added to the principal before the EMI is worked out.
Nothing is hidden. The same formula runs in a shared, unit-tested library used by every calculator on this site.
These numbers are indicative. Your actual offer depends on the lender.
This calculator assumes the rate stays the same for the whole tenure. Most loans in India are floating rate, so your EMI can move when the RBI changes rates. Tell us your real situation and we will give you a figure you can plan around.
Questions
What people ask us most about this calculation.
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