What is a Education Loan EMI Calculator?
A Education Loan EMI Calculator is a free online tool that helps you calculate education loan emi, total interest and repayment schedule including moratorium period during study. FinCalc Pro offers India's most accurate Education Loan EMI Calculator with instant results, detailed charts, and step-by-step breakdowns — completely free with no login required.
Education Loan EMI Calculator Formula
Education loans have a moratorium period (course duration + 6-12 months) during which no EMI is paid. Interest during moratorium may be simple or compounded depending on the bank. EMI then starts for the remaining tenure.
How to Use Education Loan EMI Calculator
- Enter the total education loan amount sanctioned
- Enter the annual interest rate (public banks offer 8-11%, private 12-15%)
- Enter the course duration (moratorium period)
- Enter repayment tenure in years after the moratorium
- Click Calculate to see EMI, total repayment, and subsidy if applicable
Education Loan EMI Calculator — Example
Loan: ₹15,00,000 | Rate: 9% | Course: 2 years | Repayment: 10 years → EMI after course: ₹18,995 | Total Interest: ₹12,79,400
Benefits of Using Education Loan EMI Calculator
- Plan education financing with clear repayment visibility
- Understand moratorium interest accumulation impact
- Check eligibility for interest subsidy under government schemes
- Compare public bank vs private bank education loan costs
Frequently Asked Questions — Education Loan EMI Calculator
What is the moratorium period in education loans?
The moratorium period is the repayment holiday during which the student is studying. Typically it is course duration + 6-12 months after course completion. Some banks charge simple interest during this period, others capitalize it and add to the principal.
Is education loan interest tax deductible?
Yes. Under Section 80E, interest paid on education loans is fully deductible from taxable income (no upper limit). This deduction is available for 8 consecutive years from the year you start repaying. Principal repayment does not qualify for deduction.
What is the government interest subsidy on education loans?
Under the Central Sector Interest Subsidy Scheme, students from families with income below ₹4.5 lakh/year get full interest subsidy during the moratorium period on loans up to ₹7.5 lakh. Contact your bank or check vidyalakshmi.co.in for details.