| Month | Payment Date | EMI | Principal | Interest | Balance |
|---|
Pursuing higher education in India or abroad requires careful financial planning. Our education loan EMI calculator helps you estimate monthly payments, total interest, and compare loan options from top lenders.
For studies in India (₹10 lakh to ₹20 lakh limit) with interest rates starting at 8.5% p.a. and moratorium period of 6-12 months after course completion.
Higher limits (up to ₹1.5 crore) for international universities with longer repayment tenures (up to 15 years) and optional forex services.
For loans up to ₹7.5 lakh where no security is needed, but interest rates are typically 1-2% higher than secured loans.
| Bank | Interest Rate (p.a.) | Max Loan Amount | Moratorium Period |
|---|---|---|---|
| SBI Scholar Loan | 8.55% - 10.15% | ₹1.5 crore | 12 months |
| HDFC Credila | 9.25% - 13.00% | ₹50 lakh (no collateral) | 6 months |
| Axis Bank | 10.50% - 14.00% | ₹75 lakh (no collateral) | 12 months |
| Bank of Baroda | 8.60% - 11.35% | ₹80 lakh | 12 months |
Check rates from nationalized banks, private banks, and NBFCs. Government banks offer lowest rates but stricter eligibility.
Keep admission letter, fee structure, academic records, co-applicant income proof, and collateral documents ready.
Simple interest during moratorium converts to compound interest during repayment. Calculate total cost carefully.
Q: What is the maximum education loan amount I can get?
A: For domestic studies: ₹10-20 lakh without collateral, up to ₹1.5 crore with collateral. For abroad: ₹20-40 lakh without collateral, up to ₹1.5 crore with collateral.
Q: Do education loans cover living expenses abroad?
A: Yes, most lenders include living costs (typically 20-30% of tuition fees) in the loan amount for international studies.
Q: Can I get an education loan without a co-signer?
A: Most banks require a parent or guardian as co-applicant. Some NBFCs offer loans without co-signers but at higher interest rates.
Q: How long does it take to get an education loan approved?
A: 7-15 days for domestic loans, 2-4 weeks for abroad studies (longer if collateral evaluation is needed).
Under Section 80E of Income Tax Act, the entire interest paid on education loans is deductible for 8 consecutive years starting from the year you begin repayment. This applies to loans for higher education (in India or abroad) for yourself, spouse, or children.