Education Loan EMI calculator | Calculate EMI payments on your education loan

Education loan calculator

Use North Loop’s education loan calculator to understand your monthly loan payments (EMIs)

Loan Amount (₹)

Rate of Interest (P.A)

Loan Tenure (Years)

Monthly EMI

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Principal Amount

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Total Interest

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Different banks have different criteria but the main parameters for education loan eligibility are:

Applicant should be an Indian national

Applicant should have confirmed admission (in a university/school/college) at the time of loan application.

Applicant should be 16 to 35 years of age

Should have a co-borrower/guarantor for the loan

Should provide a collateral in the form of an FD. 5 lakhs or more

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Banks will usually request the following documents:

Admission confirmation letter

Schedule of expenses for course undertaken

Scoresheet of tests qualified

Copies of foreighnexchange permit or student visa

Bank account statement for 6 months

Statement of assets and liabilities

Address proof, residence proof, age proof, 2 photographs

Documents pertaining to collateral (4 lakhs or more)

Use the above education loan EMI calculator by entering your education loan amount, the interest rate and tenure to see your monthly payments.

Education loan is available for all courses recognised by the UGC in India and all regular overseas courses

Tuition fee

Hostel Fee

Exam/Lab fee

Refundable caution fee

Cost of book/uniform/other essential/travel expenses

Many lenders limit the education loan to 10-15 lakhs for studies in India and 20-30 lakhs in case of overseas education. However, some lenders may even offer higher amounts.

The average tenure is between 5-7 years which may be extended to 15 years, in case of higher loan amounts.

You can get some tax benefits from an education loan. Education loans have tax benefits under section 80E of the Income Tax act. The benefit can be availed over and above of Rs 1.5 lakhs deduction allowed under section 80C. These benefits can be availed after you start paying the interest. Moreover, the deduction is available until you pay the full amount or a maximum period of 8 years.