Education Loan EMI Calculator
Plan your monthly repayment, total interest, and payoff schedule using your expected education loan rate.
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Plan your repayment
Use the balance expected when EMI repayment begins, not only the amount first disbursed.
Include capitalised moratorium interest if your bank adds it.
Use the rate in your sanction letter.
Education loans commonly run for 1 to 15 years.
Check a published benchmark
Published rates are a reference only. Eligibility and concessions affect your final offer.
6.90% - 7.65% published rate
Rate band for listed premier institutes; exact rate depends on institution category.
What this estimate includes
A fixed rate and standard reducing-balance EMI. It excludes processing fees, future floating-rate changes, part-payments, and moratorium interest unless you add that interest to the amount above.
Annual repayment scheduleShowHide
| Year | Opening | Principal paid | Interest paid | Closing |
|---|---|---|---|---|
| 1 | ₹10,00,000 | ₹1,62,268 | ₹92,696 | ₹8,37,732 |
| 2 | ₹8,37,732 | ₹1,79,260 | ₹75,705 | ₹6,58,472 |
| 3 | ₹6,58,472 | ₹1,98,031 | ₹56,934 | ₹4,60,442 |
| 4 | ₹4,60,442 | ₹2,18,767 | ₹36,198 | ₹2,41,675 |
| 5 | ₹2,41,675 | ₹2,41,675 | ₹13,290 | ₹0 |
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How education loan EMI is calculated
Each block explains one part of how this works and how to read the result.
The EMI formula
EMI = P × r × (1+r)^n ÷ ((1+r)^n - 1), where P is the amount owed when repayment starts, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.
This estimate uses a fixed annual rate and a standard reducing-balance schedule. It does not model processing fees, rate changes, part-payments, or interest that accrues during study. If your bank capitalises moratorium interest, include it in the loan amount.
Rates in the comparison table (verified)
The comparison uses rates published by SBI, Bank of Baroda, and Canara Bank. Scheme eligibility, collateral, institution category, and concessions can change the actual rate.
Vidya Lakshmi is an application portal, not a single interest-rate product. Always use the annual rate in your sanction letter for a personal estimate.
Frequently asked questions
Does this include the moratorium interest?
Enter the amount you expect to repay when EMIs start (principal plus any capitalised moratorium interest). The calculator then computes repayment-phase EMI on that figure.
Why is Scholar Loan shown as a range?
SBI publishes Scholar Loan as 6.90% to 7.65% depending on the institution list. The EMI for that row uses the midpoint (7.275%); pick Custom rate if your sanction letter states an exact figure.
Are these rates final for my loan?
No. Published rates are indicative and may be floating (linked to EBR or RLLR). Your sanction letter and the bank rate on the disbursement date control the actual rate.
Is there a girl-student concession?
SBI Student Loan and several other SBI schemes publish a 0.50% concession for girl students. Apply that yourself via the custom rate field if it applies to your sanction.
What about HDFC Credila or Axis?
Those were not included because a single clear current rate could not be verified from a stable official rate table at build time. Use Custom rate with the figure from your offer letter.
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For developers & AI agents
The Education Loan EMI Calculator is also available as a free, unauthenticated JSON API — no API key, no sign-up, CORS enabled for all origins. Send a GET request with the parameters below and receive the computed result as JSON, including the source of the format or formula used. Invalid input returns HTTP 400 with a JSON { "error": "..." } body.
GET https://knwdle.com/api/tools/education-loan-emi-calculator| Parameter | Required | Description |
|---|---|---|
principal | Yes | Loan principal in INR |
tenureYears | Yes | Repayment tenure in years (1-15) |
schemeId | No | One of: sbi-scholar-mid, sbi-pmvl-utkarsh, sbi-pmvl-uttam, sbi-pmvl-uday, sbi-student-no-collateral, sbi-student-collateral, sbi-global-collateral, bob-eco-top10, bob-eco-aa, canara-vidya-turant |
customRate | No | Optional annual interest rate % overriding scheme |
Request:
GET https://knwdle.com/api/tools/education-loan-emi-calculator?principal=1000000&tenureYears=5&customRate=10
Response:
{
"tool": "education-loan-emi-calculator",
"input": {
"principal": "1000000",
"tenureYears": "5",
"customRate": "10",
"schemeId": "sbi-scholar-mid"
},
"result": {
"primaryLabel": "Monthly EMI",
"primaryValue": "₹21,247",
"steps": [
"Principal (P) = ₹10,00,000",
"Annual rate used for EMI = 10.000% (10.00% (custom))",
"Monthly rate r = 10.000 ÷ 12 ÷ 100 = 0.008333",
"Tenure n = 60 months",
"EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1) = ₹21,247",
"Total payment = EMI × n = ₹12,74,823",
"Total interest = ₹2,74,823",
"Custom rate entered by user, not a bank-published figure."
],
"extras": [
{
"label": "Total interest",
"value": "₹2,74,823"
},
{
"label": "Total repayment",
"value": "₹12,74,823"
},
{
"label": "Rate applied",
"value": "10.00% (custom)"
}
],
"tables": [
{
"caption": "Comparison across verified published schemes (same principal & tenure)",
"headers": [
"Bank",
"Scheme",
"Advertised rate",
"EMI",
"Total interest"
],
"rows": [
[
"SBI",
"Scholar Loan (select premier institutes)",
"6.90% - 7.65%",
"₹19,931",
"₹1,95,872"
],
[
"SBI",
"PM-Vidyalaxmi - Utkarsh",
"6.90%",
"₹19,754",
"₹1,85,243"
],
[
"SBI",
"PM-Vidyalaxmi - Uttam",
"7.20%",
"₹19,896",
"₹1,93,742"
],
[
"SBI",
"PM-Vidyalaxmi - Uday",
"8.40%",
"₹20,468",
"₹2,28,102"
],
[
"SBI",
"Student Loan (without collateral, up to ₹7.50 lakh)",
"9.90%",
"₹21,198",
"₹2,71,872"
],
[
"SBI",
"Student Loan (with collateral, above ₹7.50 lakh)",
"9.40%",
"₹20,953",
"₹2,57,182"
],
[
"SBI",
"Global Ed-Vantage (with collateral)",
"9.40%",
"₹20,953",
"₹2,57,182"
],
[
"Bank of Baroda",
"Eco-Saarthi / Premier - Top 10 IIMs & IITs",
"6.85%",
"₹19,731",
"₹1,83,830"
],
[
"Bank of Baroda",
"Eco-Saarthi / Premier - AA category",
"7.20%",
"₹19,896",
"₹1,93,742"
],
[
"Canara Bank",
"Vidya Turant (premier institutes)",
"7.10%*",
"₹19,848",
"₹1,90,905"
]
]
}
],
"listSections": []
},
"formula": "EMI = P×r×(1+r)^n/((1+r)^n−1). Scheme rates from SBI / BoB / Canara official pages (see how-it-works).",
"source": "EMI = P×r×(1+r)^n/((1+r)^n−1). Scheme rates from SBI / BoB / Canara official pages (see how-it-works)."
}
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