Education Loan EMI Calculator
Estimate your monthly EMI and compare it across major PSU education-loan schemes using currently published public rates.
- Principal (P) = ₹10,00,000
- Annual rate used for EMI = 7.275% (6.90% – 7.65%)
- Monthly rate r = 7.275 ÷ 12 ÷ 100 = 0.006063
- Tenure n = 120 months
- EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1) = ₹11,753
- Total payment = EMI × n = ₹14,10,369
- Total interest = ₹4,10,369
- SBI Education Loan Scheme rates (w.e.f. 09.06.2026) (verified 2026-07-27).
| Bank | Scheme | Advertised rate | EMI | Total interest |
|---|---|---|---|---|
| SBI | Scholar Loan (select premier institutes) | 6.90% – 7.65% | ₹11,753 | ₹4,10,369 |
| SBI | PM-Vidyalaxmi — Utkarsh | 6.90% | ₹11,559 | ₹3,87,125 |
| SBI | PM-Vidyalaxmi — Uttam | 7.20% | ₹11,714 | ₹4,05,702 |
| SBI | PM-Vidyalaxmi — Uday | 8.40% | ₹12,345 | ₹4,81,418 |
| SBI | Student Loan (without collateral, up to ₹7.50 lakh) | 9.90% | ₹13,160 | ₹5,79,171 |
| SBI | Student Loan (with collateral, above ₹7.50 lakh) | 9.40% | ₹12,885 | ₹5,46,208 |
| SBI | Global Ed-Vantage (with collateral) | 9.40% | ₹12,885 | ₹5,46,208 |
| Bank of Baroda | Eco-Saarthi / Premier — Top 10 IIMs & IITs | 6.85% | ₹11,534 | ₹3,84,042 |
| Bank of Baroda | Eco-Saarthi / Premier — AA category | 7.20% | ₹11,714 | ₹4,05,702 |
| Canara Bank | Vidya Turant (premier institutes) | 7.10%* | ₹11,662 | ₹3,99,494 |
How education loan EMI is calculated
The EMI formula
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. Accrued interest during a course moratorium is often added to principal before EMIs begin — this tool models the repayment-phase EMI on the amount you enter as principal.
Rates in the comparison table (verified)
SBI Scholar Loan: 6.90%–7.65% for select premier institutes; SBI Student Loan: 9.90% without collateral (up to ₹7.50 lakh) and 9.40% with collateral; SBI PM-Vidyalaxmi tiers Utkarsh 6.90%, Uttam 7.20%, Uday 8.40%; SBI Global Ed-Vantage with collateral 9.40% — all from SBI’s education-loan rate page (w.e.f. 09.06.2026, last updated 27.07.2026): https://sbi.bank.in/web/interest-rates/interest-rates/loan-schemes-interest-rates/education-loan-scheme
Bank of Baroda Eco-Saarthi / premier: Top 10 IIMs & IITs at 6.85% (BRLLR − 1.05%) and AA category at 7.20% (BRLLR − 0.70%) — https://bankofbaroda.bank.in/loans/education-loan/bob-eco-saarthi. Canara Bank Vidya Turant advertises 7.10%* (*T&C) — https://www.canarabank.bank.in/web/guest/vidya-turant.
Vidya Lakshmi (vidyalakshmi.co.in) is an application portal, not a single interest-rate product — rates come from the lending bank (including PM-Vidyalaxmi tiers above). Private-bank schemes without a clear, current official rate on the bank’s own site were omitted rather than invented.
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 floating (linked to EBR/RLLR). Your sanction letter and bank circular 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.
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 (1–20) |
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=10&schemeId=sbi-scholar-mid
Response:
{
"tool": "education-loan-emi-calculator",
"input": {
"principal": "1000000",
"tenureYears": "10",
"schemeId": "sbi-scholar-mid"
},
"result": {
"primaryLabel": "Monthly EMI",
"primaryValue": "₹11,753",
"steps": [
"Principal (P) = ₹10,00,000",
"Annual rate used for EMI = 7.275% (6.90% – 7.65%)",
"Monthly rate r = 7.275 ÷ 12 ÷ 100 = 0.006063",
"Tenure n = 120 months",
"EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1) = ₹11,753",
"Total payment = EMI × n = ₹14,10,369",
"Total interest = ₹4,10,369",
"SBI Education Loan Scheme rates (w.e.f. 09.06.2026) (verified 2026-07-27)."
],
"extras": [
{
"label": "Total interest",
"value": "₹4,10,369"
},
{
"label": "Total repayment",
"value": "₹14,10,369"
},
{
"label": "Rate applied",
"value": "6.90% – 7.65%"
}
],
"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%",
"₹11,753",
"₹4,10,369"
],
[
"SBI",
"PM-Vidyalaxmi — Utkarsh",
"6.90%",
"₹11,559",
"₹3,87,125"
],
[
"SBI",
"PM-Vidyalaxmi — Uttam",
"7.20%",
"₹11,714",
"₹4,05,702"
],
[
"SBI",
"PM-Vidyalaxmi — Uday",
"8.40%",
"₹12,345",
"₹4,81,418"
],
[
"SBI",
"Student Loan (without collateral, up to ₹7.50 lakh)",
"9.90%",
"₹13,160",
"₹5,79,171"
],
[
"SBI",
"Student Loan (with collateral, above ₹7.50 lakh)",
"9.40%",
"₹12,885",
"₹5,46,208"
],
[
"SBI",
"Global Ed-Vantage (with collateral)",
"9.40%",
"₹12,885",
"₹5,46,208"
],
[
"Bank of Baroda",
"Eco-Saarthi / Premier — Top 10 IIMs & IITs",
"6.85%",
"₹11,534",
"₹3,84,042"
],
[
"Bank of Baroda",
"Eco-Saarthi / Premier — AA category",
"7.20%",
"₹11,714",
"₹4,05,702"
],
[
"Canara Bank",
"Vidya Turant (premier institutes)",
"7.10%*",
"₹11,662",
"₹3,99,494"
]
]
}
],
"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)."
}