Education Loan Calculator – EMI, Interest & Repayment Schedule

The PlanMyReturns Education Loan Calculator helps you understand how much you will repay on your education loan, including the impact of interest rate, loan tenure, and moratorium period.

Instead of showing just EMI, this calculator answers what borrowers actually want to know:

• How much will my monthly EMI be?
• How much interest will I pay over the full loan period?
• How does moratorium increase my loan burden?
• What will my year-wise repayment look like?
• Is my loan affordable in the long run?

What Is an Education Loan?

An education loan is a loan taken to fund higher studies such as graduation, post-graduation, professional courses, or overseas education. These loans typically cover:

• Tuition fees
• Hostel and accommodation
• Books and study materials
• Travel expenses (for studies abroad)

Education loans usually come with a moratorium period, during which repayments are not required, but interest continues to accrue.

Why an Education Loan Calculator Is Important

Most borrowers underestimate the real cost of an education loan because:

• Interest accumulates during the moratorium
• Long tenures significantly increase total interest
• EMI affordability is judged without seeing full repayment impact

This calculator shows the complete picture, not just the EMI.

What This Education Loan Calculator Shows

Using this calculator, you can see:

• Monthly EMI after repayment starts
• Interest accumulated during moratorium
• Total interest payable over the loan tenure
• Total amount payable to the lender
• Year-wise repayment schedule
• Principal vs interest breakup
• Visual chart of loan cost

This helps you plan repayments realistically.

Loan Amount Input

Enter the total education loan amount you plan to borrow.
This may include tuition, living expenses, or travel costs depending on your course.

Repayment Tenure Options (Years or Months)

Education loans can be repaid over long durations.

This calculator lets you choose:

• Tenure in years for standard planning
• Tenure in months for precise calculations

You can also use quick tenure pills (5, 7, 10, 15 years) to compare scenarios instantly.

Interest Rate Input

Enter the annual interest rate offered by your lender.

• The calculator converts it to monthly rate internally
• EMI and interest are calculated using standard amortization logic

Even small changes in interest rate can significantly impact total repayment.

Moratorium Period Explained (Advanced Option)

A moratorium period is the time during which you are not required to pay EMIs, usually during the course duration.

What Happens During Moratorium?

• Interest continues to accrue
• Accumulated interest is added to the principal
• EMI after moratorium becomes higher

How This Calculator Handles Moratorium

• Calculates interest accrued during moratorium
• Adds it to loan principal
• Recalculates EMI based on the increased amount

This reflects how most banks structure education loans.

EMI Calculation Formula (Simplified)

The calculator uses the standard EMI formula:

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

Where:

• P = Loan amount (after moratorium capitalization)
• r = Monthly interest rate
• n = Number of monthly instalments

This ensures accurate EMI and interest calculations.

Example

Suppose you take an education loan of ₹10,00,000 at 10.5% interest for 10 years, with no moratorium.

• Monthly EMI: ~₹13,500
• Total interest payable: ~₹6.2 lakh
• Total repayment: ~₹16.2 lakh

If a 24-month moratorium is added:

• Interest during moratorium increases the principal
• EMI and total interest rise further

The calculator shows both outcomes clearly.

Quick Education Loan Scenarios (Built-In)

You can instantly evaluate common cases like:

• MBA in India
• MS abroad
• Engineering
• Medical studies

These presets help compare affordability without manual input.

Repayment Schedule (Year-Wise)

The calculator provides a year-wise repayment schedule, showing:

• Principal repaid each year
• Interest paid each year
• Outstanding balance

This helps you understand how long interest dominates your EMI.

Key Takeaways Section

After calculation, the tool highlights:

• EMI affordability
• Total interest burden
• Impact of moratorium
• Approximate tax benefit under Section 80E (interest only)

This supports informed borrowing decisions.

Share, Download & Compare

You can:

• Share your loan plan via link
• Download repayment schedule as CSV
• Share EMI breakdown as an image

Useful for discussions with parents, banks, or financial advisors.

Education Loan vs Other Planning Tools

Education loans should be planned alongside:

• Education planning calculators
• Loan eligibility calculators
• Loan prepayment calculators
• Inflation calculators

These help estimate real future costs.

Who Should Use This Calculator

• Students planning higher education
• Parents evaluating loan affordability
• Borrowers comparing tenure options
• Anyone assessing moratorium impact

Why PlanMyReturns Education Loan Calculator Is Different

• Includes moratorium interest capitalization
• Supports year and month tenure
• Shows full repayment schedule
• Clear principal vs interest split
• Shareable and downloadable results
• No login required

frequently asked questions