Education Loan EMI Calculator

An education loan is a financial product offered by banks and NBFCs to fund higher education expenses — tuition fees, living costs, exam fees, and study materials — for courses in India or abroad. Most lenders offer education loans to Indian nationals who have secured admission to a recognised institution. The student is the primary borrower, with a parent or guardian as co-applicant.

Education loans usually have a moratorium period — also called the course period plus 6–12 months — during which the student is not required to repay the principal. Interest may accrue or be paid during this window. Repayment (EMI) starts after the moratorium ends. This calculator models regular EMI repayment; the actual moratorium terms vary by lender.

Yes. Under Section 80E of the Income Tax Act, the interest paid on an education loan is fully deductible from taxable income — with no upper limit — for up to 8 years from the year repayment begins. This benefit applies to loans taken for higher education for the borrower, spouse, children, or a student for whom the taxpayer is the legal guardian.

Loan limits vary by institution and course type. For studies in India, loans up to ₹10–20 lakh are common. For premier institutes (IITs, IIMs, NITs) and abroad courses, banks may sanction ₹20–75 lakh or more depending on the university and program. Loans above ₹7.5 lakh typically require collateral.