Education Loan EMI Calculator — Plan Your Study Abroad Budget
Calculate education loan EMI for studying in India or abroad. Compare rates from SBI HDFC Credila and other education loan providers for 2026.
Higher education costs have risen significantly with IIM MBA programs costing Rs 25-30 lakh and studying abroad running Rs 40 lakh to Rs 1.5 crore including tuition and living expenses. Education loans help bridge this gap with moratorium periods that let you start repaying only after completing your course. Understanding your future EMI commitment before taking the loan ensures you can manage repayments once you start working.
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EMI Calculator
Key Information
| Parameter | Details |
|---|---|
| SBI Education Loan Rate | 8.15% onwards |
| HDFC Credila Rate | 9% - 11.50% |
| Moratorium Period | Course + 6-12 months |
| Section 80E Deduction | Interest amount (no limit) for 8 years |
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Use Calculator NowFrequently Asked Questions
What is the EMI for a 20 lakh education loan?
For a Rs 20 lakh education loan at 9% interest for 10 years the monthly EMI after the moratorium period would be approximately Rs 25330. The total interest paid would be about Rs 10.40 lakh over the repayment tenure. Opting for a 7 year repayment tenure increases EMI to Rs 33172 but reduces total interest to Rs 7.22 lakh.
Is there tax benefit on education loan?
Yes Section 80E of the Income Tax Act allows you to claim deduction on the entire interest paid on education loan with no upper limit. This deduction is available for 8 consecutive years starting from the year you begin repaying or until the interest is fully repaid whichever is earlier. Only the interest component is deductible not the principal.
Can I get education loan without collateral?
Yes most banks offer collateral-free education loans up to Rs 7.5 lakh. For loans above this amount collateral such as property or fixed deposits is usually required. Some banks like SBI offer collateral-free loans up to Rs 20 lakh for premier institutions like IITs IIMs and NLUs under special schemes.
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Last updated: 24 March 2026