Education Loan EMI Calculator (2026) – Student Loan, All Banks
🏫 Education Loan Rates Starting from 8.15% p.a. (2026)
Education Loan EMI Calculator
Loan Amount ₹5,00,000
Interest Rate (% p.a.) 8.5%
Loan Tenure (Years) 10 Years
Your Monthly EMI
Calculating…
Principal Amount–
Total Interest Payable–
Total Amount Payable–
Enter details and click Calculate.
Principal vs Interest Breakdown
Principal
Interest
Year-wise EMI Breakdown – Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | P vs I Split |
|---|
How to Use Education Loan EMI Calculator
The Education Loan EMI Calculator helps students and parents calculate exact monthly EMI for any education or student loan — from SBI, HDFC, Axis Bank, Canara Bank or any other lender. Note: Education loans have a moratorium period (course duration + 6-12 months) during which no EMI is paid.
EMI Calculation Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
P = Loan Amount | R = Monthly Rate (Annual ÷ 12 ÷ 100) | N = Tenure in Months
P = Loan Amount | R = Monthly Rate (Annual ÷ 12 ÷ 100) | N = Tenure in Months
Interest Rates – All Banks Comparison 2026
| Bank / Lender | Interest Rate (p.a.) | Max Loan Amount | Max Tenure | EMI Calculator |
|---|---|---|---|---|
| SBI Student Loan | 8.15% – 10.25% | Up to ₹20 Lakhs (India) | 15 Years | SBI EMI |
| Canara Bank | 8.50% – 9.50% | Up to ₹40 Lakhs (Abroad) | 15 Years | Canara EMI |
| Bank of Baroda | 8.50% – 9.70% | Up to ₹80 Lakhs (Abroad) | 15 Years | BOB EMI |
| Union Bank | 8.50% – 9.80% | Up to ₹40 Lakhs | 15 Years | Union EMI |
| HDFC Credila | 10.50% – 13.00% | Up to ₹1.5 Crore | 12 Years | HDFC EMI |
| Axis Bank | 13.70% – 15.00% | Up to ₹75 Lakhs | 15 Years | Axis EMI |
| ICICI Bank | 10.50% – 13.00% | Up to ₹1 Crore (Abroad) | 12 Years | ICICI EMI |
| Federal Bank | 11.00% – 13.00% | Up to ₹20 Lakhs | 15 Years | Federal EMI |
*Rates are indicative for April 2026. Contact your bank for exact applicable rates.
EMI Examples – Quick Reference 2026
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest |
|---|---|---|---|---|
| ₹2,00,000 | 8.5% | 5 years | ₹4,115 | ₹46,900 |
| ₹5,00,000 | 8.5% | 7 years | ₹7,867 | ₹1,59,828 |
| ₹10,00,000 | 8.5% | 10 years | ₹12,399 | ₹4,87,880 |
| ₹20,00,000 | 9% | 12 years | ₹22,399 | ₹12,25,456 |
| ₹50,00,000 | 10.5% | 15 years | ₹55,271 | ₹49,48,780 |
Eligibility Criteria & Key Tips
- Government bank education loans have lower interest rates (8-10%) vs private banks (10-15%)
- Apply under PM Vidyalakshmi scheme for subsidized interest during moratorium period
- Section 80E allows full interest deduction — no upper limit, for 8 years after repayment starts
Frequently Asked Questions
What is moratorium period in education loan?
Moratorium period = course duration + 6 to 12 months after course completion. During moratorium, no EMI is required. However, simple interest keeps accruing. After moratorium, your full EMI (principal + interest) begins. Some banks offer interest payment during moratorium for lower EMI later.
Is education loan interest deductible under Income Tax?
Yes! Section 80E allows full deduction of education loan interest — no upper limit. Available for 8 consecutive years from start of EMI repayment. Available to student or parent/guardian who took the loan. This is one of the most beneficial tax deductions available.
Which bank gives education loan at lowest rate in 2026?
SBI Scholar Loan and Canara Bank offer education loans at 8.15% to 8.50% — among the lowest rates in 2026. Government banks generally offer lower rates than private banks. Rates for premier institutes (IITs, IIMs) are often lower.
Can I get education loan without collateral?
Yes. For loans up to ₹7.5 lakhs, no collateral is required under IBA model loan scheme. Above ₹7.5 lakhs, collateral (property, FD, etc.) is required. Government guarantee scheme covers some loans without collateral for premier institute students.