Education Loan EMI Calculator

Smartest and the most accurate on the web

Calculate and compare the actual repayment considering your moratorium period, partial disbursements, and more!

Education Loan EMI Calculator

  • How long is your course (in months)

  • Total Loan Amount
    Assuming you need 0 every semester (customise this)

  • Rate of interest for the loan (in %)

  • Will you be paying anything during the moratorium period (course duration plus the grace period)?

  • PSI
    Maximum Possible PSI: 0

  • Grace Period: How many months after your course you will start paying EMI?

  • After the grace period, in how many years you will repay the education loan?

Results

EMI monthly

Total Payment
(Principal + Interest)

Total Interest Payable


Speak to the WeMakeScholars team

WeMakeScholars is an organisation funded and supported by the Govt of India for free and genuine advice on education loans.

Further important details you must consider for the “No” payment option during Moratorium

You have chosen the option of “No payments” during the Moratorium period. This option is only offered by the Public sector banks like SBI, Bank of Baroda, Punjab National Bank, etc. Govt. Banks charge you simple interest for the moratorium period, hence that is considered for the calculations. With this provision of simple interest and the least rate of interest. Govt. banks are the best option for the education loan.

WeMakeScholars is funded and supported by the Govt. of India and it can offer you the following advantages when applying for an education loan with Govt. Banks:

  • Convenient Process: Get the documents checklist and all the product information without visiting the branch.
  • Lesser processing time: And public banks are known for their delayed processing. The key reason why Govt. of India has funded WeMakeScholars is to handle public banks applications and reduce their average processing time from 2 months to 15 days.
  • Knowledgeable due to huge volumes: The number of loans WeMakeScholars sanction in a month, a particular branch of the bank would not have done that even in last 10 years because they deal with applications across the country. So they have the solution to almost any problem in an education loan that comes up in a case because of the vast experience related to resolving issues and speaking with various people at various hierarchies in the bank.
  • Best customer service/support: You can avail complete customer support from the WeMakeScholars team for any of the doubts you have, anytime.
  • Cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.
  • Multicity cases can be tackled easily: Which means if your permanent resident of a city A and if the property belongs to city B, such study abroad education loan cases are not done/takes a lot of time if applied directly to the bank. Via WeMakeScholars, it can be done faster/on time.

Further important details you must consider for the Full or partial Interest payment option during Moratorium

You have chosen the option of full or partial interest payment during the Moratorium period. These are most common options offered by ICICI bank, Axis Bank and other private sector banks and also by NBFCs like Credila, Avanse, Incred, Auxilo and other NBFCs. Please note that unlike Govt. Banks, these lenders do not give the option of “No” payment during the moratorium. Hence, you have to opt for either Full monthly interest or partial interest option. The leftover interest portion is compounded monthly as per the terms of these banks and NBFCs. So, for the “Full Interest” and “Partial interest” option, we have used compound interest in the calculations.

WeMakeScholars is funded and supported by the Govt. of India and it can offer you the following advantages when applying for an education loan with Private Banks and NBFCs:

  • 0.5% to 2% concession in Interest rate: If you apply for your study abroad education loan via WeMakeScholars, your interest rate will be atleast 0.5% lesser than going directly to NBFCs/ private banks.
  • Negotiations on policies: Applying directly to the NBFCs or Private Banks, will leave you with only one option that is you directly asking for some concession. But with WeMakeScholars, you will have additional support of a Govt. of India funded organization, to get more fair policies of your loan, example, the tenure, the amount of payment during study period, the loan amount, the interest rate, all of these are negotiated.
  • Best customer service with end-to-end coordination: If you go directly to the Private banks/NBFCs, you get education loan rejections without any proper explanation. While, the WMS team will negotiate with the lender to find other ways of getting your education loan sanctioned, which otherwise is not possible when you interact with them directly. This is because, the WMS team is associated directly with the Head office of these lenders.
  • Cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.

Further important details you must consider for the full EMI payment option during Moratorium

You have chosen the option to make full EMI payments right from month 1 which means even during the Moratorium period (Course period plus 6 months), you will be paying EMI. For the calculation purpose, we have assumed that you will be taking the entire loan amount at the start of the course and hence semester-wise breakdown is not taken into consideration for this option. Generally, students don’t prefer this option as it burdens them or their parents heavily during the course period. If you are willingly choosing this option, it’s your choice but incase you are forcefully choosing this option because that’s the only option you are getting in the market, I would advise you to speak to WeMakeScholars Financial Officer to get better options.

WeMakeScholars is funded and supported by the Govt. of India and it can offer you the following advantages when applying for an education loan:

  • 0.5% to 2% concession in Interest rate: If you apply for your study abroad education loan via WeMakeScholars, your interest rate will be at least 0.5% lesser than going directly to the bank.
  • Negotiations on policies: Applying directly to the bank, will leave you with only one option that is you directly asking for some concession. But with WeMakeScholars, you will have additional support from a Govt. of India funded organization, to get more fair policies of your loan, example, the tenure, the amount of payment during study period, the loan amount, the interest rate, all of these are negotiated.
  • Best customer service with end-to-end coordination: If you go directly to the bank, you get education loan rejections without any proper explanation. While, the WMS team will negotiate with the lender to find other ways of getting your education loan sanctioned, which otherwise is not possible when you interact with them directly. This is because, the WMS team is associated directly with the Head office of the lenders.
  • Cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.
Apply for an education loan via WeMakeScholars

Due amount and Repayment schedule

Please find the due amount at the end of each semester, this shall help you to understand the due at each stage and plan the repayment accordingly.

Year Due Amount with interest
End of moratorium period
Repayment schedule after Moratorium
# EMI Interest portion Principal portion Loan Outstanding

What makes it the most accurate Education loan EMI calculator?

Education Loan EMI Calculator

Education loan repayment is one of the greatest concerns that bothers higher education aspirants when they think about funding their higher studies with the help of an education loan. When aspirants think of borrowing an education loan to fund their studies, the very first factor that is taken into account is the amortization schedule of the lender whom they plan on approaching. So how do you go about it? This online education loan EMI calculator has been developed by the financial team of WeMakeScholars to help such applicants plan their education loan repayment schedule in a systematic manner.

This particular education loan EMI calculator has a very simple interface, thus making it easy for both loan applicants (students), as well as their co-applicants (parents/other family members) to calculate their monthly education loan repayment amount. Apart from that, it also enables students to customize their calculations by helping them to factor in their grace period, education loan moratorium period, partial education loan interest payment, full education loan interest payment, flexible disbursals of the education loan, etc.

Also, if you are still only thinking about borrowing an education loan and wish to get an estimate of the amortization schedule you may have to follow, this education loan EMI calculator will also help you get an idea of what can be expected during your education loan repayment period on the basis of your course duration, grace period, as well as the moratorium period. Students can get an estimate of the amortization schedule of both, secured education loans from government banks, as well as unsecured education loans from private banks.

What makes it better than the Education loan EMI calculators on the bank’s website?

Many students refer to bank specific websites for the Education Loan EMI Calculator before availing the education loan. But to be honest, we have checked all such links but didn’t find it to have any useful features. It was more or less a copy of their home loan EMI calculator which has totally different maths behind it. So, here are some bank specific features, you will find in this EMI calculator.

State Bank of India- SBI Education Loan EMI Calculator: If you are planning to take an education loan from SBI, you need to know that SBI doesn’t require you to pay the interest or any EMI during the moratorium period. Hence, it is very important for the particular SBI Education Loan EMI calculator to take that in consideration which we have done. Also, SBI charges you only simple interest during the moratorium period, hence if you use any other online available EMI calculator, you will get a wrong result because the usual EMI calculators just consider compound interest.

Bank of Baroda - BOB Education Loan EMI Calculator: Very similar to the SBI Education Loan EMI Calculator features, even for BOB Education Loan EMI Calculator, we have to consider the zero payments option during moratorium as well as the simple interest which the other EMI calculators over the web misses. By using this particular calculator for your BOB Education loan, you will be able to precisely calculate the final repayment amount and the breakdown of that.

Canara Bank Education Loan EMI Calculator: Canara Bank is a nationalized bank, hence as per the Indian Banking Association norms, they have to provide a moratorium period. But to balance the bank’s interest, they will always give you an option to pay full interest during the moratorium period which the Canara Bank employees will push you for or the option of no payments. Hence, better than the bank’s website, this particular Canara Bank Education Loan EMI Calculator will allow you to customize your results by choosing the apt option under the section “Will you be paying any interest during the moratorium period?”

Punjab National Bank- PNB Education Loan EMI Calculator: Punjab National Bank also offers a moratorium period with a flexibility of zero payments during this period. Also, like other nationalized banks, you are charged only simple interest for the grace period. This particular PNB Education Loan EMI Calculator, takes both these points in consideration while calculating your Education Loan Amortization Schedule.

ICICI Bank Education Loan EMI Calculator: ICICI being a private bank, does require you to make full or partial simple interest payments during the moratorium period that is course duration plus 6 months. How much you have to pay during the moratorium period is negotiable. Hence, this particular ICICI Bank Education Loan EMI Calculator gives you the option to enter the payments you will be making while studying, to derive the final EMI figure and education loan amortization schedule. This particular feature is not being offered even on the ICICI Bank website Education Loan EMI Calculator.

Axis Bank Education Loan EMI Calculator: Axis bank requires you to make the full interest payment during the study period. Hence, when we calculate the EMI for an Axis Bank Education Loan, we need to subtract that amount from the total repayable. Any general EMI calculator over the web and even the one on the Axis Bank website, doesn’t take this into account. That’s what makes it the best Axis Bank Education Loan EMI Calculator, for your study abroad education loan.

In addition to this, many students have asked us for the following bank-specific EMI calculators such as HDFC Credila Education Loan EMI Calculator, Avanse Education Loan EMI Calculator, Incred Education Loan EMI Calculator, Auxilo Education Loan EMI Calculator. Please note that all these are NBFCs and their most crucial point in the EMI calculation is to accurately enter the full or partial interest amount which they are asking you to pay during the study period. This particular EMI calculator provides you that feature. You may choose the option of Full EMI payment or full or partial interest in the above input section, to derive the accurate figures for the EMI and the amortization schedule.

Common FAQs Related To Education Loan Repayment

What is a moratorium period?

A moratorium basically refers to a break. In terms of an education loan, a moratorium period essentially refers to a period of time wherein students are not required to begin their education loan repayment. This is an exclusive feature of collateral education loans and is applicable to students who have borrowed government bank education loans. This moratorium period lasts for the entire course duration post which banks grant students with an additional grace period of six months before the ir repayment period begins. The interest for this moratorium period is calculated as simple interest in case of Govt banks but as compound interest for other lenders.


What is the usual grace period?

Not all lenders allow the borrower to avail a grace period on their education loan moratorium period. The grace period offered by lenders post the education loan moratorium period differs with respect to the terms and conditions of different lenders. Certain government banks grant a six month grace period post moratorium while others grant upto 12 months of grace period. With the help of this online education loan EMI calculator, you should be able to get your customized amortization schedule by entering the grace period granted by your respective education loan lender.


In how many years should we repay the loan?

The total education loan tenure decided by various lenders differs on the type of loan granted by them. NBFCs and private banks offer a total of 10 years as loan tenure for unsecured education loans. On the other hand, government banks grant an education loan tenure of 15 years.


Can I repay the loan before my scheduled repayment period? If yes, are there any prepayment penalties?

Government banks allow the prepayment of education loans without any penalties. However, NBFCs do not do so. NBFCs charge candidates with a fine for education loan prepayment if you prepay within 6 months.