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.

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.

What is an Education Loan EMI Calculator?

WeMakeScholars' education loan EMI calculator is a free online tool designed to help student loan borrowers calculate their repayments, i.e., their EMIs towards the loan. This particular education loan repayment 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.

How Can This Education Loan EMI Calculator Help You?

When you are planning on borrowing an education loan, getting an estimate of the amortization schedule you have to follow can help you manage your finances. This education loan EMI calculator can help you understand what to expect during the student loan repayment period. This calculator gives results based on your course duration, interest rate, grace period, as well as moratorium period. It can also help students get an estimate of the amortization schedule for both secured education loans from government banks, as well as unsecured education loans from private banks.

How to Use this Education Loan EMI Calculator?

As WeMakeScholars’ education loan calculator is a free tool with a simple interface, you can use it by simply entering the details mentioned above:

  1. Course Duration: The length of the course, semester-wise, in months.
  2. Loan amount: Fill in how much of an education loan amount is required.
  3. Rate of Interest: This refers to the interest rate of the education loan.
  4. Payment during the Moratorium Period: This field asks for information on whether any payments to be paid during the moratorium period. And if yes, is it partial interest, full interest, or direct EMI from the 1st month?
  5. Moratorium Duration: You need to enter the length of the moratorium period offered. This field ranges from 0 to 12 months.
  6. Loan Tenure: The entire repayment tenure of the student loan in years.

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 repayment calculator?

  • Education Loan Calculator with Moratorium period: Education loans are very different from home loans, personal loans, auto loans, or any other retail loans. Because in all other loans, the EMI payments usually start from the next month after taking the loan. However, as per Indian Banking Association norms, all education loans must have a grace period, which means the EMI of the education loan will only start after the course is over, and a grace period of 6-12 months is given as a job search period. Hence, for calculating the EMI for the education loan, this education loan calculator considers the moratorium period. This calculator also considers the payments during the Moratorium and focuses on the due at the end of the grace period before calculating the EMI to give accurate results.
  • Calculates both Compound and Simple interest: All banks have a different way of calculating the interest during the moratorium period. Some banks add the accrued interest to the principal every month, making it monthly compounding; others add it every year, making it annual compounding, and some banks do not compound the interest portion at all. This education loan interest calculator works by considering both simple and compound interest to assist students.
  • Offers a Semester-wise breakdown: Unlike a home loan, personal loan, or Car loan, you do not borrow the entire principal amount in one go in an education loan. Instead, the amount is taken semester-wise or year-wise. The usual EMI calculator will only allow you to enter one lump-sum principal amount. But in this particular education loan calculator, you can enter the amount semester-wise to get the most accurate result.

What makes it better than the Education Loan Interest Rate Calculators on the bank’s website?

Many students refer to bank-specific websites for the Education Loan EMI Calculator before availing an 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 different considerations and maths behind it. So, here are some bank-specific features that you will find in this EMI calculator.

State Bank of India- SBI Education Loan 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, the particular SBI Education Loan Interest Rate calculator needs to take that into 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 Calculator: Very similar to the SBI Education Loan EMI Calculator features, even for the 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 on the web miss. 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: 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 Interest Calculator considers both these points while calculating your Education Loan Amortization Schedule.

Punjab National Bank- PNB Education Loan 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 Bank, 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's 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 on the web, and even the one on the Axis Bank website, doesn’t take this into account. That’s what makes it the best Education Loan 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 Credila, Avanse, Incred, and Auxilo Education Loan interest Calculators. 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 that they are asking you to pay during the study period. This particular EMI calculator provides 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.

FAQs:

  • What is a moratorium period?

  • What is the usual grace period?

  • In how many years should we repay the loan?

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