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Education Loan EMI Calculator

Loan Amount

Interest rate




Loan Duration


1 Yr

30 Yrs



Principal Amount


Total Payable

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What Is the Education Loan EMI Calculator?

An education loan can help you complete your desired degree or enrol in a leading domestic or international university of your choice without depleting your savings. It is easy to obtain and can be secured or unsecured based on the lending institution. However, you need to pay interest on your education loan which can quickly add up, so you need to be disciplined about your monthly repayments.

The first step to achieve this is to ensure that the EMIs are affordable. Before signing up for an education loan from a financial institution, you can calculate the Equated Monthly Instalment (EMI) using the education loan EMI calculator on Angel One. The calculator enables you to assess the affordability of a loan and budget accordingly.

The education loan EMI calculator will display the total interest accumulated over the tenure and the total repayment amount. You must key in the total loan amount, applicable interest rate, and loan tenure to get these values. This free online education loan EMI calculator also allows you to compare monthly repayment amounts for different loan values, so you can decide which combination is ideal.

How Does an Education Loan EMI Calculator Work?

The online education loan EMI calculator works on a preprogrammed formula and requires you to input values of the variables it requires. Using your inputs for interest rate, loan amount, and loan term, the tool calculates the monthly instalment, the total interest that it will accrue during the loan term, and the total loan cost.

What Is the Education Loan EMI Calculator Formula?

These three factors are part of the formula – loan amount, loan term and interest rate.

The education loan EMI calculator formula used by most financial institutions is given below: –

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this case,

P = Loan or principal amount

N = Tenure of the loan

R = Rate of interest

How to Use the Education Loan EMI Calculator Online?

Use the steps below to use the online education loan EMI calculator: – 

  1. Input the loan amount you require
  2. Enter the applicable interest rate
  3. Input the loan duration

The online calculator will immediately show the EMI amount, the principal amount, the total interest over the term, and the total repayment amount.

Suppose you want to borrow Rs. 8,00,000. The rate of interest is 10% and the term is 5 years. To use the education loan EMI online calculator for estimating the monthly repayment amount, total interest, and total amount payable, here is what you need to do:

  1. Enter Rs. 8,00,000 in the loan amount field
  2. Choose 10% as the rate of interest
  3. Select 5 years as the loan tenure

The online calculator will instantly display Rs. 16,998 as EMI, Rs. 2,19,858 as total interest, and Rs. 10,19,858 as the total cost of the loan.

Benefits of Using an Education Loan EMI Calculator

  • Improves accuracy: There is ample room for errors when manually using the mathematical formula for the education loan EMI calculator. Using the online calculator will give you accurate estimates.
  • Simple and free: Simple to use, this education loan EMI calculator can save you time and is available on Angel One for free.
  • Aids financial planning: Using the education loan EMI calculator, you can count on an affordable EMI amount that aligns perfectly with your monthly budget. This will minimise your financial stress.
  • Helps in informed decision-making: You can compare the EMI payable in different situations by keying in multiple combinations of interest rate, loan amount, and loan tenure in the calculator. This will help you decide on terms that suit your needs best.

Factors Influencing the Education Loan EMI Amount

The three primary factors that impact your home loan EMI amount are the interest rate, loan amount and the tenure of the loan.

  • Rate of interest

The higher the rate, the higher the EMI. Taking a loan of Rs. 8,00,000 for 5 years at a 9% interest rate means your EMI will be Rs. 16,607. A higher rate of 12% will make your EMI Rs. 17,796.

  • Amount of loan

EMI increases as your loan amount increases. For instance, borrowing Rs. 8,00,000 for 5 years at a 10% interest rate means your EMI will be Rs. 16,998. However, taking a loan of Rs. 10,00,000 will make the EMI Rs. 21,247.

  • Tenure

The longer the tenure, the smaller the EMI. If you borrow Rs. 8,00,000 at a 10% interest rate for 5 years, your EMI will be Rs. 16,998. A longer tenure of 10 years will reduce the EMI to Rs. 10,572. However, the overall interest you pay on the loan can be more.

  • Credit score and income of co-borrower

Usually, parents are co-borrowers. You can expect a low-interest rate if their income is high and credit scores are good. Offering collateral can also help to avail lower interest rates.

  • Course type and university reputation

Interest rates can be low if you choose a course of study with good career prospects or enrol in a prestigious university. Some financial institutions also offer low-interest rates if you have a history of good academic performance.

Types of Education Loans

  1. Loans for domestic education: Avail this if you wish to pursue education at an Indian institution.
  2. Overseas education loans: These loans cover tuition fees, accommodation, and airfare so that you can pursue education at an institution abroad.
  3. Loans for undergraduate courses: With these loans, you can complete your undergraduate degree spanning 3 to 4 years.
  4. Loans for postgraduate courses: These are ideal for pursuing a postgraduate degree, which usually spans 2 years.
  5. Career development loans: You can avail these loans if you have worked for a few years but wish to pursue professional courses for better employment opportunities.
  6. Loans against property, securities, and deposits: You can pledge a house, agricultural/residential land, equity shares, fixed deposit certificates, bonds, etc., to avail of these secured loans.
  7. Loans against third-party guarantee: A bank employee’s guarantee letter can help you avail of this loan type.

Education Loan EMI Calculator FAQs

What is an education loan EMI calculator?

This calculator is an accurate online tool that lets you quickly calculate the EMI amount, total interest, and total amount payable for an education loan.

How to use the education loan EMI calculator online?

After navigating to the education loan EMI calculator page on Angel One, enter the loan amount, tenure, and interest rate, to view the EMI and total amount payable.

Is the education loan EMI calculator free to use?

The online education loan EMI calculator on Angel One is absolutely free to use. You can use it multiple times to determine the right loan amount, interest rate, and tenure combination.

What is the minimum amount that you can take on an education loan?

The minimum amount can vary across financial institutions. However, it is ideal to avail only as much as you need so that your EMI is as low as possible.

Is there a penalty on the prepayment of the education loan?

While most financial institutions don’t impose any penalty fee, some may do so, depending on how early you prepay the loan. It entirely depends on the bank or financial institution you get the loan from.

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