Calculate education loan EMI and total repayment. Plan your student loan finances for undergraduate, postgraduate or overseas education.
Monthly EMI
₹33,202
Total Interest
₹7.89 L
Total Payment
₹27.89 L
Tenure
84 months
Principal vs Interest
Personalised EMI for ₹20.0L over 84 months. Rates as of May 2026.
| Bank / NBFC | Interest Rate | Your EMIat starting rate | Monthly Savings | |
|---|---|---|---|---|
BoB Bank of Baroda BESTLowest starting rate | 7.10%p.a. | ₹30,283/month | + ₹4,490/mo₹3.8L total | Apply |
SBI State Bank of IndiaIndia's largest bank | 8.15%p.a. | ₹31,322/month | + ₹3,451/mo₹2.9L total | Apply |
PNB PNB Saraswatiup to 11% | 9.35%p.a. | ₹32,535/month | + ₹2,238/mo₹1.9L total | Apply |
HDF HDFC Credilaup to 12.5% | 9.75%p.a. | ₹32,945/month | + ₹1,828/mo₹1.5L total | Apply |
AVN Avanse Financialup to 14% | 11.25%p.a. | ₹34,508/month | + ₹265/mo₹22,225 total | Apply |
AUX Auxiloup to 14% | 11.45%p.a. | ₹34,720/month | + ₹53/mo₹4,453 total | Apply |
INC InCredup to 14% | 11.50%p.a. | ₹34,773/month | Lowest Rate 🏆 | Apply |
Rates shown are indicative starting rates (best-case, salaried applicants). Actual rate depends on credit score & eligibility. Affiliate links — we may earn a commission at no cost to you.
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Rates vary widely by institution tier and loan amount. Premier institutes (IIT, IIM, ISB, top foreign universities) get the lowest rates because of strong placement records. Collateral-backed loans are typically 1–2% cheaper than unsecured ones.
| Lender | Rate Range (p.a.) | Max Amount | Collateral-Free Limit |
|---|---|---|---|
| SBI Student Loan | 8.15% – 11.15% | ₹1.5 Cr (abroad) | ₹7.5L |
| SBI Scholar Loan (IIT/IIM/NIT) | 8.05% – 9.65% | ₹40L | Full amount |
| Bank of Baroda | 8.40% – 11.15% | ₹1.5 Cr | ₹7.5L |
| HDFC Credila | 10.25% – 13.50% | No cap | Case-by-case |
| ICICI Bank | 9.50% – 13.25% | ₹3 Cr | ₹1 Cr (select institutes) |
| Avanse / InCred (NBFC) | 11.50% – 14.50% | No cap | Higher limits, higher rates |
Indicative 2025-26 rates — verify with the lender. Girl students typically get a 0.50% concession at public banks. Compare via the government's Vidya Lakshmi portal to apply to multiple banks with one form.
₹20L loan at 10.5% for a 2-year course + 6-month moratorium (2.5 years), then 10-year repayment. What you do during the moratorium changes the total cost dramatically:
| Strategy During Moratorium | Balance at EMI Start | EMI (10 yrs) | Total Cost | Extra vs Full Interest |
|---|---|---|---|---|
| Pay full interest (₹17,500/mo) | ₹20,00,000 | ₹26,987 | ₹37,63,440 | — |
| Pay partial interest (₹8,750/mo) | ₹22,62,500 | ₹30,529 | ₹39,26,000 | +₹1,62,560 |
| Pay nothing (interest capitalises) | ₹25,25,000 | ₹34,071 | ₹40,88,520 | +₹3,25,080 |
Figures are approximate (simple interest during moratorium, then reducing-balance EMI). Even partial interest payments during the course — from internships or family support — save lakhs. Remember: all interest paid is deductible under Section 80E (old regime) with no upper limit.
Section 80E Tax Deduction
100% of interest paid is tax-deductible for up to 8 years — no upper limit. Saves ₹15,000–30,000/year for borrowers in 20–30% tax slab. Available only under the old regime.
Moratorium Period
No EMI required during course + 6–12 months after. Only simple interest accrues. Paying even the interest during moratorium prevents it from compounding into a larger principal.
Vidya Lakshmi Portal
Government portal (vidyalakshmi.co.in) for applying to multiple banks at once. PM Vidya Lakshmi scheme offers 3% interest subsidy for EWS/LIG students up to ₹10L.
Education loans have no collateral requirement up to ₹4L (third-party guarantee for ₹4–7.5L, property/FD for above). Unlike car or personal loans, education loans carry government-backed interest subsidies and complete interest tax deduction — making them the cheapest form of unsecured credit available to students in India.
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Education loan rates range from 8–13% for top colleges and overseas. Government schemes (Vidya Lakshmi) offer subsidised rates. IIT/IIM students may get lower rates due to high placement prospects.
Most banks offer a moratorium period (course duration + 6 months to 1 year after job) during which only simple interest accrues. EMI repayment begins after the moratorium period.
Yes. Under Section 80E, the entire interest paid on education loan is deductible for 8 years (starting from the year repayment begins). There is no upper limit on this deduction.
The moratorium period equals course duration plus 6 months (some banks give 1 year). During moratorium, you do not pay EMI but interest accrues and is added to the principal. After moratorium, EMI is calculated on this higher amount. Paying at least the interest during moratorium significantly reduces total interest outgo over the loan life.
For loans up to Rs 4 lakh: no collateral required. For Rs 4-7.5 lakh: third-party guarantee required. For above Rs 7.5 lakh: tangible collateral such as property, FD, or insurance policy required for most banks. Specialised lenders like Avanse and InCred sometimes fund without collateral at higher rates.
Yes - under Section 80E, interest paid on education loan is fully deductible with no upper limit for 8 years from the year repayment begins. The deduction covers interest only, not principal. Applicable only in the old tax regime. This can save Rs 15,000-30,000/year in tax for borrowers in the 20-30% slab.
Most banks require minimum 60% in graduation plus IELTS/TOEFL and GRE/GMAT scores for abroad loans above Rs 20L. Top-tier institution acceptance letters (IVY League, IIM, IIT) see fastest approvals. The biggest factor is the university acceptance letter plus the ROI of the course - expected salary vs total loan amount.
During the moratorium (course duration + 6-12 months), interest accrues on the disbursed principal and is capitalised — added to the loan balance. On a Rs 20L loan at 11% over a 2-year course plus 6-month moratorium (2.5 years moratorium total), accrued interest = Rs 20L × 11% × 2.5 = Rs 5.5L, making the effective loan Rs 25.5L before EMI even begins. Paying the simple interest each month during moratorium (Rs 18,333/month) saves the entire Rs 5.5L from compounding further.
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