Education Loan Calculator

Our Education Loan Calculator is a comprehensive tool designed to help students and parents in India calculate monthly EMI (Equated Monthly Installment), total interest, and repayment schedules for education loans from major Indian banks including State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), Canara Bank, Bank of Baroda (BOB), and ICICI Bank.

Key Features:

• Calculate EMI for education loans from major Indian banks
• Support for moratorium periods (grace periods) with interest capitalization options
• Detailed amortization schedule showing principal and interest breakdown for each month
• Export payment schedule to Excel (CSV format) for your records
• Bank-specific interest rates for accurate calculations
• Custom interest rate option for other banks or loan products

How to Use:

1. Select your bank from the dropdown menu (SBI, HDFC, PNB, Canara Bank, BOB, or ICICI)
2. Enter your loan amount in Indian Rupees (₹)
3. Enter the interest rate (automatically filled for selected banks) and loan tenure in years
4. Enable moratorium period if applicable and specify whether to pay interest during moratorium
5. View your monthly EMI, total interest, and complete payment schedule
6. Export the payment schedule to Excel for future reference

Understanding Moratorium Period:

A moratorium period, also known as a grace period, is a time during which you don't need to make principal payments on your education loan. This period typically starts when you complete your course and can last from 6 to 24 months, depending on your bank and loan terms. During the moratorium period, you have two options:

• Pay Interest: If you choose to pay interest during the moratorium period, the interest will not be capitalized (added to the principal), which helps reduce your total interest cost.
• Don't Pay Interest: If you don't pay interest during the moratorium period, the interest will be capitalized, meaning it will be added to your principal amount, increasing your total loan amount and subsequent EMI.

Bank-Specific Information:

• SBI (State Bank of India): One of the most popular choices for education loans in India, SBI offers competitive interest rates starting from 8.5% per annum. SBI education loans are known for their flexible repayment options and support for both domestic and international education.
• HDFC Bank: HDFC Bank offers education loans through HDFC Credila with interest rates starting from 9.0% per annum. They provide loans for both domestic and international studies with flexible repayment terms.
• PNB (Punjab National Bank): PNB offers education loans with interest rates starting from 8.75% per annum. They provide comprehensive education loan solutions for students pursuing higher education in India and abroad.
• Canara Bank: Canara Bank offers education loans with competitive interest rates starting from 8.65% per annum. They provide loans for various courses and have flexible repayment options.
• BOB (Bank of Baroda): Bank of Baroda offers education loans with attractive interest rates starting from 8.8% per annum. They provide loans for both domestic and international education with flexible moratorium periods.
• ICICI Bank: ICICI Bank offers education loans with competitive interest rates starting from 9.1% per annum. They provide comprehensive education loan solutions with flexible repayment options and support for various courses.

EMI Calculation:

The EMI (Equated Monthly Installment) is calculated using the standard formula that takes into account the loan amount, interest rate, and loan tenure. If a moratorium period is included and interest is not paid during that period, the interest is capitalized (added to the principal), and the EMI is calculated based on the increased principal amount.

Note: Interest rates mentioned are approximate and may vary based on individual credit profiles, loan amount, course type, institution, and other factors. Always check with your bank for the most current rates and terms before applying for an education loan.