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Education Loan Calculator
Calculate your education loan EMI and understand repayment details
₹
% p.a.
Years
Years
Monthly EMI
₹15,836
After moratorium period of 0 years
Total Interest
₹3,30,265
Including moratorium interest
Total Amount
₹13,30,265
Payment Breakup
Principal: 75.2% Interest: 24.8%
Understanding Education Loans
An education loan helps finance higher education expenses including tuition fees, accommodation, books, and other study-related costs. These loans come with special features like moratorium period and flexible repayment options.
Key Features:
- Moratorium period during course duration plus 6-12 months
- Simple interest charged during moratorium period
- Collateral may be required for loans above ₹4 lakhs
- Tax benefits under Section 80E
- Longer repayment tenure (up to 15 years)
Documents Required:
- Admission letter from institution
- Academic records and marksheets
- Income proof of parents/guardian
- Collateral documents (if applicable)
- KYC documents
Example Calculation:
For a loan of ₹10,00,000:
- Interest Rate: 8.5% p.a.
- Course Duration (Moratorium): 2 years
- Repayment Tenure: 7 years
- Monthly EMI: ₹17,567
- Total Interest: ₹4,75,628
Tax Benefits:
The entire interest portion of your education loan EMI is eligible for tax deduction under Section 80E of the Income Tax Act. There is no upper limit on the deduction amount, and it can be claimed for a maximum period of 8 years.