Planning to study in India or abroad but worried about the cost? Don’t worry, an education loan can help you chase your dreams without financial stress. But before you apply, it’s important to know how much you’ll be repaying every month after your course ends. This is where the education loan EMI calculator comes in handy.
In this blog, we will explain what an EMI is, how the calculator works, and how to check if you are eligible for a student loan.
What Is an EMI in Education Loan?
EMI stands for Equated Monthly Instalment. It’s the amount you pay every month to repay your education loan. The EMI includes both the principal amount (the money you borrowed) and the interest.
The repayment usually starts after your course is completed and a moratorium period (usually 6 months to 1 year) is over. So, knowing your EMI in advance helps you plan your future finances better.
What Is an Education Loan EMI Calculator?
An education loan EMI calculator is an online tool that helps you estimate your monthly EMI amount before you take the loan. You just need to enter:
- Loan amount (how much you want to borrow)
- Interest rate (offered by the bank or NBFC)
- Loan tenure (the number of years you’ll take to repay)
Once you enter these details, the calculator will show your monthly EMI instantly. This way, you get a clear picture of your future financial commitment.
You can easily use tools like the student loan EMI calculator of BigMudra or even the study loan EMI calculator on most bank websites or financial platforms.
Why Should You Use an Education Loan EMI Calculator?
Here are some few reasons why using a loan calculator is a smart move:
- Better Planning: You get to know how much you need to pay every month, which helps you plan your budget after studies.
- Easy Comparison: You can try different interest rates and loan tenures to see which combination suits your pocket best.
- Time-Saving: It gives instant results, so you don’t have to do complex math or wait for the bank to tell you.
- Transparent Decisions: You won’t be surprised later by high EMIs. The calculator shows everything in advance.
Fees and Charges on Education Loan Bank Wise
| Bank Name | Processing Fee | Prepayment Charges | Late Payment Charges | Loan Cancellation Charges | Other Charges |
| SBI (State Bank of India) | Up to ₹10,000 + GST | Nil | 2% p.m. on overdue amount | Nil if cancelled before disbursement | Legal/valuation charges as applicable |
| HDFC Bank | Up to 1% of loan amount | Nil | 2% p.m. on overdue EMI | Up to ₹3,000 | Stamp duty, legal, and other charges |
| ICICI Bank | ₹1,000 to ₹5,000 + GST | Nil | 24% p.a. on overdue amount | ₹3,000 + taxes | EMI bounce charges, statement charges |
| Axis Bank | Up to 1% of loan amount | Nil | 24% p.a. on overdue amount | ₹500 + applicable taxes | Document charges may apply |
| Bank of Baroda | Nil up to ₹7.5 lakhs; ₹7,500 above | Nil | 2% p.m. on overdue amount | Nil | Legal and insurance charges |
| Punjab National Bank (PNB) | Nil to ₹10,000 based on loan amount | Nil | 2% p.m. on overdue EMI | Nil | Valuation/legal as applicable |
| Canara Bank | ₹1,000 to ₹5,000 approx. | Nil | As per bank policy | Nil | Other charges as applicable |
| IDBI Bank | 1% of loan amount | Nil | 2% p.m. on overdue EMI | ₹1,000 approx. | Legal/documentation charges |
| Union Bank of India | Nil to ₹5,000 | Nil | 2% p.m. | Nil | Applicable legal charges |
| Kotak Mahindra Bank | Up to 2% of loan amount | Nil | 3% p.m. | ₹3,000 approx. | Insurance/legal/documentation charges |
Disclaimer: These charges are approximate and can change based on bank policies. Always check with the bank for the latest fee structure before applying.
Read More: How to Compare Loan Offers Online and Choose the Right One
How to Use a Student Loan EMI Calculator
Using an education loan EMI calculator is very simple. Follow these steps:
- Visit a bank website or a trusted financial platform.
- Look for the student loan EMI calculator or study loan EMI calculator.
- Enter the loan amount, interest rate, and repayment period.
- Click “Calculate”.
- The EMI amount will be shown instantly.
You can try different amounts and tenures to find the right balance.
Let’s Take an Example
Let’s say you plan to take an education loan of ₹10 lakhs at an interest rate of 10% for 7 years. Using the education loan EMI calculator, your monthly EMI would be around ₹14,508.
This amount can change based on the bank’s interest rate and loan term. That’s why it’s important to use the calculator before applying.
Education Loan EMI Calculator SBI
If you are planning to take an education loan from the State Bank of India (SBI), they offer a special education loan EMI calculator SBI on their website. SBI is one of the most preferred banks for education loans in India due to:
- Competitive interest rates
- No processing fee for certain loans
- Longer repayment periods
Their EMI calculator is easy to use and accurate. It’s always a good idea to check SBI’s calculator before finalising your loan plan.
What Is an Education Loan Eligibility Calculator?
Before you apply, you should check if you are eligible for the loan. That’s where the education loan eligibility calculator comes in.
It checks your:
- Age
- Academic background
- Admission status
- Co-applicant’s income and credit score
You just need to enter these details, and the calculator will tell you whether you are eligible for the loan and what amount you might get.
This helps you avoid rejection and increases your chances of getting the right loan.
Factors That Affect Your Education Loan EMI
Your EMI amount depends on a few key factors:
- Loan Amount: Higher the loan, higher the EMI.
- Interest Rate: If the interest rate is low, your EMI will be lower. Compare rates from different banks using the student loan EMI calculator.
- Loan Tenure: Longer tenure means smaller EMIs, but you will pay more interest overall.
- Repayment Plan: Some banks allow partial payments during the course. Others have a full moratorium. This can change your EMI calculations.
Tips to Reduce Your EMI Burden
- Choose a longer repayment term – This reduces your monthly EMI.
- Pay interest during the study period – It reduces the total loan burden.
- Use the EMI calculator regularly – Try different scenarios before finalising the loan.
- Maintain a good credit score – A co-applicant with good credit can help you get a better deal.
- Compare lenders – Don’t just stick to one bank. Use the study loan EMI calculator across platforms.
Conclusion
Taking an education loan is a big step towards building your future. But knowing your monthly repayment amount in advance can save you from future surprises. That’s why using an education loan EMI calculator is not just helpful—it’s essential.
Whether you use an education loan EMI calculator SBI or a generic student loan EMI calculator, it gives you clarity and control over your financial journey. Also, check your eligibility using an education loan eligibility calculator before applying, so you know where you stand.
Planning well today will help you study stress-free and repay with confidence tomorrow.
