Student Loan EMI Calculator
Plan your education loan repayments with our free calculator tailored for Indian students.
Frequently Asked Questions
How is student loan EMI calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is the loan amount, R is the monthly interest rate, and N is the number of payments.
What is a good interest rate for a student loan in India?
In India, education loan rates typically range from 8% to 12%. Rates below 9% are considered competitive, depending on the bank and collateral.
Can extra payments reduce my loan tenure?
Yes, extra payments reduce the principal, lowering total interest and potentially shortening the tenure. Use our calculator to see the impact.
What repayment frequencies are available?
You can choose monthly, quarterly, half-yearly, or yearly repayments. Monthly is most common for student loans in India.
Are education loans tax-deductible in India?
Yes, under Section 80E, interest paid on education loans is tax-deductible for up to 8 years, with no upper limit on the deduction amount.