Calculate your Education Loan EMI with moratorium period support. Unlike regular loans, education loans have a unique structure — no EMI during course + grace period, with interest accruing during moratorium. Our calculator handles this complexity and shows your true cost.
Features: lender comparison (SBI, Bank of Baroda, HDFC Credila, Axis, ICICI), Section 80E tax benefit calculation (no upper limit on interest deduction for 8 years), month-by-month amortization, and a visual loan timeline showing course, moratorium, and repayment phases.
How to Use This Calculator
- Enter loan amount and select course type (India/Abroad).
- Select a lender to auto-fill rate, or enter custom interest rate.
- Enter course duration and moratorium period.
- Enter repayment tenure and click “Calculate”.
Frequently Asked Questions
What is the moratorium period in education loan?
Moratorium period is the time during which you don’t need to pay EMI — typically course duration + 6 to 12 months after course completion. However, simple interest accrues during this period and gets added to the principal, increasing your total repayment. Some banks offer the option to pay just the interest during moratorium.
Is education loan interest tax deductible?
Yes, under Section 80E, the ENTIRE interest paid on education loan (no upper limit) is tax deductible for up to 8 years from the start of repayment. This is available under the Old Tax Regime only. The deduction is available to the person who takes the loan (student or parent).
Which bank offers the best education loan in India?
SBI offers the lowest rates (8.25% onwards) with maximum loan up to ₹1.5 crore with collateral. Bank of Baroda is competitive at 8.30%. For abroad studies without collateral, HDFC Credila and Prodigy Finance are popular options. Compare rates using our lender comparison table.