Student Loan Repayment (EMI) Calculator
Work out the monthly repayment on an education loan, the total interest, and what a moratorium adds to the balance before repayment starts.
Enter the loan, the rate your bank quoted and how long you have to repay. The calculator gives the monthly instalment, the total interest and what you repay altogether. Nothing you type leaves your browser.
What the moratorium field does#
Most education loans do not ask for repayment while you are studying. That period - the course plus a grace period of six months to a year, depending on the bank - is the moratorium. Interest still accrues during it.
This calculator treats that interest as simple interest and adds it to the balance when repayment starts, which is how education loans here are usually handled. Some banks let you pay the interest each month while you study instead, which keeps the balance where it started; if you plan to do that, leave the moratorium at zero and pay that interest separately.
What it does not know#
- Your actual rate. Banks quote a spread over a benchmark rate, and it moves. Use the rate on your sanction letter, and check whether it is fixed or floating.
- Processing fees, insurance and margin money, which are charged separately.
- Interest subsidies. Some government schemes cover the interest during the moratorium for eligible borrowers. If yours does, set the moratorium to zero.
- Prepayment. Paying more than the instalment, or paying a lump sum, cuts the interest well below what this shows.
Treat the result as an estimate for planning, and confirm the number with your lender before you sign.