Calculate education loan EMI for ₹10 lakh at 8–11% across 5–15 year tenures. SBI, HDFC Credila, Axis Bank rate comparison and the moratorium trap explained.
Rates are indicative. Interest rates mentioned may have changed since publication. Always ask your bank for the current rate before applying.
Last updated: May 2026
An education loan EMI calculator tells you what your monthly payment will be — but the number most students focus on is the wrong one. The EMI after the moratorium is usually 20–30% higher than what you'd expect, because interest quietly compounds throughout the entire study period. A ₹10 lakh loan at 8.15% can easily become ₹12–13 lakh outstanding before you make your first payment. This guide walks through the exact EMI figures, explains the moratorium trap in rupee terms, and shows you how to use the education loan EMI calculator to plan your repayment before you sign the loan agreement.
Monthly EMI after the moratorium period for a ₹10 lakh education loan at four common rates across 5, 7, 10, and 15-year repayment tenures. If interest was capitalised during your moratorium, apply the same rates to your actual outstanding principal — which will be higher.
| Rate (p.a.) | 5 Years | 7 Years | 10 Years | 15 Years |
|---|---|---|---|---|
| 8% | ₹20,276 | ₹15,567 | ₹12,133 | ₹9,557 |
| 8.15% (SBI) | ₹20,350 | ₹15,643 | ₹12,220 | ₹9,652 |
| 9% | ₹20,758 | ₹16,059 | ₹12,668 | ₹10,143 |
| 10% | ₹21,247 | ₹16,601 | ₹13,215 | ₹10,746 |
| 11% | ₹21,742 | ₹17,124 | ₹13,775 | ₹11,366 |
All figures are post-moratorium EMIs on the original ₹10 lakh principal. If interest was capitalised, your actual EMI will be proportionally higher. Calculate for your exact amount →
Government banks offer substantially lower education loan rates than private lenders. The gap can be 5% or more — on a ₹10 lakh loan over 10 years, that is a difference of ₹30,000–₹40,000 per year in interest payments.
| Bank / Lender | Starting Rate (p.a.) | Max Loan | Moratorium |
|---|---|---|---|
| SBI Scholar / Student ★ | 8.15% | ₹40 Lakh | Course + 12 months |
| PNB | 8.55% | ₹7.5 Lakh (no collateral) | Course + 12 months |
| Bank of Baroda Baroda Vidya | 9.70% | ₹80 Lakh | Course + 12 months |
| HDFC Credila | 9.50% | ₹75 Lakh+ | Course + 6 months |
| Axis Bank | 13.70% | ₹75 Lakh | Course + 12 months |
Rates are indicative as of May 2026. Always verify at the lender's website before applying. Women borrowers may receive a 0.50% concession at SBI.
The moratorium period sounds like a benefit — and it is, in cash flow terms. But it comes with a cost that most students underestimate: interest keeps accruing every month you are not paying, and if it is not cleared, it gets added to your principal. This is called capitalisation.
Suppose you take a ₹10 lakh loan at 8.15% p.a. for a 2-year MBA programme. Your moratorium is 2 years (course) + 1 year = 3 years total.
That ₹4 lakh difference comes purely from not paying roughly ₹6,800/month during the study period. If you have any income during your course — internship stipend, part-time work, parental support — directing it toward clearing the monthly interest cost is almost always the highest-return financial action you can take.
Use the education loan EMI calculator to model both scenarios: enter your original loan amount to see the base EMI, then enter the capitalised principal (your bank can tell you this figure) to see your actual post-moratorium obligation.
Plan your education loan repayment
Use these free calculators to model your EMI, check eligibility, and decide whether to pay interest during the moratorium.
At 8.15% p.a. (SBI Scholar rate) for 10 years, the EMI for a ₹10 lakh education loan is approximately ₹12,220 per month. At 9% for the same tenure it is ₹12,668, and at 10% it is ₹13,215. Note that these are post-moratorium EMIs — if interest was capitalised during your study period, your outstanding principal at the start of repayment will be higher than the original disbursement.
SBI offers the lowest education loan interest rates in 2026, starting at 8.15% p.a. for the Student Loan and Scholar Loan schemes. PNB follows at 8.55% onwards. Private lenders like HDFC Credila (9.50%+) and Axis Bank (13.70%+) charge significantly more.
Interest continues to accrue on the disbursed amount throughout the moratorium period — even though no EMI is due. If you do not pay this interest, it is added to your principal (capitalised) when the moratorium ends. For a ₹10 lakh loan at 8.15% over a 3-year moratorium (2-year course + 1 year), capitalised interest adds approximately ₹2.76 lakh to your principal, raising your outstanding balance to about ₹12.76 lakh before a single EMI is paid.
Some lenders offer education loans without collateral up to a limit. The limit and conditions differ by lender and change over time, so ask the bank what applies to your course and loan amount.