Calculate education loan EMI for ₹10 lakh at 8–11% across 5–15 year tenures. SBI, HDFC Credila, Axis Bank rate comparison, moratorium trap explained, and Section 80E guide.
Rates are indicative. Interest rates mentioned may have changed since publication. Always verify current rates at your bank's official website 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. SBI education loan EMI calculator →
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.
Section 80E of the Income Tax Act provides one of the most valuable — and most overlooked — tax deductions available to education loan borrowers.
How much does it save?
On a ₹12 lakh loan at 8.15% over 10 years, the interest component in year 1 is approximately ₹92,000. For a borrower in the 30% tax bracket, Section 80E saves roughly ₹27,600 in the first year alone — effectively reducing your net interest rate from 8.15% to about 5.7%. The saving decreases each year as the outstanding principal reduces.
At 8.15% p.a. for 10 years, the EMI is approximately ₹12,220/month. At 9% for the same tenure it is ₹12,668, and at 10% it is ₹13,215. These are post-moratorium figures on the original ₹10 lakh — if interest capitalised during your study period, your actual EMI will be proportionally higher.
SBI offers the lowest rates in 2026, starting at 8.15% p.a. for the Student and Scholar Loan schemes. PNB is the next best at 8.55%. Private lenders like HDFC Credila (9.50%+) and Axis Bank (13.70%+) charge considerably more. See SBI education loan details →
Interest accrues from the date of disbursement — even during the moratorium. If unpaid, it is capitalised (added to principal), meaning you pay interest on interest. For a ₹10 lakh loan at 8.15% over a 3-year moratorium, this can add ₹2.76 lakh to your outstanding balance before EMI begins.
Section 80E allows you to deduct the entire interest paid on an education loan from your taxable income — no upper limit — for up to 8 consecutive years from the year repayment begins. Only the interest portion of the EMI qualifies, not the principal.
Yes, up to ₹7.5 lakh at SBI, PNB, and Bank of Baroda under the IBA model scheme backed by the government's CGFSEL guarantee. Above ₹7.5 lakh a third-party guarantee is usually needed, and above ₹15 lakh tangible collateral (property or FD) is required. Check your eligibility →
Plan your education loan repayment
Use these free calculators to model your EMI, check eligibility, and decide whether to pay interest during the moratorium.