🎓 Education Loan Amortization Schedule
Interest rate range: 9.00% - 15.00% p.a. - Tenure: 5 - 15 years (after moratorium)
Monthly EMI
Rs. 20,240
Rs. 15.00 lakh at 10.5%
Total Interest
Rs. 9.29 lakh
10 year term
Total Repayment
Rs. 24.29 lakh
Principal + Interest
Adjust to your loan details
Loan type
Monthly EMI
₹20,240
Total Interest
₹9.3L
38.24% of total
Total Repayment
₹24.3L
Break-even Year
Year 7
principal > interest
Amortization Schedule
120 EMIs total
Principal vs Interest paid each year
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | % Paid off |
|---|---|---|---|---|---|
| 1 | ₹15.00 L | ₹89,614 | ₹1.53 L | ₹14.10 L | 6% |
| 2 | ₹14.10 L | ₹99,490 | ₹1.43 L | ₹13.11 L | 13% |
| 3 | ₹13.11 L | ₹1.10 L | ₹1.32 L | ₹12.00 L | 20% |
| 4 | ₹12.00 L | ₹1.23 L | ₹1.20 L | ₹10.78 L | 28% |
| 5 | ₹10.78 L | ₹1.36 L | ₹1.07 L | ₹9.42 L | 37% |
Education Loan - Key Facts
- -Moratorium period: course + 1 year (no EMI during studies)
- -Interest accrues during moratorium and is capitalized
- -Government schemes subsidize interest for economically weaker sections
- -Loans above Rs. 7.5 lakh require collateral (property/FD)
- -Repayment typically begins after 1 year of graduation or job (whichever is earlier)
Tax Benefit
Interest paid on education loans is 100% deductible under Section 80E for up to 8 years - no upper limit.
Frequently Asked Questions
What is the EMI on a Rs. 15.00 lakh education loan at 10.5%?▾
For a Rs. 15.00 lakh education loan at 10.5% p.a. for 10 years, the monthly EMI is Rs. 20,240. Total repayment is Rs. 24.29 lakh, of which Rs. 9.29 lakh is interest. The principal is Rs. 15.00 lakh.
What is the current education loan interest rate?▾
Education Loan interest rates currently range from 9.00% - 15.00% p.a. depending on the lender, loan amount, tenure, and your credit score. Major lenders include SBI, Bank of Baroda, Union Bank, Axis Bank, HDFC Credila. Check the current rate directly with your lender before applying.
Is there a tax benefit on education loan?▾
Interest paid on education loans is 100% deductible under Section 80E for up to 8 years - no upper limit.