The Education Loan EMI Calculator by CollegeSearch helps you estimate your monthly EMIs for student loans. Simply follow these steps to calculate:
Enter Loan Amount: The total amount you wish to borrow for your education.
Enter Interest Rate: The applicable annual interest rate for the loan.
Enter Loan Tenure: The duration (in years) you plan to take to repay the loan.
The calculator will instantly show your monthly EMI, giving you a clear understanding of your financial commitment. Make use of this tool to plan your education expenses effectively and stay prepared.
Education Loan EMI Calculator
Loan Breakup
Total Amount Payable: 0
Monthly Instalment : 0
What is an Education Loan?
An education loan is like borrowing money from a bank to help pay for college or studies abroad. It’s useful when your family doesn't have all the money needed right away. You use the loan to pay for your tuition fees, books, uniforms, and even a place to stay.
Just like borrowing a toy and returning it, you borrow money and then give it back slowly after you finish your studies. The extra money you pay back is called interest, which is like saying thank you to the bank for lending you money. Education loans make it possible for many students to go to college or study in other countries.
How Does an Education Loan Work?
Borrow Money: You ask the bank for an education loan to pay for your college or university studies.
Pay Back Slowly: After your studies, when you start working, you pay back the money you borrowed. This is called an EMI (Equated Monthly Installment).
Interest: You pay back a little more than what you borrowed, called interest, which is a fee for borrowing the money.
Why Do People Take Education Loans?
To Get Higher Education: Colleges, especially abroad, can be expensive. Education loans help make studying at a good college possible.
To Get a Good Job: Studying in college can help you get a good job and earn more money, making it easier to pay back the loan.
Education Loans from Top 5 Indian Banks
Here are details of education loans offered by the top banks in India:
Bank Name
Loan Scheme
Maximum Loan Amount
Interest Rate
Repayment Period
Details
State Bank of India (SBI)
SBI Student Loan Scheme
INR 20 lakhs (India)
Starts at 9.55%
Up to 15 years
Covers tuition fees, books, and even a laptop if needed. Available for studies in India & abroad.
HDFC Bank
Education Loan for Indian Education
INR 20 lakhs
Starts at 9.50%
Up to 15 years
Quick loan approval for engineering, medical, and management studies.
Punjab National Bank (PNB)
PNB Saraswati
INR 15 lakhs (India)
Starts at 9.55%
Up to 15 years
Covers all education-related expenses for studies in India.
ICICI Bank
ICICI Education Loan
INR 50 lakhs (abroad)
Starts at 10.50%
Up to 10 years
Flexible repayment plans, available for studies in India and abroad.
Bank of Baroda
Baroda Gyan
INR 80 lakhs (abroad)
Starts at 9.85%
Up to 15 years
Available for studies in India & abroad; covers fees, books, and travel.
What Costs Are Covered by Education Loans?
Tuition Fees: The money you need to pay to your school or college.
Books and Study Material: Money to buy books and other materials for your studies.
Living Expenses: If your school is far away, the loan can cover your hostel or rent.
Travel Expenses: If you are studying abroad, it can help pay for your flight.
How to Pay Back the Loan?
After completing your studies, you start paying back the bank every month in the form of EMIs. These EMIs include both the loan amount and the interest. The repayment usually starts after a grace period, which is some time given after your studies to find a job and start earning money.
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