Education Loan EMI Calculator

The EMI calculator will help you calculate your monthly EMI in no time. As a result, you can plan your loan payment and other finances with ease....

To use the Money View education loan calculator, enter the amount you wish to avail, the interest rate, and the tenure and leave the rest to us.

Read more

Your EMI




Loan Amount
Rate of Interest

Your EMI




  • Loan Amount

  • Total interest ₹ 2,31,86,927.68

EMI Schedule

Year Opening Balance Interest Principal Closing Balance
2021 ₹ 50,00,000 ₹ 2,58,378 ₹ 1,84,983 ₹ 48,15,017
2022 ₹ 48,15,017 ₹ 4,19,532 ₹ 3,40,518 ₹ 44,74,499
2023 ₹ 44,74,499 ₹ 3,87,588 ₹ 3,72,460 ₹ 41,02,039
2024 ₹ 41,02,039 ₹ 3,52,650 ₹ 4,07,399 ₹ 36,94,640
2025 ₹ 36,94,640 ₹ 3,14,435 ₹ 4,45,617 ₹ 32,49,023
2026 ₹ 32,49,023 ₹ 2,72,630 ₹ 4,87,418 ₹ 27,61,605
2027 ₹ 27,61,605 ₹ 2,26,908 ₹ 5,33,141 ₹ 22,28,464
2028 ₹ 22,28,464 ₹ 1,76,895 ₹ 5,83,155 ₹ 16,45,309
2029 ₹ 16,45,309 ₹ 1,22,190 ₹ 6,37,858 ₹ 10,07,451
2030 ₹ 10,07,451 ₹ 62,357 ₹ 6,97,693 ₹ 3,09,758
2031 ₹ 3,09,758 ₹ 7,006 ₹ 3,09,681 ₹0.00

Money View Education Loan EMI Calculator

Money View’s education loan EMI calculator is easy to use. You can use our education loan EMI calculator to know how much you need to pay each month. Apart from this, you can also check the breakdown of the installments depending on the various slabs of interest rates, the tenure of repayment, and even the amount that you have borrowed.

How Does Money View Education Loan EMI Calculator Work?

You can repay your education loan via EMIs. This amount is usually a fixed or a variable amount. Your EMI will be calculated as per your loan amount and the interest rate levied on it. Your credit score will also play a significant role in processing your repayment tenure and the interest rate imposed.

The Money View education loan calculator is designed to provide an easy user experience. You can follow the steps below to know the EMI rate that you need to pay monthly.

  • Step 1: You can start the calculation by entering the amount that you have borrowed. Use the slider to adjust this amount.

  • Step 2: Use the next slider to add the levied rate of interest.

  • Step 3: Now, enter your repayment tenure. You can select it in months or years

Once done, the calculator will show you the EMI amount that you must pay. It will also show you the EMI repayment schedule.

Our education loan EMI calculator has features that make the calculation process easy and quick and error-free. If you wish to do more financial planning before applying for your loan, then this calculator will ease your task and let you do so effectively.

Education Loan EMI Calculation Formula

To calculate your EMI use the formula given below:

P x R x (1+R)N / [(1+R)N-1]

P - P stands for Principal Amount. It is the amount that you have borrowed.

R - R stands for Rate of interest that has been applied.

N - N stands for Number or tenure of repayment.

We will elaborate with an example. Let’s assume Mr. Ravi has borrowed an amount of Rs. 5,00,000 for his child’s education. The interest rate for the sanctioned amount is fixed at 10.5% and the tenure for repayment is 60 months.

So, in this example, Principal (P) is Rs. 5,00,000, the Rate of interest (R)is 10.5%, and the Repayment Tenure (N) is 60 months.

Before you proceed to calculate the EMI, do not forget to check the monthly rate of interest. The formula to calculate it is Annual Rate of interest/12/100 So, in our case, it will be 10.5/12/100 = 0.00875

Once your monthly interest rate is calculated, you can easily check your EMI per month. 5,00,000 x 0.00875 x (1+0.00875)60 / [(1+0.00875)60-1] = Rs. 10,747 You can use this exact formula to check the EMI for every type of loan and not just for an education loan.

Difference Between Flat Balance and Reducing Balance Interest Calculation

There are two ways by which an EMI is calculated. The two methods are as follows:

  1. The Flat Balance Method
  2. The Reducing Balance Interest Rate Method

The Flat Balance Interest Method: In this method, the interest amount that you need to pay is based on the total loan amount. The interest amount is fixed for the whole duration of the repayment tenure.

The Reducing Balance Interest Rate Method: In this method, the interest rate is based on the principal amount that is outstanding each time. So, instead of the interest rate remaining fixed on the full amount, it is calculated on the basis of your outstanding amount. As a result, the principal amount keeps decreasing as you keep making every payment. This method is usually used by banks to calculate EMIs. The Money View education loan EMI calculator is also based on this method.

Factors that Affect Education Loan EMI

There are various factors that can affect the EMI payments for an education loan. Read below to know more:

  • 1. Credit Score and Rate of Interest

The three-digit numerical summary of your credit report is known as the Credit Score. The credit report displays your previous loan history, repayments, and your financial behavior. The higher the score the better are the chances to get a loan sanctioned without any challenges and at a lower interest rate. Any score above 700 is considered to be a good score.

  • 2. Loan Amount

Your EMI will be directly proportional to the amount that you wish to borrow. You must check it before getting the loan processed.

  • 3. Repayment Tenure

Repayment tenure is inversely proportional to the EMI. It means, if your repayment tenure is longer, then your monthly EMI will be lower and vice versa.

Education Loan EMI Related Frequently Asked Questions (FAQs)

An education loan is a loan in which an individual borrows a sum of money for expenses related to education (post-secondary). Such loans can cover tuition fees, the cost of books and supplies, and even the living costs. These costs are covered for the period in which the borrower is pursuing his/her education.

Equated Monthly Installment is popularly known as EMI. It is the monthly payment which the borrower needs to pay to the lender for the availed loan. The EMI needs to be paid each month on a specific date. The EMI rate is fixed according to the borrowed amount and the interest rate.

An Amortization Schedule is a table that displays the periodic loan payments which an individual needs to pay during the repayment tenure. It shows the principal amount and the interest rate charged on the EMI.

You can reduce your education loan EMI by increasing the repayment tenure or by borrowing a smaller amount of money. If you increase your repayment tenure, then your interest rate might also increase over time. You can also negotiate with your lender to reduce the interest rate if your credit score is above 700. This way, you can reduce your monthly EMI payment.

If the individual does not pay the education loan EMI, then he/she might face a heavy penalty in the form of additional interest on the unpaid amount from the borrowed sum. Late payment fees will also be levied. It will also be mentioned on the credit report and this can later affect the score as well as make it challenging to get a new loan.

You can reduce the EMI amount in two ways:
1. By making a prepayment made on the loan, and thereby reducing the repayment amount.
2. Negotiating with the lender to extend the repayment tenure.

At Money View, we follow a completely transparent process where you won’t be surprised by hidden charges. We also charge low-interest rates and higher loan amounts. You can even choose the tenure period as per your convenience and even extend it. Also, our process is secure and paperless, so it will be a hassle-free and easy experience for you.