What is this Education Loan EMI Calculator?
This free education loan EMI calculator helps students and parents calculate the exact monthly EMI for education loans from Credila, SBI, HDFC, Axis Bank, Canara Bank and all major Indian lenders. Simply select your lender from the quick-select buttons — the interest rate fills in automatically — then enter your loan amount and tenure for an instant result.
Unlike a standard EMI calculator, this tool accounts for the moratorium period — the time during which no EMI is paid (typically the course duration + 6 months). Interest accrues during this period, increasing the effective loan amount before repayment begins. This gives you the true, accurate EMI — not an underestimate.
Education Loan Interest Rates — All Major Lenders
Here are indicative interest rates from major Indian education loan providers. Use these in the calculator above — rates may vary based on course, institution and credit profile:
| Lender | Interest Rate | Max Loan | Best For |
|---|
| SBI Student Loan / Scholar Loan | 6.90–9.90% | ₹3 Cr (abroad) | IIT, IIM, premier institutes |
| Canara Bank Vidya Turant | 6.85% | ₹50 Lakh | Approved institutes, no collateral |
| Bank of Baroda Baroda Scholar | 9.15–11% | ₹80 Lakh | India + abroad |
| HDFC Bank Education Loan | 9.5–13.5% | ₹45 Lakh | Domestic education |
| Credila Financial Services | From 9.95% | No upper limit | India + abroad, flexible |
| Axis Bank Education Loan | 13.7–15.2% | ₹75 Lakh | India + abroad |
| ICICI Bank Education Loan | 10.5–14% | ₹1 Cr | India + abroad |
SBI, Canara Bank and Credila rates were checked on their official websites in September 2026; other rates are indicative. Rates change often — always check the lender's official website before applying.
How to Calculate Credila Education Loan EMI
1
Click the Credila button above — the interest rate (9.95%) fills in automatically.
2
Enter your loan amount — Credila offers education loans with no upper limit for eligible students.
3
Enter your course duration and moratorium period — use the moratorium stated in your sanction letter.
4
Enter your repayment tenure — Credila offers up to 15 years repayment.
5
Enter your expected starting salary to see what % of your income the EMI will consume.
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Student Loan EMI — SBI, HDFC Credila & Canara Bank
What is the SBI education loan interest rate?
According to SBI's website (rates effective 9 June 2026): Student Loan Scheme — 9.90% p.a. up to ₹7.5 lakh without collateral and 9.40% above ₹7.5 lakh with collateral; Scholar Loan for select premier institutions — 6.90% to 7.65%; Global Ed-Vantage for study abroad — 9.40%. Girl students get a 0.50% concession on eligible schemes. Rates are floating, so check SBI's site before applying.
How do I calculate SBI education loan EMI?
Click the SBI button above — it fills in 9.40%, SBI's Student Loan Scheme rate with collateral (June 2026). Change it to your sanctioned rate if it's different, then enter the loan amount, moratorium and tenure. For example, ₹10 lakh at 9.40% over 7 years is an EMI of about ₹16,300 a month.
What is a moratorium period on a student loan?
The moratorium period is the time after loan disbursement when you don't need to pay EMIs — typically the course duration plus 6–12 months. Simple interest accrues during this period. After the moratorium ends, the total outstanding amount (principal + accrued interest) converts to EMIs. Enter your moratorium months in the calculator above to see the true EMI including accrued interest.
What is the HDFC Credila education loan interest rate?
Credila (formerly HDFC Credila, now a separate lender) lists secured education loan rates from 9.95% p.a. onwards. Your final rate depends on the course, institution, collateral and co-applicant profile. Click the Credila button to pre-fill 9.95% and adjust it to your offer.
What is the Canara Bank education loan interest rate?
Canara Bank lists its Vidya Turant loan — a collateral-free loan for students admitted to institutions on its approved list — at 6.85% p.a. (terms apply), with limits of up to ₹50 lakh, ₹40 lakh or ₹30 lakh depending on the institution's category. Other Canara education loan schemes have different rates, so confirm with the bank.
What is a student loan EMI calculator?
A student loan EMI calculator computes your monthly repayment amount based on loan amount, interest rate and tenure. This free calculator also includes a moratorium period feature — so you can see the true EMI after interest accrues during your course. Enter your bank's rate above or click any lender button to pre-fill it automatically.
How much student loan can I afford?
A safe rule: your total education loan should not exceed 1× your expected annual starting salary. For a ₹10 lakh loan, aim for a starting salary of at least ₹10 lakh/year (₹83,000/month) so you can repay within 3–5 years. Use this calculator to check if the EMI fits comfortably within 20% of your expected monthly take-home pay.
Frequently Asked Questions
How do I calculate Canara Bank education loan EMI?
Click the Canara Bank button above — it fills in 6.85%, the Vidya Turant rate. Enter your loan amount, moratorium and tenure. For example, ₹5 lakh at 6.85% over 7 years is an EMI of about ₹7,500 a month.
How do I calculate Axis Bank education loan EMI?
Click the Axis Bank button above — it fills in an approximate rate. Axis Bank's actual rate depends on your profile, so replace it with the rate in your sanction letter, then enter the loan amount and tenure for your EMI, total interest and total repayment.
What is the HDFC Credila EMI calculator?
Use the Credila button above — it pre-fills 9.95%, the starting rate Credila lists for secured loans. Enter your loan amount, course duration, moratorium and tenure to see your monthly EMI, total interest and total repayment.
What is student loan EMI including moratorium period?
During the moratorium period (course duration + 6–12 months), no EMI is paid but interest continues to accrue on the principal. This calculator accounts for moratorium interest accrual — giving you the accurate post-moratorium EMI rather than a simple estimate. Enter your moratorium period in years for an exact calculation.
What is the Navient student loan calculator?
Navient is a US student loan servicer. Choose Custom Rate, enter the interest rate on your Navient statement and your loan details, and the calculator shows your monthly payment.
What is the Nedbank student loan calculator?
Nedbank is a South African bank that offers student loans. Choose Custom Rate and enter the rate from your Nedbank loan offer to calculate your monthly repayment.
How do I calculate my Credila education loan EMI?
Click the Credila button (it pre-fills 9.95%), then enter your loan amount, course duration, moratorium period and repayment tenure. The calculator adds the interest that builds up during the moratorium, so the EMI you see is what you'll pay after it ends. Use the moratorium period stated in your sanction letter.
What is the Credila education loan interest rate?
Credila lists secured education loan rates from 9.95% p.a. onwards. As a private lender, its rates are usually higher than public-sector banks like SBI, but it may offer larger loan amounts and more flexibility on courses and co-borrowers.
What is the difference between Credila and SBI education loans?
SBI's rates are generally lower — 9.40–9.90% on its Student Loan Scheme and 6.90–7.65% on its Scholar Loan for select institutions (June 2026). Credila starts from 9.95% but, as a private lender, may be more flexible about loan size, course and collateral. Compare the full offer — processing fees, moratorium and prepayment terms — not just the rate.
What is a moratorium period in an education loan?
The moratorium period is the time during which you don't make EMI payments — typically the course duration plus 6–12 months after completion. Interest still accrues during this period, increasing the effective outstanding amount. This calculator accounts for moratorium interest accrual to give you the accurate EMI — unlike simple EMI calculators that ignore this.
Is education loan interest tax deductible?
Yes. Under Section 80E of the Income Tax Act, the entire interest paid on an education loan is deductible from taxable income for up to 8 years from the year repayment begins. This applies to loans from banks and approved financial institutions including Credila. The principal repayment is not deductible — only the interest portion. This benefit can significantly reduce your effective loan cost.
How much education loan can I get without collateral?
Public-sector banks typically lend up to ₹7.5 lakh without collateral under their standard education loan schemes. Some schemes for approved premier institutions go much higher — for example, Canara Bank's Vidya Turant goes up to ₹50 lakh without collateral. Private lenders set their own limits based on the institution, course and co-borrower income.
What is the student loan planner tool?
This student loan planner calculates your education loan EMI and shows the total repayment amount, total interest paid, and what percentage of your expected starting salary the EMI will consume. A safe rule of thumb is that your EMI should not exceed 25–30% of your monthly starting salary to avoid financial stress in your early career.
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