Education Loan EMI Calculator

Calculate your Equated Monthly Installments for your educational loans, quickly and accurately.

Education Loan EMI Calculator

Q. What is an education loan and how is it different from other loans?
An education loan is a special type of loan that is given to meet the expenses of higher education. It is different from other loans in that it is specifically for your studies and includes tuition fees, hostel fees, books, and even laptop expenses, which are borne by the bank.

Q. What expenses are covered in an education loan?
An education loan includes tuition fees, hostel fees, books, laptop expenses, and other necessary expenses related to studies.

Q. When does one have to start repaying an education loan and when does interest start?
Usually, repayment of an education loan has to start 6 months or 1 year after the completion of the course (as per bank rules). Interest also starts to accrue after this period.

Q. What are the eligibility criteria for education loan?
The applicant for education loan must be an Indian citizen, his age should be at least 18 years and maximum 35 years. If the applicant is employed, salary slip may be required.

Q. Is a guarantor required for education loan?
f the applicant is not employed, a guarantor may be required. The guarantor can usually be parents, whose financial status or monthly income is good.

Q. What is the maximum loan amount that can be availed for studies in India and abroad?
An education loan of up to ₹10 lakh can be availed for studies in India, while a loan of up to ₹20 lakh can be availed for studies abroad.

Q. When is security/collateral required for an education loan?
In India, no security is required for loans up to ₹7.5 lakh. However, if you want to take a loan of more than ₹7.5 lakh, you may have to provide an asset (such as house or land papers) as security to the bank.

Q. What are the types of education loans available?
There are mainly two types of education loans: Domestic Education Loan (for studies in India) and Abroad Education Loan (for studies abroad). Apart from this, it is also available for undergraduate, postgraduate, professional courses (such as LLB, CA, MBBS, MBA) and skill development courses.

Q. What is the process of getting an education loan?
First, you need to approach a bank or NBFC (non-banking financial corporation). You will need to provide the fee structure of the college and the course you wish to take admission in. If the course requires an entrance exam, you will need to clear it. Once your admission is confirmed in the college, the bank will process the loan based on your eligibility.

Q. Is the loan amount disbursed directly to the student?
No, the education loan amount is not disbursed directly to the student. The bank transfers the loan amount directly to the bank account of the university or college where the student has taken admission, so that the fees can be paid.