Calculate education loan EMI from 20+ banks and NBFCs. Compare interest rates starting from 7.95 - 10.45% p.a.
| Year | Principal | Interest | Balance |
|---|
Compare education loan interest rates and EMI from all major Indian banks and NBFCs.
For ₹20 Lakh · Tenure: 7 years
| Bank | Interest Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| Bank of Baroda | 7.95 - 10.45% | ₹31,123 | ₹6,14,332 |
| Canara Bank | 8.00 - 10.75% | ₹31,172 | ₹6,18,448 |
| Indian Bank | 8.00 - 10.30% | ₹31,172 | ₹6,18,448 |
| Union Bank | 8.05 - 10.60% | ₹31,222 | ₹6,22,648 |
| PNB | 8.10 - 10.90% | ₹31,272 | ₹6,26,848 |
| Bank of India | 8.10 - 10.85% | ₹31,272 | ₹6,26,848 |
| SBI | 8.15 - 10.70% | ₹31,322 | ₹6,31,048 |
| Central Bank | 8.15 - 10.65% | ₹31,322 | ₹6,31,048 |
| IDBI Bank | 8.25 - 11.25% | ₹31,422 | ₹6,39,448 |
| HDFC Bank | 9.00 - 13.68% | ₹32,178 | ₹7,02,952 |
| South Indian Bank | 9.15 - 12.00% | ₹32,331 | ₹7,15,804 |
| ICICI Bank | 9.25 - 13.00% | ₹32,432 | ₹7,24,288 |
| Karur Vysya Bank | 9.50 - 12.50% | ₹32,688 | ₹7,45,792 |
| Axis Bank | 9.70 - 13.70% | ₹32,893 | ₹7,63,012 |
| Federal Bank | 9.85 - 12.50% | ₹33,048 | ₹7,76,032 |
Education Loan EMI (Equated Monthly Instalment) is the fixed monthly payment you make towards your education loan repayment. It includes both principal and interest components. Use the EMI calculator on this page to find your exact EMI.
Education Loan EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the total number of months. Our calculator uses this standard reducing balance formula.
Education Loan interest rates vary across banks and are updated regularly. Public sector banks typically offer slightly lower rates. Check the comparison table on this page for current rates from all major banks.
Common documents required for Education Loan include identity proof (Aadhaar/PAN), address proof, income proof (salary slips or ITR), bank statements (6 months), and property-specific documents if applicable.
You can reduce your EMI by: choosing a longer tenure, negotiating a lower interest rate, making a larger down payment, or maintaining a high credit score (750+). You can also refinance to a bank with a lower rate.