Monthly EMI: ₹8,430 at 10.5% for 7 years. Total interest: ₹2,08,120.
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With a ₹5 Lakh education loan from IDFC First Bank at 10.5% for 7 years, you will pay a monthly EMI of ₹8,430. The total amount payable is ₹7,08,120, of which ₹2,08,120 is interest.
At 10.5% interest rate for 7 years, the EMI for ₹5 Lakh Education Loan from IDFC First Bank is ₹8,430 per month. Total interest payable: ₹2,08,120.
IDFC First Bank offers Education Loan at 10.50 - 14.00% p.a. The actual rate may vary based on your credit score, income, and the loan amount.
For ₹5 Lakh at 10.5% for 7 years, you would pay approximately ₹2,08,120 as total interest, making the total repayment ₹7,08,120.
IDFC First Bank's prepayment policy for Education Loan: Nil. Making prepayments can significantly reduce your total interest outgo.
IDFC First Bank offers competitive rates starting from 10.50 - 14.00% with tenure up to 10 years. Compare with other banks on this page to find the best option for your ₹5 Lakh education loan.