Education EMI Calculator

An EMI (Equated Monthly Instalment) includes both principal and interest. It is the fixed amount you pay every month until your education loan is fully repaid. In the early years of the loan, a larger portion of your EMI goes towards interest. As the loan tenure progresses, a higher portion is adjusted towards the principal amount. An Education Loan EMI Calculator helps you estimate your monthly EMI in advance, so you can plan your finances better before applying for a loan.

Formula to Calculate Education Loan EMI

The EMI for an education loan is calculated using the following formula:

EMI = [P × R × (1+R)^n] / [(1+R)^n − 1]

Where:

• P = Principal loan amount
• R = Monthly interest rate
• N = Loan tenure (in months)

Example Calculation

Miss Sheetal takes an education loan of ₹15,00,000 at an annual interest rate of 10% for 2 years.

• Principal (P): ₹15,00,000
• Annual Interest Rate: 10%
• Tenure: 24 months

Based on the formula, the monthly EMI will be ₹69,217.

Note: Actual EMI may vary based on lender terms and interest rate structure.

What is an Education Loan?

An education loan is a financial facility that helps students fund higher education in India or abroad. These loans cover expenses such as:

• Tuition and examination fees
• Books and study materials
• Living and hostel expenses
• Travel expenses (for overseas education)
• Laptop and other academic requirements

Most lenders allow repayment after course completion, usually with a grace period of 6-12 months.

Benefits of Education Loan

Financial Support

Education loans reduce the burden on family savings and avoid liquidation of investments like FDs or mutual funds. Interest paid is tax-deductible under Section 80E of the Income Tax Act.

Repayment After Studies

Students start repayment only after completing their education, making it easier to manage finances once employed.

Wide Expense Coverage

Loans for higher studies—especially abroad—cover tuition, accommodation, travel, study material, and more.

Flexible Repayment Terms

Banks offer competitive interest rates, flexible tenure, and relaxed collateral requirements for reputed institutions.

Builds Credit History

Repaying an education loan responsibly helps students build a strong credit score early.

What is a Paytm Education Loan EMI Calculator?

The Paytm Education Loan EMI Calculator shows the monthly EMI you need to pay based on:

• Loan amount
• Interest rate
• Loan tenure

By entering these details, the calculator instantly displays your EMI, total interest payable, and total repayment amount.

Benefits of Using an Education Loan EMI Calculator

• Instant EMI calculation
• Helps plan monthly budget
• Shows interest vs principal breakup
• Easy to use and free
• Accessible anytime, anywhere
• Clear repayment visibility

How Can a Paytm Education Loan EMI Calculator Help You?

Since EMI depends on principal, interest rate, and tenure, changing any of these values will change the EMI amount. The calculator allows you to adjust these values easily and compare different scenarios before choosing a loan.

How to Use a Paytm Education Loan EMI Calculator?

Follow these simple steps:

• Enter or adjust the loan amount
• Select the loan tenure (in months)
• Enter the interest rate
• The calculator instantly shows:
  • Monthly EMI
  • Total interest payable
  • Total repayment amount
• Modify values anytime to recalculate EMI

Input Details Explained

• Amount: Total education loan amount borrowed
• Tenure: Duration for repayment; longer tenure means lower EMI
• Interest Rate: Rate charged by the lender on the loan