Calculate your student loan EMI
Year-by-year repayment schedule
| Year | Principal paid | Interest paid | Balance at year end |
|---|
Reducing-balance method. Results are estimates for planning; the lender's Key Fact Statement is final. Insurance, legal and other charges are not included.
Student loans for smaller amounts are often unsecured, with a moratorium for the course and a short grace period before EMIs start.
Student Loan at a glance
The figures the calculator starts with come from these typical ranges. Change them to match the offer in front of you.
| Feature | What to expect |
|---|---|
| Typical loan amount | Roughly ₹50,000 to ₹10 lakh or more, depending on course and lender |
| Tenure | Moratorium during the course plus a short grace period, then repayment over about 3 to 10 years |
| Indicative interest rate | Roughly 9% to 16% a year, depending on lender and profile |
| Processing fee | Often nil to about 1.5% of the loan; varies by lender |
| Security / collateral | Usually none for smaller amounts; guarantor or collateral for larger ones |
| Typical time to disbursal | Often a few days to 3 weeks, depending on documents |
From our Student Loan guide. Ranges are indicative; your offer may differ.
Student Loan EMI table at 11%
Monthly EMI for common student loan amounts at an example rate of 11% a year, on the reducing-balance method lenders use. Read across a row to see how a longer tenure lowers the EMI, and remember that it raises the total interest: on ₹6 lakh, the interest is ₹1,82,727 over 5 years but ₹3,91,800 over 10 years.
| Loan amount | EMI for 5 years | EMI for 7 years | EMI for 10 years |
|---|---|---|---|
| ₹2 lakh | ₹4,348 | ₹3,424 | ₹2,755 |
| ₹4 lakh | ₹8,697 | ₹6,849 | ₹5,510 |
| ₹6 lakh | ₹13,045 | ₹10,273 | ₹8,265 |
| ₹8 lakh | ₹17,394 | ₹13,698 | ₹11,020 |
How the interest rate changes your student loan EMI
Your rate depends on your credit score, income, the lender and the loan details. On ₹4 lakh over 7 years, the gap between the lowest and highest indicative rate is ₹1,26,772 in total repayment, which is why it pays to compare offers before you accept one.
| Interest rate | Monthly EMI | Total interest | Extra vs lowest rate |
|---|---|---|---|
| 9% | ₹6,436 | ₹1,40,593 | — |
| 11% | ₹6,849 | ₹1,75,314 | +₹34,721 |
| 13.5% | ₹7,386 | ₹2,20,420 | +₹79,827 |
| 16% | ₹7,945 | ₹2,67,365 | +₹1,26,772 |
Moratorium: what happens to the interest
During the moratorium you usually do not pay EMIs, but interest keeps running. What happens to it changes the EMI you pay later. On ₹4 lakh at 11% with a 2-year moratorium and 7 years of EMIs after it:
| What you do with the interest | Paid during the period | Interest for the period | Loan when EMIs start | EMI after | Total interest |
|---|---|---|---|---|---|
| Pay interest every month | ₹3,667 a month | ₹88,000 | ₹4 lakh | ₹6,849 | ₹2,63,314 |
| Simple interest added at the end | — | ₹88,000 | ₹4.88 lakh | ₹8,356 | ₹3,01,883 |
| Interest compounded monthly and added | — | ₹97,931 | ₹4.98 lakh | ₹8,526 | ₹3,16,167 |
Paying the interest as it falls due keeps the loan at ₹4 lakh and saves about ₹1,40,853 of interest on interest over the repayment period compared with letting it compound. Ask your lender which method it uses; it is written in the sanction letter.
If your floating rate goes up
Long student loans are often on a floating rate linked to an external benchmark such as the repo rate, so the rate can change during the loan. When it rises, lenders usually extend the tenure first and keep the EMI the same, which quietly adds interest. RBI rules require lenders to give you the choice of a higher EMI, a longer tenure or both. Here is what a rise would do to a loan of ₹4.88 lakh over 7 years:
| Rate rise | New EMI if tenure is kept | Extra time if EMI is kept |
|---|---|---|
| +0.5% (to 11.5%) | ₹8,485 (+₹129) | +3 months |
| +1% (to 12%) | ₹8,615 (+₹259) | +5 months |
| +1.5% (to 12.5%) | ₹8,746 (+₹390) | +7 months |
Choosing the higher EMI usually costs less in total. If the rate falls, ask for the EMI to stay the same so the tenure shortens.
The real cost of a student loan: fees and APR
The EMI covers interest and principal only. Lenders also charge a processing fee, commonly around 0% to 1.5% of the amount on student loans, plus 18% GST, and it is usually deducted from the money you receive. Because you pay the EMI on the full amount but receive less, the annual percentage rate (APR) is higher than the interest rate. For ₹4 lakh at 11% over 7 years:
| Processing fee | Fee incl. GST | Money in hand | APR |
|---|---|---|---|
| 0% + GST | ₹0 | ₹4,00,000 | 11% |
| 0.75% + GST | ₹3,540 | ₹3,96,460 | 11.29% |
| 1.5% + GST | ₹7,080 | ₹3,92,920 | 11.58% |
Every lender must show the APR and total repayable amount in the Key Fact Statement before you sign. Compare offers on that figure, not on the headline rate. At a 0.75% fee, this loan's APR is about 11.29%.
Can you afford this EMI?
Lenders usually keep all your EMIs together within about 40% to 50% of net monthly income. For an EMI of ₹8,356 with no other loans, that means a take-home income of at least ₹17,000 at the 50% limit, and about ₹21,000 to stay within a more comfortable 40%. Existing EMIs, including credit card EMIs, reduce what is left for this one.
Estimate the starting salary for the course and keep the EMI well within it. A shorter tenure after the moratorium saves interest once income starts.
Prepay to cut the interest
Paying a lump sum towards the principal reduces the interest for the rest of the loan. On ₹4 lakh at 11% over 7 years, a part-prepayment of ₹40,000 after the first year:
- with the EMI kept at ₹6,849, closes the loan about 10 months early and saves roughly ₹33,766 of interest;
- with the tenure kept, cuts the EMI to about ₹6,088 and saves roughly ₹14,818 of interest.
Keeping the EMI and shortening the tenure saves more. Floating-rate loans to individuals cannot carry prepayment charges; fixed-rate loans may, so check your agreement first.
How student loan EMI is calculated
Lenders use the reducing-balance formula: EMI = P × R × (1 + R)N ÷ ((1 + R)N − 1), where P is the loan amount, R is the yearly rate divided by 12 and by 100, and N is the number of monthly instalments.
For ₹4 lakh at 11% over 84 months, R is 0.009167 and the EMI comes to ₹6,849. In the first month, ₹3,667 of it is interest and ₹3,182 repays principal. Each month the balance falls, so the interest part shrinks and the principal part grows. In the first year you pay about ₹42,015 in interest, which is 51% of what you pay in that period. The year-by-year schedule in the calculator shows the full split.
Before you apply for a student loan
The calculator tells you what the loan costs. Before you apply, check whether you qualify, what documents lenders ask for and the mistakes borrowers most often make.
Related EMI calculators
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Published rates, processing fees, tenure and prepayment terms side by side, taken from each lender's own website.
Student Loan EMI: frequently asked questions
What is the EMI for a student loan of ₹4,00,000?
At 11% a year for 7 years, the EMI is ₹6,849 and the total interest is ₹1,75,314. Over 5 years the EMI rises to ₹8,697 but the interest falls to ₹1,21,818.
How is student loan EMI calculated?
With the reducing-balance formula EMI = P x R x (1+R)^N / ((1+R)^N - 1), where R is the monthly rate and N the number of months. Interest is charged only on the balance still outstanding, so the interest part of each EMI falls over time.
Does the student loan EMI include the processing fee?
No. The EMI covers interest and principal. The processing fee, usually around 0% to 1.5% of the amount plus 18% GST, is generally deducted upfront. Use the APR in the Key Fact Statement to compare total cost.
Do I pay EMI during the moratorium?
Usually not, but interest keeps running. If it is not paid, about ₹88,000 of simple interest is added here, raising the EMI from ₹6,849 to ₹8,356.
What happens to my student loan EMI if the rate rises by 1%?
On ₹4,00,000 over 7 years, a 1% rise takes the EMI from ₹6,849 to ₹7,061 if the tenure is kept. If the lender keeps the EMI instead, the tenure stretches. You can ask the lender to choose a higher EMI.
How can I reduce my student loan EMI?
Choose a longer tenure, borrow less, or get a lower rate by improving your credit score or comparing lenders. A longer tenure lowers the EMI but raises the total interest, so pick the shortest tenure you can comfortably afford.
Is the rate in this calculator my actual student loan rate?
No. 11% is an example within the indicative range of about 9% to 16%. Your rate depends on the lender, your credit score, income and the loan details. Enter the rate in your own offer for an exact EMI.
Does prepaying a student loan save money?
Yes. Here, prepaying ₹40,000 after one year saves roughly ₹33,766 of interest if you keep the EMI. Floating-rate loans to individuals cannot carry prepayment charges; fixed-rate loans may.
Rates, fees and limits are indicative ranges for India, reviewed on the date above. KhatuLoans is not a lender and does not decide approval or pricing. Read our editorial policy and how we make money.
Official sources and further reading
These guides are written from Reserve Bank of India rules and official scheme pages. Rules, rates and scheme terms change, so check the current position on these sites and in your lender's Key Fact Statement before you apply.
- RBI: Key Facts Statement (KFS) for loans and advances. The Reserve Bank of India notification that tells lenders to give every borrower a plain-language statement of the full cost of a loan.
- RBI Complaint Management System. Where to take a complaint against a bank, NBFC or other regulated lender if the lender does not resolve it.
- RBI (Pre-payment Charges on Loans) Directions, 2025. Bars pre-payment charges on floating-rate loans taken by individuals for non-business purposes, for loans sanctioned or renewed from 1 January 2026.
- Reserve Bank - Integrated Ombudsman Scheme, 2021. The single complaint scheme for customers of banks, NBFCs and other RBI-regulated lenders.
- RBI: Free Annual Credit Report to Individuals. Credit bureaus must give you one free full credit report with score every calendar year.
- RBI Financial Education. Consumer guidance from the Reserve Bank of India on borrowing, fraud and your rights as a customer.
Edited by Hemant Kumar. Rates on this site are indicative ranges, not offers.