EMI = P × r × (1+r)^n / [(1+r)^n − 1]. For a ₹5L Education Loan at 9% for 5 years: Monthly rate = 9/12/100 = 0.00750, n = 60 months. EMI ≈ 10,379. Use the calculator above for any amount.
Is education loan interest tax deductible?▼
Yes! Section 80E allows deduction of entire interest paid on education loan (no upper limit). This deduction is available for 8 years from when you start repaying. Available only for loans taken for higher education (self, spouse, children, student for whom you're legal guardian). Principal repayment is NOT deductible, only interest.