Calculate education loan EMI for studies
Education loans cover tuition fees, hostel accommodation, books and equipment, travel expenses for studying abroad, and other education-related costs. Typically, up to 100% of these expenses are funded for premier institutions.
Moratorium is a grace period during which you don't pay EMIs—typically course duration plus 6-12 months. Interest accrues during this period. Some loans offer simple interest during moratorium, affecting total repayment.
Loans up to ₹4 lakh typically need no collateral. ₹4-7.5 lakh may require a co-applicant. Above ₹7.5 lakh usually requires collateral like property or FD. Overseas education loans often require collateral for larger amounts.
Interest paid on education loans qualifies for tax deduction under Section 80E with no upper limit. This benefit is available for 8 years from when you start repayment or until interest is fully repaid, whichever is earlier.
Most lenders offer extended moratorium if you're actively job-hunting. Some have income-based repayment options. Communicate proactively with your lender—restructuring is possible. Defaulting damages credit severely.
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