Education loans are one of the most common ways to finance higher studies in India and abroad. Whether you are applying for an education loan from SBI, HDFC, ICICI, or NBFCs, the first question students and parents usually ask is:
👉 “What is the EMI for a 10 lakhs education loan?”
To answer this, we need to understand how EMI (Equated Monthly Installment) works, how it is calculated, and what factors influence the final repayment amount.
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your education loan. It includes two parts:
- Principal – the original loan amount.
- Interest – the extra amount charged by the bank or lender.
The EMI depends on:
- Loan amount (here ₹10 lakhs)
- Interest rate (%)
- Repayment tenure (number of years)
Formula for EMI Calculation
The formula used by all banks and calculators is:
Where:
- P = Principal loan amount (₹10,00,000)
- R = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
- N = Loan tenure in months
What Is The EMI For A 10 Lakhs Education Loan?
Example 1: ₹10 Lakhs Loan at 9% Interest for 10 Years
- P = ₹10,00,000
- R = 9% ÷ 12 = 0.75% = 0.0075
- N = 10 years × 12 = 120 months
✅ EMI = ₹12,668 per month
✅ Total Repayment = ₹15,20,109
✅ Total Interest = ₹5,20,109
Example 2: ₹10 Lakhs Loan at 10.5% Interest for 15 Years
- P = ₹10,00,000
- R = 10.5% ÷ 12 = 0.875% = 0.00875
- N = 15 years × 12 = 180 months
✅ EMI = ₹11,054 per month
✅ Total Repayment = ₹19,89,718
✅ Total Interest = ₹9,89,718
Example 3: ₹10 Lakhs Loan at 8.5% Interest for 7 Years
- P = ₹10,00,000
- R = 8.5% ÷ 12 = 0.708% = 0.00708
- N = 7 years × 12 = 84 months
✅ EMI = ₹15,836 per month
✅ Total Repayment = ₹13,30,265
✅ Total Interest = ₹3,30,265
Comparison Table for ₹10 Lakh Loan
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest | Total Repayment |
| ₹10,00,000 | 9% | 10 yrs | ₹12,668 | ₹5,20,109 | ₹15,20,109 |
| ₹10,00,000 | 10.5% | 15 yrs | ₹11,054 | ₹9,89,718 | ₹19,89,718 |
| ₹10,00,000 | 8.5% | 7 yrs | ₹15,836 | ₹3,30,265 | ₹13,30,265 |
Factors Affecting EMI for Education Loan
- Loan Tenure – Longer tenure reduces EMI but increases total interest.
- Interest Rate – Even a 1% difference can change EMI significantly.
- Repayment Holiday (Moratorium Period) – Many banks give a grace period of course duration + 6 months before repayment starts.
- Collateral – Secured loans usually get lower interest rates than unsecured loans.
How to Check EMI Quickly?
You can use online EMI calculators from:
- SBI Education Loan Calculator (official bank tool)
- BuddyLoan EMI Calculator (detailed breakdown with charts)
Just enter loan amount, interest rate, and tenure, and the calculator shows EMI instantly.
Final Words
The EMI for a ₹10 lakh education loan usually ranges between ₹11,000 and ₹16,000 per month, depending on interest rate and tenure. A longer tenure reduces monthly EMI but increases total interest, while a shorter tenure increases EMI but saves on interest costs.
Before applying, compare banks, use an EMI calculator, and choose a plan that suits your repayment capacity.