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Education Loan: Expense, EMI & Tax Benefit Calculator

  • Expense Details

  • EMI Amount

  • Tax Benefits

Please select a country
Please select a university
Please select a stream
  • 6 Months
  • 72 Months
  • ₹ 1,00,000
  • ₹ 2 Cr
  • ₹ 50,000
  • ₹ 2 Cr
Total Expense can't exceed 2 Cr
Total
Expense

Tuition Fees + Cost of Living

30,00,000

You can avail Education loan from ICICI Bank for both tuition fees and living expenses as per the eligibility.

* As per Bank Norms Caution Courses are not Included.

Get to Know your EMI and Tax Benefits on taking ICICI Bank Education Loan

  • Know your EMI
  • Know your Tax Benefits
    ( As per old tax regime )
calculator
Know Your EMI
  • ₹ 1,00,000
  • 2 Cr
Please enter valid loan amount
  • 6 Months
  • 180 Months
% p.a.
  • 9%
  • 20%
Please enter valid interest rate

Loan Required

15,00,000

EMI

1,01,162**

Interest Rate

9.85

Loan Tenure

96 Months

Max unsecured loan amount limit

10,000,000**

**This calculator is for illustrative purpose only, actual numbers may vary depending upon the merits of the case as per Bank's policy

*Note:

Loan tenure: It is inclusive of course duration and additional period of 6 months.

Moratorium Period: The time during which a customer is not required to make any loan repayment. It comprises of course duration with an additional period of 6 months. A customer depending on the merit of the case may be given an option to avail of moratorium period.

Complete Moratorium: Where customer has an option to not pay EMI till the moratorium period. Interest is accrued and EMI starts after completion of moratorium Period.

Principal Moratorium: Where customer has an option to pay only Interest accrued during the moratorium period and full EMI starts after completion of moratorium Period.

Full EMI: Where customer has an option to pay full EMI (Interest and Principal) as soon as loan is disbursed.

Know Your Tax Benefit

Tax benefits can be availed under the old tax regime

Please select a income slab
  • ₹ 1,00,000
  • ₹ 2 Cr
% p.a.
  • 5%
  • 12%
50%

Total Expense

40,00,000

Tuition Fees

20,00,000

Cost of Living

20,00,000

EMI
1,01,162*
Interest Rate
12
Loan Amount
10,000,000
Tax Benefit (Under old tax regime) 1
7,58,721*
Effective Loan ROI 2
4.87%*
Interest on FD (Given as collateral)
6.9%
Net ROI 3
1.91%*
*This calculator is for illustrative purpose only, actual numbers may vary depending upon the merits of the case as per Bank's policy

Note:

1 Tax benefits: The amount of Income Tax an individual can save by availing Education Loan. The amount of rebate will vary for different income slabs and can be availed as per Income Tax benefits under Section 80E of Income Tax Act, 1961. Tax rebate can be availed only if individual opts for Old Tax Regime. For simplicity of Tax Benefit calculations we are considering flat Tax Rate as per the income slab selected by individual.

2 Effective loan ROI: The rate of interest that an individual will effectively pay on the Education Loan as per the tax savings on interest paid for education loan at applicable tax rate. User can avail this reduction in rate of interest only after opting for the Old Tax Regime.

3 Net ROI: The rate of interest that an individual will effectively pay on the Education Loan if an individual opts for a Fixed Deposit (FD) against Education Loan and utilises the FD interest to reduce the total interest on Education Loan. (Tenure of Loan and FD are considered to be the same and only Cumulative FD types considered; Quarterly/Monthly pay-out variants not considered)

Disclaimer

The tax related information provided herein is merely for general understanding and reference. The user needs to verify all the facts, law and contents with the text of the prevailing statutes and seek appropriate professional advice before acting on the basis of any information contained herein as the tax implications may vary depending upon the facts in each case/ interpretation by tax authorities. The tax laws are subject to change from time to time. ICICI Bank disclaims any liability for any losses incurred by you due to use of or due to investment decisions made by you on the basis of this Tax Calculator. The Tax calculator has been developed based upon projections determined in good faith and from sources deemed reliable (including public sources). lClCl Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the Tax Calculator. Use/ misuse of any intellectual property, or other information provided in this Tax Calculator is strictly prohibited. The information provided in the Tax Calculator is also subject to other product specific terms and conditions and any third party terms and conditions, as applicable.

The expense calculator is only for the purpose information and does not amount to an offer, and is not intended to create any rights or obligations. Such information is subject to updation, completion, amendment without notice and is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or would subject lClCl Bank Limited (“ICICI Bank”) or its affiliates to any licensing or registration requirements. Nothing contained herein is intended to constitute advice or opinion. You may obtain professional advice before making any investment. ICICI Bank disclaims any liability for any losses incurred by you due to use of or due to investment decisions made by you on the basis of this Expense calculator. The Expense calculator has been developed based upon projections determined in good faith and from sources deemed reliable (including public sources). lClCl Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the Expense Calculator. Use/ misuse of any intellectual property, or other information provided in this Expense Calculator is strictly prohibited. The information provided in the Expense Calculator is also subject to other product specific terms and conditions and any third party terms and conditions, as applicable.

Student Loan Calculator

Student Expense Calculator

Planning and executing the financial aspects of higher education can be tricky at times, but with ICICI Bank's Student Expense Calculator, you can simplify the process. This user-friendly tool empowers students by helping them estimate and plan for various educational expenses such as tuition fees, accommodation, textbooks, and other day-to-day living costs.

By entering the required details, students clearly understand their financial needs, enabling them to make informed decisions about education loans and create a realistic budget. This Education Loan Calculator is your trusted companion for a smoother and a more secure academic journey with ICICI Bank's support

Education Loan Tax Benefit Calculator

Our Education Loan Tax Benefit Calculator makes it easy to calculate the tax benefits associated with your education loan. You only need to provide key financial details like your loan amount, interest paid, and relevant information.

This tool then provides a precise estimate of the tax deductions and benefits you may qualify for. The Education Loan Calculator is a valuable resource for optimising your financial planning, ensuring you make the most of available tax benefits, and reducing your overall tax burden.

The Education Loan calculator is your trusted companion when making important financial decisions while pursuing higher education. It empowers you to make informed choices, maximise savings, and confidently work toward achieving your academic and financial goals.

Education Loan Calculator FAQs

How is EMI calculated for an education loan?

EMI calculation for education loans considers the loan amount, interest rate, and tenure. An Education Loan EMI Calculator can provide precise results for your financial planning.

 

What is an Education Loan EMI Calculator?

An Education loan EMI Calculator which is available online helps in assessing the Equated Monthly Installment a borrower needs to pay on availing an Education Loan. The Equated Monthly Installment (EMI) is arrived at after considering factors like loan amount, education loan interest rate and tenure of the loan.

What are the benefits of using an Education Loan EMI Calculator?

An Education Loan EMI Calculator helps you plan your loan repayments accurately, allowing you to budget effectively and avoid financial stress. It provides clarity on monthly obligations and long-term financial planning.

How do you calculate a student budget?

Calculating a student budget is easy with tools like the Student Expense Calculator or the Student Living Costs Calculator. List your income sources and allocate funds to expenses like tuition and groceries, ensuring your spending aligns with your financial goals.

Why do you need a budget?

A budget helps track of expenses and manage money more efficiently. It ensures financial stability, which is crucial for students managing their finances and education loans.

How do I calculate my living expenses?

Use resources like the ICICI Bank’s Education Loan Calculator or the Student Living Costs Calculator to calculate living expenses. List monthly costs like rent, utilities, and entertainment; these tools will help you estimate your budget.

How can I create my budget as a student?

Creating your budget is simplified with tools like a Student Budget Calculator. List your income and categorise expenses, ensuring your spending aligns with your financial goals and student loan repayment plans.

How much tax can I save on an education loan?

Education loan tax benefits vary by country and region. Use a Student Loan Tax Benefit Calculator or an Education Loan Tax Benefit Calculator to estimate your potential tax savings based on applicable laws and provisions.

How do I calculate my 80E deduction?

For example, if you have a Rs 10 lakh Education loan with Rs 1 lakh annual interest and an income of Rs 8 lakh, using Section 80E (as per Old Tax Regime), your taxable income becomes Rs 7 lakh. But remember, only the interest, not the principal, is eligible for tax deduction.