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Education Loan EMI and 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.

Know your EMI and Tax Benefits on ICICI Bank Education Loan

  • Know your EMI
  • Know your Tax Benefits
    ( As per old tax regime )
Student Loan EMI 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 Features

Student Expense Calculator

Planning and executing the financial aspects of higher education can be tricky at times. With ICICI Bank Student Expense Calculator, you can simplify the process. This user-friendly tool helps students estimate and plan for educational expenses such as tuition fees, accommodation, textbooks and other daily living costs.
By entering the required details, students will understand their financial needs, enabling them to make informed decisions and create a realistic budget. This Education Loan Calculator is your trusted companion for a smoother and a more secure academic journey.

Education Loan EMI Calculator

Are you considering financing your educational expenses? ICICI Bank Education Loan EMI Calculator is a tool that simplifies financial planning and helps in effectively managing your educational expenses.
With this user-friendly calculator, you can get the most suitable loan repayment plan that fits your budget. The calculator will estimate the EMI based on the loan amount, interest rate and tenure.
With ICICI Bank Education Loan EMI Calculator, you can stay informed and make the right decisions about your educational aspirations without worrying about finances.

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 and other relevant information.
This tool provides a precise estimate of the tax deductions and benefits. 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 towards achieving your academic and financial goals.

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How to use the Education Loan EMI Calculator?

Using the Education Loan EMI Calculator is simple. Fill in your loan details and get instant results.

  1. Loan amount: This refers to the total amount of Education Loan that you require. Fill in the desired loan amount.
  2. Loan tenure: Decide the duration over which you wish to repay your loan. This period represents the timeframe of your Equated Monthly Instalments (EMIs). Opting for a longer tenure reduces your EMI amount, while a shorter tenure increases it.
  3. Interest rate: Enter the preferred interest rate to accurately compute your repayment plan.

Benefits of Education Loan EMI Calculator

Explore the benefits of using an Education Loan EMI Calculator to make informed decisions and effectively manage your expenses:

Precise estimation

Precise estimation

Offers an accurate calculation of the EMI.

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Financial planning

Financial planning

Helps in planning finances effectively by estimating the repayment obligations.

240
Convenience

Convenience

Offers an easy and hassle-free way to calculate your Loan repayments anytime, anywhere.

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Smart choices

Smart choices

Empowers you to make wise decisions by illustrating the long-term effects of your Loan.

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Education Loan Calculator FAQs

What is an Education Loan EMI Calculator?

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

How much tax can I save on an Education Loan?

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

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 fees and groceries, ensuring your spending aligns with your financial goals.

How do I calculate my living expenses?

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

How can I create my budget as a student?

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

Is an Education Loan interest free?

No. Education Loans usually come with certain interest charges. However, you can use an Education Loan Interest Calculator to estimate the amount of interest you will need to repay over the duration of the loan. ICICI Bank offers competitive Education Loan interest rates for both domestic and international universities, making it more feasible to manage the repayment once you complete your education.

Can I get an Education Loan of ₹ 20 lakh without collateral?

Yes. Obtaining an Education Loan without collateral for amounts up to ₹ 20 lakh is possible based on the bank’s policies. ICICI Bank offers Education Loans up to ₹ 1 crore for premium institutes.