ICICI Education Loan EMI Calculator

The ICICI Education Loan EMI Calculator is an easy-to-use tool designed to help students and parents estimate the monthly installment (EMI) for their education loans. Whether you are planning to study in India or abroad, this calculator simplifies financial planning by providing clarity on repayments.

What is an Education Loan EMI?

An EMI (Equated Monthly Installment) is the fixed amount a borrower pays every month to repay the education loan. It includes both principal and interest components and is paid over a fixed tenure.

Formula Used for EMI Calculation

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

P = Loan Amount
R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
N = Loan Tenure in Months

How to Use the ICICI Education Loan EMI Calculator

Visit the official ICICI Education Loan EMI Calculator.
Enter the education loan amount you intend to borrow.
Input the loan tenure (number of years/months).
Provide the applicable interest rate.
Click “Calculate” to view your EMI, total interest, and repayment amount.

Benefits of ICICI Education Loan EMI Calculator

Instant EMI calculation with accurate results
Helps you understand your financial obligation before applying for the loan
User-friendly interface suitable for students and parents
Free to use with no login or signup required

ICICI Bank Education Loan Highlights

Loan Amount: Up to ₹1 crore for studies abroad and ₹50 lakhs for studies in India
Interest Rate: Starting from 9.00% p.a. (subject to change)
Tenure: Up to 10 years with flexible repayment options
Moratorium: Up to 6 months after course completion or job placement
Collateral-free loans available for select courses and institutions

Example Calculation

Suppose you take a loan of ₹10,00,000 for a 10-year tenure at an interest rate of 9.25% p.a. Your estimated EMI would be approximately ₹12,911. Total interest payable would be around ₹5,49,320 over the loan period.

FAQs

Q: Does ICICI offer education loans without collateral?

Yes, ICICI Bank provides unsecured education loans for specific courses and reputed institutions.

Q: Can I prepay my education loan?

Yes, ICICI allows part-prepayment and full prepayment without any penalty in most cases.

Q: Is there a tax benefit for education loan interest?

Yes, under Section 80E of the Income Tax Act, the interest paid on education loans is eligible for a tax deduction.

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