Education Loan Comparison Calculator
Education loans support higher studies in India or abroad. Compare up to three education loan options with Loanpao’s advanced calculator to find the most affordable deal for your academic journey.
Compare Education Loans
What Is Education Loan Comparison?
Education loan comparison involves evaluating multiple loan offers based on loan amount, interest rate, tenure, and repayment terms to identify the most cost-effective option for funding higher education, whether domestic or international.
How To Use Education Loan Comparison Calculator
To use the education loan comparison calculator, follow these steps:
- Enter the loan amount, interest rate, and tenure for up to three education loans.
- Click "Compare Loans" to view EMI, total interest, and total repayment for each loan.
- Review the results table and chart to choose the best loan option.
How Is Education Loan Comparison Calculated?
The comparison is based on the EMI formula: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where:
- P = Loan amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Loan tenure in months
For example, for a ₹10,00,000 loan at 10% interest for 10 years:
- Monthly rate = 10% / 12 / 100 = 0.008333
- Months = 10 * 12 = 120
- EMI = 10,00,000 × 0.008333 × (1+0.008333)^120 / [(1+0.008333)^120 - 1] ≈ ₹17,531
- Total Repayment = 17,531 × 120 ≈ ₹21,03,720
- Total Interest = 21,03,720 - 10,00,000 = ₹11,03,720
The calculator compares these metrics across multiple loans.
Education Loan Comparison Criteria
| Criteria | Details |
|---|---|
| Interest Rate | Lower rates reduce EMIs and total interest paid. |
| Loan Tenure | Longer tenures lower EMIs but increase total interest. |
| Moratorium Period | Loans with moratorium periods delay repayment until studies are complete. |
| Course Type | Rates may vary for domestic vs. international courses. |
Frequently Asked Questions
Comparing education loans helps you find the most affordable option, saving on interest and fees over the loan term.
Key factors include interest rates, loan tenure, moratorium periods, and course type (domestic or international).
Yes, this calculator allows comparison of loans with different tenures, but note that moratorium periods may affect repayment schedules.