MoneyLens · Education loans

Your education loan, explained.

A loan for studies in India or abroad, from a bank or an NBFC: how much interest builds up while you study and what paying it saves, the EMI after the moratorium, the tax deduction on the interest, government interest subsidies, and charges worth checking, worked out by code from your own sanction letter.

Interest while studying8-year tax deductionCSIS · PM-Vidyalaxmi

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Check your education loanPrivate

A fee remittance advice (for study abroad) can be added to the same check. Myra asks for your tax slab and family income separately; they're never read from documents.

Or see a sample: which education loan?

Open the sample report →

Loan numbers are kept as the last 4 digits only; co-borrowers are recorded by relationship, never by name. Once a document is read you can delete it and keep only the figures.

What you see first

Your loan, at a glance.

Open the full report →

Education loan · India · Bank

Sanction20 Jun

Interest building up

₹83,250

added to the loan on 30 Jun 2030

Paid out

₹2,00,000

of ₹4,00,000 sanctioned

EMIs start

30 Jun 2030

in 44 months

EMI

₹3,627

for 120 months, on what's paid out so far

50% of the loan paid out₹2,00,000 still to come

An education loan of ₹4,00,000 from Tapti Bank Ltd at 9.25% a year (floating), for study in India. Interest builds up while studying (about ₹83,250) and is added to the loan; EMIs start on 30 Jun 2030 and run 120 months. The interest is tax-deductible for 8 years under the old regime.

Myra's most important observations

Six questions, answeredSample: studying in India · Tapti Bank Ltd

Q1How much interest builds up while I study?₹83,250added to the loan by 30 Jun Q2What will the EMI be?₹3,627for 120 months from 30 Jun Q3What does paying interest while studying save?₹55,649overall, with the 0.50% concession Q4How much tax can I save?₹1,42,789interest deductible over 8 years Q5Is there an interest subsidy?₹27,000PM-Vidyalaxmi, if eligible Q6What can Ask Myra help me with?4 answers readyCited from your documents

What Myra finds

In rupees, from the documents.

On the samples: money you may be owed, could save, or have at risk. Each figure is a finding's own, with its calculation and source; options are never added together.

You may be owedUp to ₹5,000TCS collected: refundable, or claimed in your tax returnSample: Studying abroadOpen →You could save₹7,80,419Paying the interest while studyingSample: Studying abroadOpen →

01 · Interest while studying

Let it build up, or pay it?

Move the loan, the rate, the months until EMIs and any concession. See the EMI and the interest in all, both ways. Free, no sign-in.

Interest while studying: let it build, or pay it?

Prefilled from Sanction p.1, Loan · Sanction p.1, Interest · Sanction p.1, Repayment

Loan₹4,00,000

Rate a year9.25%

Months until EMIs start44 months

Repaid over120 months

Concession if paid while studying0.50%

Left to build up · yours

₹4,23,098

₹1,35,734 added · EMI ₹6,859

Paid while studying

₹3,29,966

₹2,917 a month now · EMI ₹5,013

Left to build up: interest in all₹4,23,098

Paid while studying: interest in all₹3,29,966

Difference₹93,133

Paying while studying costs ₹2,917 a month now; on these figures it means ₹93,133 less interest overall and an EMI ₹1,846 lower. Many students part-pay: any amount paid stops that much from building up.

Assumptions & limits. ₹4,00,000 paid out today, EMIs starting in 44 months, repaid over 120 months at 9.25% a year. Left to build up: simple interest, added to the loan when EMIs start. Paid while studying: simple interest each month at 8.75% (the 0.50% concession). In practice the loan is paid out in parts, each earning interest from its own date, so the real figures are lower than this all-at-once picture.

02 · On every education loan

Eight checks, one report.

Each one runs only when your documents support it, cites the line it used, and says what's still to confirm.

— 01Interest while studyingFrom each payout to the first EMI: what builds up and is added to the loan.

Sample: Studying in IndiaOpen →

— 02Paying it while studyingWhat it saves overall and on the EMI, with any concession for paying.

Sample: Studying abroadOpen →

— 03The EMI, rebuiltOn what's paid out plus the interest added, against the EMI the lender prints; with a ready email.

Sample: NBFC loanOpen →

— 04The tax deductionInterest deductible in full for 8 years (old regime): year by year, and the tax saved at your slab.

Sample: RepayingOpen →

— 05Interest subsidiesCSIS and PM-Vidyalaxmi for study in India: what they could cover, from your family income.

Sample: Studying in IndiaOpen →

— 06Security and co-borrowerCollateral against the banks' model scheme thresholds, and what a co-borrower takes on.

Sample: Studying abroadOpen →

— 07Repaying earlyNo charge allowed on a floating rate; with a ready email if one is printed.

Sample: NBFC loanOpen →

— 08TCS on fees abroadNone on loan-funded fees from Apr 2025; flagged if collected, with a ready email.

Sample: Studying abroadOpen →

03 · Tax on the interest

Eight years of deduction.

The interest each year, deductible in full under the old regime, and the tax saved at your slab.

Tax on the interest: the 8-year deduction

Prefilled from Calculated by Myra

Tax saved over 8 years

₹82,337

at 30% with cess, estimate

Interest deductible

₹2,63,902

FY 2025-26 to FY 2032-33

FY 2025-26₹15,159

FY 2026-27₹18,238

FY 2027-28₹15,772

FY 2028-29₹13,055

FY 2029-30₹10,060

FY 2030-31₹6,760

FY 2031-32₹3,124

FY 2032-33₹170

Assumptions & limits. Interest on an education loan is deductible in full for 8 years from the year you start paying interest (section 80E), under the old regime only, by the person who took the loan and pays it from income taxed in India. Each year's interest is from the reducing balance. Tax saved is at the slab you choose with 4% cess; the real figure depends on your total income and deductions, and whether the old regime suits you overall.

India-specific rules

Rules, not search results.

RBI's rules, the income-tax rules and the government schemes, applied by the date of your loan. Myra never calls a figure wrong without saying which rule and which line of your documents it used.

Area	What Myra checks on your loan
Tax deduction	Interest on a higher-education loan is deductible in full for 8 years from the year you start paying interest (section 80E; section 129 of the 2025 Act from Apr 2026), old regime only.
Banks' model scheme	No security up to ₹4 lakh; a third-party guarantee to ₹7.5 lakh; collateral above. Repayment starts a year after the course, over up to 15 years. Banks vary; NBFCs set their own terms.
Interest subsidies	For study in India through banks: CSIS pays all the interest while studying for family income up to ₹4.5 lakh; PM-Vidyalaxmi pays 3% for income up to ₹8 lakh (loans from Nov 2024, listed institutions).
Repaying early	No prepayment or foreclosure charge on floating-rate loans to individuals for non-business purposes.
Rate changes	A floating rate follows its benchmark; at a reset the lender must offer a longer tenure, a higher EMI or a switch to fixed.
TCS on fees abroad	From 1 Apr 2025, none on fees sent abroad that an education loan from a financial institution pays for.
Complaints	Banks and NBFCs: the RBI Ombudsman, if the lender doesn't resolve it within 30 days.

Applied bySanction dateIndia or abroadBank or NBFCRule effective date

Ask Myra

Questions students and parents actually ask.

Answered from your documents, with the line, the calculation and what's still unconfirmed. Drafts an email to the lender when one would help; you send it.

Know what your education loan really costs.

Education loans for study in India or abroad, from banks and NBFCs. The samples use invented lenders.

See a sample report