MoneyLens/Education loans/Sample education loan

MoneyLens / Education loans

Your education loan, explained.

Education loan · Tapti Vidya Loan · Tapti Bank Ltd · ••••7302

Illustrative

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

What Myra found for you

From your documents · each figure opens its finding

You could save

Your choice: options, not added together

Six questions, answered

Tap an answer for the detail

01Product identity

ProductTapti Vidya Loan
LenderTapti Bank Ltd (bank)
CourseB.Tech (4 years) · India
Sanctioned20 Jun 2025
Loan••••7302
DocumentsSanction letter · Loan statement

02What this is

03Key numbers

Loan running

Sanctioned

₹4,00,000

₹2,00,000 paid out

Rate a year

9.25%

Floating · EBLR

Interest while studying

₹83,250

Added to the loan

EMI

₹3,627

120 months

Total interest

₹2,35,183

Studies and repayment

04Important findings

Most important first · tap to expand

CSIS pays all the interest during the course and moratorium on up to ₹10,00,000 for families earning up to ₹4,50,000 (approved technical and professional courses at recognised institutions in India, once). PM-Vidyalaxmi pays 3% of it on up to ₹10,00,000 for families earning up to ₹8,00,000, for merit admissions at the listed quality institutions, on loans sanctioned from 6 Nov 2024. A student can't get both for one course. Both go through the bank and the PM-Vidyalaxmi portal, and generally can't be claimed afterwards. Whether your course and institution qualify is to check.

Sanction p.1, Loan · Sanction p.1, Interest

08What Myra could not verify

Nothing essential is missing.

09Suggested questions

05What you're committing to

Interest builds up while studying and is added to the loan
₹3,627 a month for 120 months after the moratorium
Your parent owes it equally

06What can change

RateMoves with its benchmark, during studies too
PayoutsEach payout adds to the loan from its date
TaxDeduction for 8 years from the year you start paying interest; old regime only

07Closing the loan

Repaying earlyNo charge allowed on a floating rate
After repayingSecurity released and a no-dues letter issued
Co-borrowerReleased from liability once it's repaid