ICICI Bank Education Loan Calculator

How the ICICI Bank Education Loan Calculator Works

The calculator runs on the standard EMI formula that every lender uses. It needs three things from you: how much you are borrowing, the rate you have been offered, and how long you plan to repay it.

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

Where:

• EMI is the Equated Monthly Instalment
• P is the principal, the amount you borrow
• R is the monthly interest rate, worked out by dividing the annual rate by 12 and then by 100
• N is the total number of monthly instalments across the tenure

The monthly conversion is an important step in the calculation. An annual interest rate of 10.5% cannot be entered as 10.5 in the formula. It must first be converted to a decimal and then divided by 12. Therefore, 10.5% becomes 0.105 ÷ 12 = 0.00875 per month.

Steps to Calculate Your EMI

The EMI can be calculated in four simple steps.

• Step 1: Make sure you know the loan amount that you require after taking into consideration your margin money and scholarship.
• Step 2: The monthly interest rate can be calculated by dividing the annual rate with 12 and 100.
• Step 3: Calculate the total number of instalments by multiplying the number of years in repayment with 12.
• Step 4: You can now use the above figures to calculate your EMI, the total interest you pay and total repayment amount using the EMI formula.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

Factors Influencing Your ICICI Bank Education Loan EMI

There are some factors that influence your monthly EMI. They are:

• Loan Amount: The higher is the amount of loan, the higher is the EMI.
• Interest Rate: As on end of quarter of March 2026, education loan interest rates were between 9.00% to 13.00% per annum at ICICI, the average being 10.54% per annum. 
• Collateral: Collateral helps get you a good interest rate.
• Tenure: Higher the tenure, lower will be your EMI but in terms of overall interest, you will pay considerably more. 
• Interest Paid During Moratorium Period: Paying interest during the moratorium period prevents your principal amount from swelling up. Not doing so results in a higher future EMI.
• College and Course: ICICI charges as per ranking of the educational institute and course type. Top rated institutes usually fetch a lower rate than any other average institution.

In case the EMIs are too high, there are other investment options that individuals could consider such as child education plans, equity mutual funds or other investments to build a corpus and reduce the loan amount.

How to Use the ICICI Bank Education Loan Calculator

The calculator needs three inputs to display a result.

• Loan Amount: Enter what you plan to borrow after deducting margin money and any scholarship.
• Interest Rate: Enter the rate quoted to you. Do not use the lowest published figure unless that is what you have actually been offered.
• Tenure: Determine the appropriate tenure for repayment depending upon the loan agreement and moratorium period. 

You can now see the monthly EMI, total interest payable, and total repayment amount. It would be beneficial if you did the same calculation using the rate of interest 1% higher than the prevailing one to find out the impact of that on the total repayment amount.

Conclusion

Using the ICICI Bank Education Loan Calculator, you can easily calculate the actual cost of repayment of a loan before you take it. This calculator can serve as a good tool for planning repayment and formulating an investment strategy for fulfilling your financial requirements.