Already repaying your education loan? This calculator shows you exactly how much faster you can pay it off — and how much interest you save — by making extra payments. Enter your current outstanding balance, interest rate, current EMI (or remaining tenure), and your extra payment options. The calcul...
CURRENT LOAN DETAILS
Current EMI: ₹12,668/month · Remaining interest (min): ₹5.20 L
EXTRA PAYMENT OPTIONS
e.g. salary bonus, appraisal increment, gift money
BEST STRATEGY (BOTH COMBINED)
4yr 5mo faster
Save ₹2.50 L in interest
PAYOFF TIMELINE COMPARISON
2yr faster · ₹1.14 L saved
3yr 7mo faster · ₹2.03 L saved
4yr 5mo faster · ₹2.50 L saved
✓ Best: Pay off 4yr 5mo early · Save ₹2.50 L in interest
Extra ₹2,000/mo + ₹50,000/yr lump sum
TOTAL INTEREST PAID
BALANCE OVER TIME (MIN. ONLY)
Reducing balance · Extra payments go directly to principal
Enter your current outstanding balance (check your latest loan statement), the annual interest rate, and either your current EMI or remaining tenure in months.
Enter your extra monthly payment — even Rs 500–1,000/month extra can save months of repayment. The calculator shows the new payoff date and total interest saved.
Enter an annual lump sum — for example, your annual salary bonus. You can also specify which month of the year you receive it (e.g. March for financial year-end bonus).
The comparison table shows all 4 strategies: minimum only, extra monthly, lump sum only, and both combined — with payoff months, interest saved, and months saved for each.
Priya has Rs 10,00,000 outstanding on her education loan at 9%, with 10 years (120 months) remaining. Current EMI: Rs 12,668/month. Strategy 1 (minimum only): 120 months, total interest Rs 5.20L. Strategy 2 (Rs 2,000 extra/month): 96 months (2 years early), interest saved Rs 1.14L. Strategy 3 (Rs 50,000 annual lump sum): 77 months (3.6 years early), interest saved Rs 2.03L. Strategy 4 (both combined): 67 months (4.4 years early), interest saved Rs 2.50L. Paying just Rs 2,000 more per month saves over Rs 1 lakh in interest.
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Extra payments reduce principal directly · Reducing balance method · Check prepayment penalties with your lender before large prepayments · Section 80E interest deduction: old regime, up to 8 years · Last updated: 29 April 2026 · Eagle-eyed accuracy for every calculation.