An education loan is calculated based on the loan amount, interest rate, and loan term. The interest rate varies depending on the lender and loan amount, ranging from 8.15% to 11.75% per annum in India. To determine the monthly EMI, borrowers can use online education loan EMI calculators provided by banks. The interest paid on the loan is tax-deductible under Section 80E for up to 8 years from the start of repayment.

To get a student education loan easily, follow these steps:

• Research and compare loan options from various banks and financial institutions.
• Check your eligibility criteria, such as age, academic background, and course of study.
• Gather necessary documents, including proof of identity, address, income, and admission to the educational institution.
• Apply for the loan online or visit the bank branch with the required documents.
• Provide collateral or a co-signer (usually parents) to increase your chances of loan approval.

Wait for the bank to process your application and disburse the loan upon approval.

Student loan interest rates vary depending on the bank, loan type, and current RBI guidelines. The average interest rates for education loans range from 8.15% to 11.75% per annum. Some banks offer differential interest rates based on the loan amount, with lower rates for higher loan amounts. It's essential to compare interest rates from multiple banks and choose the most competitive offer.

The documents required for a child education loan include:

• Proof of identity and address for the student and co-applicant/guarantor, such as a passport, Aadhaar card, or PAN card.
• Academic records, such as 10th and 12th result, graduation result, and entrance exam results.
• Proof of admission, such as an offer letter or admission letter from the institution.
• Statement of cost of study or schedule of expenses.
• College or course prospectus (if available).
• Income proof for the co-applicant/guarantor, such as salary slips, Form 16, or IT returns.
• Bank account statements for the co-applicant/guarantor.
• Property or other security documents (if applicable).
• Vidya Lakshmi Portal details.
• Cheque or other payment method for the processing fee.

Student loan interest is not charged monthly. Instead, it is calculated and compounded annually, with repayment starting after a moratorium period that typically covers the course duration plus a certain period after completion. Interest rates for education loans in India can range from 7.95% to 16%, depending on factors such as the lender, loan amount, course, and tenure.