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Canara Bank ₹10 lakh Education Loan EMI for 7 Years
At the advertised starting rate of 7.5%, the EMI is about ₹15,338 a month, with total interest of about ₹2,88,415.
Source: Canara Bank official page, checked 2 November 2026.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Prepayment options (optional): pay extra to finish sooner
EMI at higher rates
| Rate | EMI | Total interest | Total payment |
|---|---|---|---|
| 7.5% (starting) | ₹15,338 | ₹2,88,415 | ₹12,88,415 |
| 8% | ₹15,586 | ₹3,09,242 | ₹13,09,242 |
| 8.5% | ₹15,836 | ₹3,30,265 | ₹13,30,265 |
| 9% | ₹16,089 | ₹3,51,483 | ₹13,51,483 |
| 9.5% | ₹16,344 | ₹3,72,894 | ₹13,72,894 |
Year-by-year repayment schedule at 7.5%
How much of each year's payments goes to principal and to interest, and what you still owe at the end of the year. Use the calculator above for a month-by-month view and prepayment options.
| Year | Principal | Interest | Paid | Balance left |
|---|---|---|---|---|
| Year 1 | ₹1,12,887 | ₹71,172 | ₹1,84,059 | ₹8,87,113 |
| Year 2 | ₹1,21,651 | ₹62,408 | ₹1,84,059 | ₹7,65,461 |
| Year 3 | ₹1,31,095 | ₹52,964 | ₹1,84,059 | ₹6,34,366 |
| Year 4 | ₹1,41,273 | ₹42,787 | ₹1,84,059 | ₹4,93,094 |
| Year 5 | ₹1,52,240 | ₹31,819 | ₹1,84,059 | ₹3,40,854 |
| Year 6 | ₹1,64,059 | ₹20,001 | ₹1,84,059 | ₹1,76,795 |
| Year 7 | ₹1,76,795 | ₹7,264 | ₹1,84,059 | ₹0 |
Frequently asked questions
What is the EMI for a ₹10 lakh Canara Bank education loan for 7 years?
At Canara Bank's starting rate of 7.5% the EMI is about ₹15,338 a month. If your offered rate is 8.5% it would be about ₹15,836.
How much total interest will I pay?
At 7.5% the total interest over 7 years is about ₹2,88,415, so you repay about ₹12,88,415 in all.