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Canara Bank ₹20 lakh Education Loan EMI for 10 Years
At the advertised starting rate of 7.5%, the EMI is about ₹23,740 a month, with total interest of about ₹8,48,842.
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) | ₹23,740 | ₹8,48,842 | ₹28,48,842 |
| 8% | ₹24,266 | ₹9,11,862 | ₹29,11,862 |
| 8.5% | ₹24,797 | ₹9,75,657 | ₹29,75,657 |
| 9% | ₹25,335 | ₹10,40,219 | ₹30,40,219 |
| 9.5% | ₹25,880 | ₹11,05,541 | ₹31,05,541 |
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 | ₹1,39,619 | ₹1,45,265 | ₹2,84,884 | ₹18,60,381 |
| Year 2 | ₹1,50,458 | ₹1,34,426 | ₹2,84,884 | ₹17,09,923 |
| Year 3 | ₹1,62,138 | ₹1,22,746 | ₹2,84,884 | ₹15,47,785 |
| Year 4 | ₹1,74,725 | ₹1,10,159 | ₹2,84,884 | ₹13,73,060 |
| Year 5 | ₹1,88,290 | ₹96,594 | ₹2,84,884 | ₹11,84,770 |
| Year 6 | ₹2,02,907 | ₹81,977 | ₹2,84,884 | ₹9,81,862 |
| Year 7 | ₹2,18,660 | ₹66,225 | ₹2,84,884 | ₹7,63,203 |
| Year 8 | ₹2,35,635 | ₹49,250 | ₹2,84,884 | ₹5,27,568 |
| Year 9 | ₹2,53,928 | ₹30,957 | ₹2,84,884 | ₹2,73,641 |
| Year 10 | ₹2,73,641 | ₹11,244 | ₹2,84,884 | ₹0 |
Frequently asked questions
What is the EMI for a ₹20 lakh Canara Bank education loan for 10 years?
At Canara Bank's starting rate of 7.5% the EMI is about ₹23,740 a month. If your offered rate is 8.5% it would be about ₹24,797.
How much total interest will I pay?
At 7.5% the total interest over 10 years is about ₹8,48,842, so you repay about ₹28,48,842 in all.