Education Loan EMI Calculator: Calculate Student Loan in India
Calculate the future value of your SIP investment
Loan Amount
Rate Of Interest
Loan Tenure
Summary
Based on the details provided, your monthly EMI is ₹11,355 for a principal loan amount of ₹10,00,000, with a loan tenure of 10 years and an interest rate of 6.5% per annum. The total interest payable over the loan tenure is ₹3,62,576, bringing the total repayment amount to ₹13,62,576.
Summary
Based on the details provided, your monthly EMI is ₹11,355 for a principal loan amount of ₹10,00,000, with a loan tenure of 10 years and an interest rate of 6.5% per annum. The total interest payable over the loan tenure is ₹3,62,576, bringing the total repayment amount to ₹13,62,576.
Total Investment Breakup
Lumpsum Investment
Interest Amount
Total Investment
| Year | Opening Balance (₹) |
Yearly Interest (₹) |
Yearly Principal (₹) |
Outstanding Balance (₹) |
|---|
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Education Loan EMI Calculator
Simplify Your Education Loan Planning
Taking an education loan is often necessary for financing higher education, but managing the repayment is just as important. An education loan EMI calculator helps borrowers estimate their monthly payments, making it easier to plan finances. In this guide, we’ll explain how the education loan EMI calculator works, its benefits, and factors to consider when planning loan repayment.
What is an Education Loan EMI Calculator?
An education loan EMI calculator is an online tool that helps you calculate your monthly repayment amount for an education loan. By entering the loan amount, interest rate, and loan tenure, the calculator provides you with an estimate of your monthly EMI.
How Does the Education Loan EMI Calculator Help You?
If you’re planning to take an education loan, knowing your monthly EMI is crucial for budgeting and financial planning. The calculator helps you determine how much you’ll need to pay each month, which can guide your decision-making process when choosing the right interest rates and lenders.
The education loan EMI calculator is easy to use, fast, and lets you try different combinations of loan amounts, interest rates, and tenures. Plus, it’s completely free to use.
Education Loan EMI Calculator: Key Features
- Accurate EMI Computation: The calculator provides a precise EMI amount, based on the input, thus eliminating guesswork and manual calculations.
- Financial Planning: Understanding your EMI helps in budgeting and ensures that loan repayments are manageable within your monthly income.
- Loan Comparison: By adjusting variables, you can compare different loan offers and choose the one that best fits your financial situation.
- Amortisation Schedule: Many education EMI calculators offer a breakdown of each EMI, showing the principal and interest components, aiding in a clear understanding of the repayment process.
How to Use the Education Loan EMI Calculator
Using the education loan EMI calculator is simple:
- Input Loan Amount: Enter the total amount you intend to borrow.
- Specify Interest Rate: Provide the annual interest rate applicable to the loan.
- Select Loan Tenure: Choose the duration you plan to repay the loan, typically months or years.
Upon entering these details, the study loan EMI calculator will instantly display the EMI amount. Some advanced calculators also offer features to input processing fees and prepayment options for a more comprehensive analysis.
How is EMI Calculated on an Education Loan?
To calculate the EMI (Equated Monthly Installment) of an educational loan, we use the following formula:
EMI = [P * R * (1 + R)^n] / [(1 + R)^n – 1]
Where:
- P = Principal loan amount
- R = Rate of interest (monthly rate)
- n = Loan tenure (in months)
Example:
Let’s see how this formula works with an example.
A student borrows an educational loan of ₹5,00,000 at an interest rate of 10% per annum for a tenure of 3 years. To calculate his EMI:
- P = ₹5,00,000
- R = 10% / 12 / 100 = 0.00833 (monthly interest rate)
- n = 3 years = 36 months
Using the formula, the EMI would be approximately ₹16,129.
This EMI will be the same for each month of the loan tenure unless the interest rate changes.
Advantages of Using an Education Loan EMI Calculator
- Quick and Accurate Results: The calculator provides instant estimates of your monthly EMI, saving you time and effort compared to manual calculations. It uses precise formulas, so the results are accurate.
- Helps with Financial Planning: By knowing your monthly EMI in advance, you can better plan your budget and ensure you can comfortably manage your finances during the loan tenure.
- Flexibility to Experiment: You can try different loan amounts, interest rates, and tenures to see how these factors affect your monthly repayment. This helps you choose the best loan option for your needs.
- Comparison of Loan Options: The calculator allows you to compare various loan terms from different lenders. You can adjust the inputs to see how the EMI changes, helping you choose the most affordable loan option.
- Free and Easy to Use: The education loan EMI calculator is free and easy to use. It doesn’t require any complex financial knowledge, making it accessible to everyone.
- Prevents Over-Borrowing: By understanding the EMI beforehand, you can avoid taking on a loan that might strain your finances, helping you borrow only what you can comfortably repay.
Disclaimers
The results provided by this calculator are for illustrative purposes only and are based on the inputs provided by the user, including the monthly or lump sum investment amount, expected rate of return, and the investment time period.
The calculator assumes a constant rate of return and does not account for market fluctuations. Therefore, the actual future value of the investment may differ from the estimated value.
smallcase makes no representations or warranties regarding the accuracy of the calculator’s results and is not responsible for any errors, omissions, or inaccuracies. The calculator does not consider taxes, fees, or other factors that may affect investment performance.
This calculator and the results generated are not intended as a solicitation to invest or as a recommendation for any particular investment product. Users are encouraged to consult with a qualified financial advisor before making any investment decisions.
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Frequently Asked Questions
Who is eligible for an education loan?
Eligibility criteria for education loans typically include:
- Nationality: The applicant must be an Indian citizen.
- Academic Qualification: Must have secured admission to a recognised institution in India or abroad.
- Age: Generally, applicants should be between 18 and 35 years of age during loan application.
- Co-applicant: A parent, guardian, or spouse with a stable income may be required as a co-applicant.
Note: Details may vary between specific banks offering education loans.
What is covered in an educational loan?
Education loans typically cover:
- Tuition Fees: Cost of the academic course.
- Accommodation: Hostel or boarding expenses.
- Examination and Library Fees: Additional institutional charges.
- Books and Equipment: Cost of study materials and necessary equipment.
- Travel Expenses: For studies abroad, travel costs may be included.
How does this calculator help me compare educational loan offers?
By inputting different loan amounts, interest rates, and tenures into the calculator, you can compare the EMI amount. This enables you to assess which loan offer aligns best with your financial capacity and repayment comfort.
Is education loan interest-free?
No, education loans are not interest-free. Interest is charged on the borrowed amount. However, some banks offer a moratorium period during the course duration plus a specified time after completion, where interest may accrue, but payments can be deferred.
How long does it take for a bank to decide whether to approve or reject a loan application?
The processing time varies across banks but generally ranges from a few days to a couple of weeks. It depends on factors like document verification, loan amount, and internal processing times.
Are there any tax benefits on education loans?
Yes, under Section 80E of the Income Tax Act, interest paid on education loans is eligible for tax deductions. This benefit is available for a maximum of eight years or until the interest is fully repaid, whichever is earlier.
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