Education Loan EMI Calculator

How Does the Education Loan EMI Calculator Help You? 

If you are interested in applying for an educational loan, you would choose to know how much monthly you would be providing into the EMI of the loan. You can apply to selected banks and preferred interest rates after you know how much will be spent there. You could arrange your monthly budget in addition to that. You may get help with it by using the education loan EMI calculator, which is easy to use, extremely quick, allows you to test different combinations, and is totally free. 

Advantages of Using an Education Loan EMI Calculator

There are several advantages to using this calculator, which are outlined below: 

1. You can quickly see how much you would have to pay each month by using the educational loan EMI calculator 

1. A clear image of the EMIs you will be paying each month will be displayed to you 

1. It will support you in setting up a spending plan and saving for your future financial objectives 

1. The education loan EMIs that you have already paid off are displayed on the amortization schedule 

1. You will also be able to estimate the amount of principal that remains due on the loan. This will assist you with money management 

1. This calculator is also available for free and can be used from any location. 

Step-by-Step Guide to Using BankBazaar’s Education Loan EMI Calculator

The EMI Calculator is a simple online tool that allows you to calculate the Equated Monthly Instalments of your education loan (EMI). While the traditional technique of completing this assignment may be laborious, time-consuming, and subjective, the process is accomplished quickly, accurately, and with minimal input when our user-friendly online tool is used.

The tool is designed to be user-friendly, time-saving, and highly scalable, with an extremely simple UI. The following information will be needed to use this thorough educational loan interest calculator:

• Loan Amount- Update the loan amount applicable to you by marking it on the highly responsive slider.
• Tenure- Similar to the step mentioned above, mark the tenure applicable to your loan on the succeeding slider.
• Interest Rate in %- In this field, update the interest rate applicable to your educational loan.
• Calculate- A final click on this button completes the process.

After the above-mentioned details are entered, click on ‘Calculate’. The EMIs applicable to your education loan in India, alongside other details such as information on amortization will be shown. The process took mere seconds from start to finish and highlights the reliable efficiency of the education loan calculator from BankBazaar.

Calculating Your Education Loan EMI: A Simple Guide

Mentioned below is the formula and an example to show how educational loan EMI is calculated. Formula:

This is the formula that is used to calculate the EMI of an educational loan.

EMI = [P*R*(1+R)^n]/[(1+R)^n-1]

P = The principal loan amount

R = The rate of interest per month (annual rate of interest divided by 12)

n = The loan tenure in months

Let's take an example to understand this better:

Suppose you take an educational loan of Rs. 5,00,000 with an interest rate of 8.5% per annum, to be repaid over a period of 5 years or 60 months.

First, we need to convert the annual interest rate to a monthly rate by dividing it by 12. So, the monthly interest rate would be 8.5%/12 = 0.7083%.

Next, we need to calculate the number of months, which is 60 in this case.

Now, we can apply these values to the formula:

EMI = [P x R x (1+R)^n] / [(1+R)^n-1]

EMI = [500000 x 0.7083% x (1+0.7083%)^60] / [(1+0.7083%)^60-1]

EMI = [500000 x 0.0059035 x 1.6675] / [1.6675-1]

EMI = 500000 x 0.0098392

EMI = Rs. 4,920.84

So, the EMI for this loan would be Rs. 4,920.84. This means you would need to pay this amount every month for 5 years to repay the loan.

In conclusion, by using the above formula and plugging in the correct values for the principal, rate of interest, and tenure, you can easily calculate the EMI for your educational loan.

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