Education loan EMI calculator is used for calculating education loans monthly installments. Education loan is one of the most common loans taken by Indians. Education loan calculator benefits with user friendly interface and saves time on the other hand for EMI calculation. Here are the basic inputs required for using the education loan EMI calculator.
The loan amount lent by the financial institution to the borrower.
The tenure under which the borrower's loan is credited.
Rate of interest (in percentage) applied on the loan.
The processing fee applied on the loan. The borrower can enquire with his/her bank or financial institution if he/she is not sure about the processing fee. Or he/she can go through all the loan documents for confirming the processing fee.
There will be a block asking for the user to make pre-payments on the loan. Mark it 'yes' or 'no'.
Press on the 'calculate' button to complete the process.
When all the inputs are marked and are further processed for calculation, it will generate all the EMIs relevant with the user's education loan. Along with it, further details like information on principal loan repayment is provided with it.
Formula for EMI calculation: EMI Amount = [P x R X (1 + R) ^ N] / [(1 + R) ^N - 1]
Here, P stands for principal loan amount, R stands for interest rate and N stands for number of instalments (monthly). If the yearly interest rate is 11%, then the monthly rate of interest will be 11/ (11 x 100).
Do check our education loan eligibility calculator for knowing your loan eligibility.
Education loan EMI calculator benefits
The above mentioned four inputs namely the loan amount, the tenure, the processing fee and the interest rate is all what is required for calculating the education loan EMI.
The EMI calculation with rate of interest and tenure can be done in just few seconds.
The education loan calculator provides with various combinations of tenures and rate of interest from which the user can select the best suitable combination of their choice.
It is totally a free financial calculator for the users who access it from anywhere at any time on our website.