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.
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.