|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
EMI calculator is a handy tool while you’re considering a applying for a loan. Education loan is a stepping stone to a higher education and a brighter future. EMI calculator for education loan can help you plan a smooth repayment process.
An online EMI calculator for education loan can transform complex repayment into a clear roadmap. This ensures that the students focus on their studies without worrying the finances. You can use our EMI calculator here to plan a hassle-free loan repayment.
You can calculate the EMI for education loan through manual calculations, using the formula
E = P x R x [(1+R)^N] / [((1+R)^N) - 1]
E = Equated Monthly Installments
P = Principal loan amount
R = Interest rate (monthly basis)
N = Loan duration or tenure in months
P = 15,00,000
R = 9%p.a. (0.0075)
N = 120 months (10 years)
EMI = 15,00,000 x 0.0075 x [(1+0.0075)^120] / [(1+0.0075)^120 - 1]
EMI = ₹19,001
Therefore, the calculated EMI for a 15 lakh education loan at an interest rate of 9% p.a. And loan tenure of 10 years is approximately ₹19,001.
This is a common formula used to calculate EMIs for all types of loans. By using it, you can calculate the your monthly installments and see which interest rate, tenure and loan amount is best suited for you.
You can also make use of an online EMI calculator for convenience and meet accuracy.
An EMI calculator is the best and most convenient way to calculate the EMI for education loan. To Buddy Loans’ education loan EMI calculator, follow these steps:
Step 1: Enter the loan amount.
Step 2: Enter the Interest rate offered by the lender that you choose.
Step 3: Enter your feasible repayment tenure in months.
Step 4: Your estimated monthly EMI, Principal amount, Total Interest, and Total amount payable is displayed with a Pie Chart.
Using an EMI calculator for education loan is a good practise. This can have certain benefits for the borrower. Some benefits of student loan EMI calculator are:
Yes, online EMI calculator will give you and accurate result for your educational loan.
Yes, insert variables like loan tenure, interest rate, and principal amount in the EMI calculator and compare various EMIs as per your preference.
Yes, an Education Loan EMI Calculator can provide a repayment schedule, showing monthly EMI amounts and their breakdown of principal and interest, helping you plan your payments and understand the total loan cost.
EMI for 10 lakh personal loan depends on various factors that include interest rate, loan tenure along with the principal amount.
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