The education loan EMI Calculator will help you understand how much EMI you will have to pay on your loan which will help you plan your finances better and ensure that you take a loan you can afford to repay in a stress-free manner. Just enter the current interest rate as well as the loan amount and repayment tenure required in the relevant fields to calculate
Monthly amount paid to your Education Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)1||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
An Education Loan EMI Calculator is a financial tool that helps you to calculate your monthly payments towards your education loan. The EMI calculator takes into account the principal loan amount, the interest rate, and the loan tenure to calculate the monthly payments.
The EMI calculation is based on the reducing balance method, which means that the interest is charged on the outstanding balance of the loan after each payment is made. Initially, a major portion of the EMI payment goes towards paying the interest, and a smaller portion goes towards repaying the principal. As the loan tenure progresses, the interest component reduces and the principal component increases.
The EMI calculator also provides an amortization table that shows the breakup of the EMI payment into principal and interest components for each year/month of the loan tenure. This table helps you to understand the repayment schedule and plan your finances accordingly.
In summary, an Education Loan EMI Calculator is a useful tool to help you plan your finances and understand the monthly payments towards your education loan. It takes into account the loan amount, interest rate, and loan tenure to calculate the EMI payment and provides an amortization table to help you track the repayment schedule.
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.
An Educational Loan EMI Calculator is an online tool that helps borrowers to calculate the monthly payments they will need to make towards their education loan.
There are several advantages to using this calculator, which are outlined below:
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:
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.
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 amount
R = The rate of interest
n = The tenure
To calculate the EMI for an educational loan, you can use the following formula:
EMI = [P x R x (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.
A salient feature of the education loan repayment calculator is that it is highly customizable to your specific needs and requirements. Hence, you can furnish varying values in the requested fields (amount, tenure, interest rate and processing Fee) to find custom results that help you understand the perfect configuration that works for you. Furthermore, it isn’t necessary to be a BankBazaar customer or someone with a done deal for an education loan to access this tool.
This is a very handy option and will greatly reduce the repayment load. If you come into some unexpected (or planned, both options work) cash, the same can be used as additional repayment in favour of your educational loan that directly eats into the principal repayment amount. If so, the updated EMIs can be calculated by simply appending the overall amount that you wish to prepay. The final calculation will now list the interest saved thanks to the reduction in the outstanding principal amount.
In simple terms, amortization relates to the systematic paying off of any debt that includes a pre-defined payment schedule inclusive of regular EMI payments over a pre-defined duration, that is also known as the loan tenure. When using the BankBazaar based EMI calculator for education loans, the detailed amortization schedule is displayed as part of the final EMI calculation. This detail is presented in a table format and is information-driven, customisable, and allows you to clearly understand everything that you need to know about the applicable interest rate, principal amount that needs to be repaid, loan tenure, outstanding loan amount, etc. These details are especially important to individuals who wish to pre-close their loan accounts.
In an effort to enhance this smooth user experience, the calculator comes with value-added additions, inclusive of the education loan repayment calculator, on the website, to provide its users with complete experience when it comes to this crucial resource. The website features regularly updated information that caters to the inquisitive reader and researcher. The education loan calculator for India is another beneficial spoke in this comprehensive offering, and an extension of BankBazaar’s commitment to offer its visitors, the very best.
The eligibility criteria that must be met in order to avail an education loan from Axis Bank are mentioned below:
The below-mentioned individuals can be the co-applicant:
The education loan can be increased only if there has been an extension of the course.
Yes, ICICI Bank provides the option to pre-close the education loan.
The equation is EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]. Herein, P= Principal loan amount, R= Applicable rate of interest, n= Number of monthly instalments.
You can confirm this detail by checking out the documents accompanying your loan application, or consulting the bank directly. The educational loan calculator requires the input of the processing fee to correctly calculate the applicable EMIs.
This education loan EMI calculator isn’t hardwired to any specific financial formulas or pre-determined inputs. All the calculations are based on inputs offered by you, at the specific time of usage. However, the limiting factors for this educational loan interest calculator will be the maximum loan amount and tenure that is maxed out at Rs.1 Crore and 30 years respectively.
No, the educational EMI calculator will provide both the interest rate and the EMI amount you would be paying each month. You can find out how much interest you'll be paying on your loan using the interest calculator for student loans.
Typically, a student loan will pay the cost of the course, lodging, and other associated costs.
You can adjust the interest rates provided by several sources to see which is ideal for you.
According to the Income Tax Act of 1961, you are in fact qualified to claim tax deductions if you have utilised a student loan. According to Section 80E of the Act, you may write off all of your interest payments made in a given fiscal year.
The number of times you can use an EMI calculator for student loans is unlimited. You don't need to worry about using the calculator because it won't lower your credit score.
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The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much I have to repay every month to clear my loan?”
Understanding EMIs and amortization tables is probably the most confusing part of the entire process of availing any kind of loan. The EMI, or Equated Monthly Instalment, is important because it signifies monthly outflows towards repayment of the loan.In order to calculate EMI for your loan, you should first understand its components:
The formula consists of using the loan amount, interest rate and tenure of the loan (in months): to find out your EMI (Equated Monthly Instalments)M = No of months to pay the loan
For example: You avail a home loan of Rs.5 lakhs and the bank disburses the loan in instalments of Rs.1 lakh each at each stage of completion of the house being funded. Once the first instalment is disbursed i.e.Rs.1 lakh, the borrower begins making interest payments. Pre-EMIs do not reduce the principal component of the loan amount..Advantages of Pre-EMIs
Here, EMIs i.e. interest + principal are repaid only once the entire loan amount is disbursed.Advantages of Full EMIs
If you plan to sell the house, or are expecting large income inflows orare anticipating higher returns from the property funded by the loan, it is better to opt for Pre-EMIs. However, if you are not sure and do not want to take any undue risks, Full EMIs are a better option.
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010. He bought a car for about Rs 5.95 lakh. He managed to do this by availing a car loan. The down payment he was required to pay was Rs 1.5 lakh and the remaining amount was funded by his auto financier. The car loan interest rate was 12% p.a. and the loan tenure was set at four years. As per the terms of the agreement, he currently pays a monthly EMI of Rs. 11,700. Manoj goes by the payment schedule as set out by the bank. But, how does he verify the amounts payable as per the schedule? Is there any way he can reduce or increase the EMI based on his financial situation?
Calculating EMIs can be confusing and tedious. There are many borrowers who find it hard to understand EMI calculations and Manoj is no exception. Most borrowers are unsure whether they are paying the right amount as EMIs; in many cases, the lenders themselves may have erred in their calculations.
The irony of it all it that EMIs are not that hard to understand. Using MS Excel, a very popular tool used the world over, anyone can easily calculate the amounts due as EMIs.MICROSOFT EXCEL FOR EMI CALCULATION
An Excel spreadsheet is a software specifically designed for mathematical calculations and performs calculations using a number of preset formulae. This makes it one of the most convenient tools to calculate and understand EMIs or repayment schedules.STEPS TO CALCULATE LOAN EMIs USING EXCEL
To calculate loan EMIs using Excel, you have to use the function ‘PMT’ . You will need to know the rate of interest (rate), the tenure of your loan (nper) and, the value of the loan or present value (pv). Apply this to the formula: =PMT(rate,nper,pv).Example:
If you were to choose a different frequency, say a quarterly payment schedule as opposed to monthly payments, all you would have to do is factor this into the formula to get the desired results.Example:
Its really as simple as plugging in data and receiving results, completely eliminating confusion and anomalies. This not only helps you as a borrower in choosing the right loan plan but also helps you adjust your EMIs according to your financial situation.
HDFC Bank offers various loan products meant for customers of different demographics and incomes. Calculating EMI on any of the loans can be done through a few simple clicks at BankBazaar which specializes in providing free financial services to customers and general visitors.
Availing loans can be a very tricky proposition if you don’t know the underlying details such as EMI amounts, interest rates, processing charges and amortization. You may be looking for a car loan, personal loan, or even a house loan, and the best place to begin your search starts from the Internet.
BankBazaar offers a dedicated EMI Calculator tool that will provide you with information regarding the loan break-up and amortization details. You can access this tool by following these steps:
Once you select an option as detailed above, you will be taken to a new page with different dynamic fields. To use the HDFC Loan EMI Calculator, please follow the steps outlined below:
Once you are done with filling the details, click on ‘Calculate’. The results will appear just below the ‘Calculate’ button. The results are shown in terms of ‘Your Monthly Car/Home/Personal Loan EMI’, ‘Loan Break-up’ and ‘Amortization Details’.
EMI Amount: The monthly amount you have to repay for your particular loan product, according to the details entered by you.
Loan Break-up: Loan Break-up section will show details such as the loan amount, total interest payable, processing fee, and the total repayable amount. The results are also shown aesthetically in graphical format.
Amortization: This result will show details of the amount to be paid at any point during the loan tenure such as principal paid, interest paid, outstanding balance, and total payment made.