Calculate your Education Loan EMI & Total Interest Due
Monthly amount paid to your Education Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
The EMI Calculator (as displayed above) is a simple online tool that helps, as is obvious from the name, calculate your education loan’s Equated Monthly Installments (EMI). While the conventional means of completing this task may be deemed as tedious, time consuming and subjective, the same is accomplished quickly, accurately and with minimal inputs when this very friendly online tool is used.
Like they say, when in doubt, ask the expert. BankBazaar is a proven resource for all banking and finance related concerns and has been a steady influencer as a premier online banking products comparison website. When it comes to helping you find the perfect education loan in India, BankBazaar doesn’t want to leave any stones unturned. Thus, the education loan interest calculator is designed as a personal assistant, helping you simplify the tedious work associated with EMI calculations when it comes to education loans in India. Importantly, BankBazaar doesn’t treat educational loans as a ‘seasonal’ product, thereby ensuring that all the information and help you find on the website is constantly updated and ready for consumption.
Quoting an oft repeated expression, using the education loan interest calculator from BankBazaar is akin to child’s play. The interface is immensely simple and the tool is tuned to be user friendly, time saving and highly scalable. This comprehensive educational loan interest calculator will require the following inputs-
After the above mentioned inputs and the final push of the ‘Calculate’ button, the EMIs applicable to your educational loan in India, alongside other details such as information on amortization, are spread before you. The process took mere seconds from start to finish and highlights the reliable efficiency of the education loan calculator from BankBazaar.
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. The educational loan calculator from BankBazaar is free to use, remember?
This is a very handy option and will greatly reduce the repayment load off your able shoulders. If you come into some unexpected (or planned, both options work) cash, the same can be used as additional repayment in favor 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, is information driven, is customizable 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.
BankBazaar is committed to simplifying complex banking products for the ready consumption of the regular folk. In this light, people looking out for the finer details about education loans in India will find answers to all their requirements here. In an effort to enhance this smooth user experience, BankBazaar has appended value added additions, inclusive of the education loan repayment calculator, on the website, to provide its users a complete 360* experience when it comes to this crucial resource. Backed up by robust customer support and an innovation themed mind set, BankBazaar is determined to treat education loan as more than just a ‘seasonal’ product that attracts the highest attention through the crucial college admission season. Thus, 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.
Short for Equated Monthly Instalment, an EMI is the agreed upon fixed monthly repayment amount that the borrower of the loan must repay to the lender. The EMI consists of two parts- the principal amount and the applicable interest.
Fair warning, some boring Maths coming up. 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 installments. As is obvious, manual EMI calculation is somewhat complicated, time consuming and very monotonous. Enter BankBazaar’s friendly education loan EMI calculator and the entire process is cut short to mere seconds.
No problem. You can confirm upon this detail by checking out the documents accompanying your loan application, or consult the bank directly. The educational loan calculator featured on BankBazaar requires the input of the processing fee to correctly calculate the applicable EMIs.
No. BankBazaar is offering this education loan interest calculator as a courtesy to its users and not as a proxy vehicle to offload any financial product. Usage of this free tool is minus any strings attached- now and forever.
Not a problem. This tool 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.
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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.
Posted on 27th June 2016
Chief Minister of Jharkhand, Raghubar Das has directed banks and financial institutions in the state to increase the cap on education loans provided without security from Rs.4 lakhs to Rs.7.5 lakhs. This new loan quantum will be applicable for students from Scheduled Tribes and Backward communities in the state.
Addressing the 55th review meeting of the state Level Bankers’ Committee on 11th May, he recognized the banks for their work under the MUDRA scheme. He was of the opinion that employment is a key tool to eradicate poverty and banks’ have a big role to play by ensuring distribution of education loans to the needy.
Posted on 25th February 2016
At an awareness programme held for the Arivu Educational Loan Scheme, The Minister of Municipal Administration and Minority Affairs, Qamarul Islam, said that this scheme has benefited many students. The Arivu Scheme has enable a large number of students coming from minority communities to pursue higher education. Over the last two years, 4,857 students from minorities in Karnataka had reaped the benefits of this educational loan. The loan is extended with a 2% service charge. The loan becomes repayable after the course is complete. The scheme has given out Rs. 113 crore to students to enable them to pursue engineering, medicine and other professional courses. Over the next five years, the State Government has proposed to allot Rs. 500 crore towards the Karnataka Minorities Development Corporation. This will enable the corporation to extend its financial assistance to more students.
Posted on 1st February 2016
Banks are offering attractive interest rates and better loan terms for women borrowers. Both public sector and private banks are offering special loans for women that includes home loans, vehicle loans, educational loans and unsecured loans. Banks also offer special benefits on loans where the women is named co-borrower. On home loans, SBI and ICICI Bank offer interest rates for women at 5 basis points lower. This amounts to a significant benefit with in the long run. Andhra Bank and Mahindra Bank offers special loans for women buying vehicles. Business loans for women also carry special benefits and interest rates to encourage women entrepreneurs. Syndicate Bank offers great deals on personal loans. Women also get attractive loans for buying furniture, electronic items and furniture and kitchen renovations.
Posted on 4th January 2016
Chief Minister of Bihar, Mr. Nitish Kumar, has announced that Bihar must now focus on improving its literacy rate. Currently, as per the census reports, Bihar has the lowest literacy rate, standing at 63.82%. The state that has the highest literacy rate in India is Kerala, that reports a 93.93% literacy rate. The CM aims to make Bihar one of the top 5 states in India, in terms of literacy, by providing credit cards to students who are from financially weaker sections of the society. The CM also stipulated that an education loan of maximum Rs. 4 Lakh will be offered to students who wish to pursue higher education.
Posted on 14th December 2015
The Pune Income-tax Appellate Tribunal has announced that it will allow tax deductions on the interest rates paid for education loans. This will be applicable on education loans procured for higher studies abroad. This move will be welcome by parents who have availed education loans for their children studying overseas. According to the 2015 `Open Doors Report, the number of Indian students pursuing education in the US has seen a rapid growth. The figures recorded include an increase of 29.4%, which translates to 1, 32,888.
Posted on 8th December 2015
Aspiring students wishing to pursue their education abroad can now use the mobile application, Stuforia, to receive guidance regarding visa processing, college, study location, accommodation and even for getting education loans. The Stuforia app carries information on 800 US based colleges including details regarding courses, fees, cut-off marks and accommodation. This mobile application has been introduced by Venba Ventures, which is a travel consultancy firm based in Chennai. Stuforia also gives information on competitive examinations, eligibility, deadlines, fees, score range. templates, visa, education loans, insurance, sim cards, etc. The app is intended to provide a simple, one-stop platform for students applying for higher education abroad. Users of this application will have a dashboard to organise information, mark-sheets, shortlist universities, preserve documents and passport details. Students can easily identify a preferred college in the US to pursue their education, like any ‘Do It Yourself’ service. Venba Ventures also plans to establish tie-ups with universities in the US. Going forward, students can make payments to universities and agencies using the Stuforia application.