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Education Loan Calculator

Dec 15, 2018, 03.56 AM IST
Education Loan

Education Loan EMI

CALCULATOR

Calculate EMI of your Education loan and your loan repayment schedule in regular installments over a period of time within a minute

Start

Education Loan EMI

CALCULATOR

Enter the loan amount you wish to take

In how many years will you pay your loan back?

Interest Rate charged on the money borrowed

Calculate

Education Loan EMI

CALCULATOR

«BACKYOUR MONTHLY LOAN EMI:: 10000

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BREAK-UP OF ALL TOTAL AMOUNT PAYABLE

  • Loan Amount1100000
  • Interest Due6700000
  • Interest Due6700000

LOAN DETAILS PROVIDED BY YOU

  • Loan Amount6700000
  • Tenure10 Years
  • Interest Rate10.25%

Education loan calculator
ET Online | Updated : May 07, 2018, 03.32 PM IST

CALCI1
The calculator results will show the EMI amount that you need to pay every month on the education loan amount and the tenure set by you.
What is the calculator about?
The education loan calculator will help you find out the equated monthly instalment (EMI) amount you need to pay every month. On a given education loan amount and for a specific duration, the calculator will let you know how much EMI will be required to be paid.

How to use it
The EMI that you need to pay will depend on the loan amount, interest rate and the tenure of the loan. Therefore, to calculate the EMI, you need to input amount of loan and the tenure according to your requirement.

Interest rates may vary across lenders as different lenders may offer loans at different rates. For the interest rate, input the rate at which your lender is providing you the loan.

Use the slider to put in different education loan amount and tenure to arrive at the EMI at which you are comfortable with.

What it shows
The results will show the EMI amount that you need to pay every month on the education loan amount and the tenure set by you.

Further, an 'amortisation schedule' that shows the break-up of the EMI in terms of principal repaid and interest paid on a monthly basis will be shown. The schedule helps you to understand how much education loan has already been repaid and the amount of outstanding loan amount on any given day.

From the amortisation schedule, one can also calculate the total interest outgo over the period of the loan. This will tell you how much the loan will actually cost you.

How the result arrived at
The formula used for arriving at the EMI is:

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]

Here, P= Principal loan amount, R= Rate of interest, n= Number of monthly instalments.

NEWS ON Education Loan

Definitions

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