Education Loan EMI Calculator

While financing your child’s higher education via an education loan, you need to consider several things. One such thing is the EMI (equated monthly instalments) amount. Learning about the EMI amount beforehand helps individuals/parents set a financial/budget plan and spend accordingly. To calculate the EMI of an education loan, individuals can use the education loan EMI calculator. Start reading to know the calculating process of education loan EMI.

Education loan EMI calculator is an online tool that helps applicants to calculate equated monthly instalment (EMI) of an education loan.

This simple EMI calculator consists of a formula box where loan applicants can enter details in the respective boxes or adjust sliders to set the value. After entering details, education loan applicants can see results on the box.

As the concept of an education loan EMI calculator is clear to applicants, let’s focus on the EMI calculating process.

The easiest way to find out your education loan EMI is to use the online calculator. Follow the simple steps below to find your education loan EMI amount.

Step 1: Select your loan principal amount between 1 lakh to 5 crore by moving the scroll button or by typing the amount directly.

Step 2: Now you need to select your loan tenure in years between 1 year to 20 years by either moving the scroll button or by directly typing the number of years.

Step 3: Finally you need to insert the rate of interest for your loan by either scrolling the selection button or by directly writing the percentage. The selection scale is in percentage between 1% and 20%.

Following are the benefits of using an education loan EMI calculator.

• Accuracy: As stated earlier, education loan EMI calculators are online utility tools; hence the calculations work with a pre-set formula synced at the backend. Therefore, there is little manual intervention except for the data input. As a result, these calculators automatically provide accurate results.
• Fast Results: Manual calculation of education loan EMIs can be arduous and time-consuming. On the other hand, by using an education loan EMI calculator, loan applicants can get the results almost instantly.
• Easy-to-use: The formula of calculating education loan EMI is complex, and deriving the result, i.e. EMI from the formula, is even tougher. However, loan applicants can easily use education loan EMI calculators. Here, they have to enter three details in the respective fields, and the results will be in front of them instantly.
• Free of Cost: The education loan calculators are available online, and the websites featuring them mostly allow loan applicants to use them free of cost. This allows loan applicants to visit banks or lending institutions less to learn about education loan EMI every time they want to know about it.

The education loan EMI primarily depends on three factors. These are as follows,

• Principal/Loan Amount: Loan amount refers to the amount banks or financial institutions lend a borrower. Interest rate is calculated as a percentage of the principal, and depending on the loan amount (higher or lower), the EMI change as so as the cost of borrowing.
• Tenure: Tenure refers to the time period loan applicants borrow. Tenure impacts EMI massively. Longer tenure can lower EMI burden but increase total interest outgo vice versa. Hence, education loan applicants wisely.
• Interest Rate: Interest rates refer to the rate at which lenders borrow money to loan applicants. The interest rate also decides the total cost of borrowing. Individuals with good credit scores and financial stature can negotiate with lenders for improved terms. Besides, they must conduct market research to get a competitive interest rate and reduce the total cost of borrowing.

Use the education loan EMI calculator easily, get the results instantly and choose a suitable EMI without burdening your pocket.