Education Loan Emi Calculator In India 2024- Education loan EMI calculator is an online tool that helps candidates calculate the amount they need to pay monthly after taking an education Fund. It also gives you an amortization schedule which shows EMI break-up in terms of monthly Return paid and the principal repaid. And that’s not all, it also Information the amount of loan that you have Return till date and how much is outstanding. The amortization schedule also gives you a fair idea about how much an education Fund is going to cost you by helping you calculate the total Return amount to be paid over the entire Fund Tenure.
The level of customization Taken by education loan EMI Calculator is unprecedented as it Given you with the opportunity to factor in your grace period, flexible disbursals, processing Cost. It also proposes various types of EMI based on full Return, partial interest, and full EMI. As an added Profit, you can also view and even download the complete loan repayment schedule, which will help you to plan your Money in a more organized and systematic manner.
Education Loan Emi Calculator In India 2024
This blog is all about the education loan Emi calculator in India 2024. You will get to know about the different types of education loans available in India and how to avail them. You will also find out about the eligibility criteria for these loans, the repayment process and other important details. So, stay tuned! You just need to input the education Fund amount (Principal), the Return rate, and the loan tenure (number of years) in the education Fund EMI calculator and it immediately calculates the education Fund EMI using the mathematical equation:
EMI = [P x R x (1 + R)^n], where P = Principal, R = Rate of Interest, and n = Tenure. [(1 + R)^n – 1]
The same online education Fund EMI calculator can be used as an education loan Return calculator to Search out the interest payouts. By trying out different variable combinations, you can also arrive at a figure that you think you are comfortable Return. The education Fund interest Taken by all the banks and financial institutions are comparatively similar. However, since it is a Fund-term loan, hence even a slight Many in the interest, will help you to save a substantial amount of money.
Education Loan Emi Calculator In India 2024 Details
| Bank Name | Education Loan Emi Calculator In India 2024 |
| Education Loan Emi Calculator In India | Education Loan |
| Category | Career Guide |
| Official Website | Click Here |
What Is an Education Loan EMI Calculator?
Education Loan EMI Calculator Is an online instrument that assists the loan borrower with the calculator of the amount that the needs to pay every month after borrower an education loan. It will give you an amortization schedule that show you the EMI breakup in terms of monthly Interest paid and principal that has been repaid.
It will Also details the amount of loan that you have repaid to date and how much is yet outstanding. All of this will give you a fear idea of how much an education loan is going to cost you by assisting you in calculating the total interest amount that needs to be paid over the whole loan tenure Education Loan Emi Calculator In India 2024
Top Banks that Offer Education Loans in India
Several top banks and Money institutions offer different types of education Fund EMI calculators to students. However, we found that key features were missing.
SBI Education Loan EMI calculator
computes Return schedule by Given two types of calculations. One computation is based on interest being paid during the course duration and another computation in which the Return is not paid during the study Time. It is quite flexible in nature as it allows you to factor in prepayment as well. However, it doesn’t allow for partial payment during the study Time, and you cannot customize when you want to disburse your Fund- the calculator assumes that you’ll disburse 100% of the Fund in one go. Unlike the Candidates Loan EMI Calculator, the SBI Education Fund EMI Calculator does not offer you the option of viewing and then downloading the loan Return schedule report.
AXIS Bank Education Loan EMI calculator
calculate the monthly EMI of the education Fund by taking into account the education Fund amount, the interest rate per Year, loan tenure in months, and the processing Cost. Besides the EMI, the AXIS bank education Credit EMI calculator also checks your education Fund eligibility. However, despite these options, the Axis Education Credit EMI calculator lacks on several fronts. Apart from these cons, it also does not show the Full payment schedule at one glance.
BOB Education Loan EMI Calculator
calculates monthly Fund payment by asking for the principal amount, rate of Return, and the loan term. It also the gives a graphic representation of the Credit paid in Rupees as against years elapsed in terms of the total Return and the total amount paid. The BOB education Fund EMI calculator also acts as an APR (Annual Percentage Rate) calculator. Like the others, the BOB Education Credit EMI calculator is also inflexible and has no options for customization.
Avanse Education Loan EMI Calculator
calculates EMI by using the Fund amount, loan tenure in months, and the Yearly rate of interest. The Avanse Education Credit EMI calculator does have a few customization options pertaining to Return- extra payout, larger EMIs and decreased tenures. Despite these advantages, the tool does not factor in partial payments, grace Time and does not offer the facility of seeing the Return schedule report.
Auxilo Education Loan EMI Calculator
swift and simple way to calculate Candidates loan EMI. All you need to do is enter the Yearly rate of interest in percentage, loan tenure in years, and education Fund amount in Rupees into the online Auxilo education Credit EMI calculator to calculate your EMI. The Auxilo Education Fund EMI calculator fares slightly better than the other EMI Calculators out there as it does have a few customization options pertaining to Return- extra payout, larger EMIs and decreased tenures. On the other hand, the tool still lacks in a few departments as it does not factor in partial payments, grace Time and does not offer the facility of viewing the Return schedule report.
Incred Education Loan EMI Calculator
is an Simple to use online Candidates loan EMI computation tool. You just need to input your loan amount in Rupees, with Return rate in percentage, and loan tenure in years to compute your EMI. Even though the Incred education Fund is very customer-friendly, yet the EMI Calculator is very Simple. It completely lacks any customization features and just Given the bare-bones abilities. Partial payments, grace period, flexible disbursal and loan Return schedule report are totally missing from the Incred Education Fund EMI Calculator.
Working of Education Loan EMI Calculator
An EMI calculator is an Simple-to-use utility tool that lets you calculate how much monthly repayment you need to make for a particular loan amount. Individuals need to input the following data to calculate the Total:
- Loan amount
- Rate of interest
- Tenure
Individuals can Simple calculate their education Fund EMI with the help of a mathematical formula. This formula is [P x R x (1 + R) ^ n] / [(1 + R) ^ n – 1].
Here, the P, R and N are variables. As a Score, the EMI amount will keep changing according to the change in the variable Total. Here the P, R and N denote principal amount, Return rate and repayment duration, respectively.
The bank sets both the rate of Return and repayment duration. Moreover, these factors depend on the principal Total the individual borrows from a Money institution. Individuals need to pay these EMIs every month until repayment, so calculating the Total beforehand is extremely important.
Most EMI calculators for education Fund that are available online use the above formula to calculate one’s EMI. However, calculating the educational Credit by yourself can be quite tough.
Education Fund Emi Calculator In India 2024 will use the above-mentioned mathematical formula to calculate the education Credit EMI amount. Thus, online calculators minimize the possibility of mistakes which we often tend to make.
Education Loan EMI Calculator Formula and Example
The formula used to calculate education Fund EMI is this:
EMI = [P x R x (1 + R) ^ n] / [(1 + R) ^ n – 1]
Here, P stands for the Return amount, R signifies the rate of interest, and n denotes the repayment tenure.
It is evident that the EMI computation using this Plane will be extremely challenging when you are comparing different lenders. While taking a decision on the Fund Total and for how many years you want to bear the EMIs, the process needs to be over as quickly as possible. With a Candidates loan EMI calculator, you can manage it all more conveniently.
Here is an example to help you understand the calculation better. Let’s assume you are availing of an education Fund of Rs. 20 lakh at an Return of 6.50% per Year. If you decide to Return it for 15 years, the factors will be —
- P: Rs. 20,00,000
- R: 6.50/12 = 0.54
- N: 180 months
EMI: 20,00,000 x 0.54 x (1+0.54) ^ 180 / [(1+0.54) ^ 180-1]
After Answer this equation, your equated monthly instalment Total will be Rs. 17,422.
If you use an education loan Return rate calculator for this evaluation, the Answer will be presented to you within just a few minutes.
Advantages of Education Loan
An Education Fund can be helpful in various ways.
- Cover expenses of tuition Cost, hostel, books, etc.
- Banks generally fund up to 90% of the Fund of education.
- Return helps in Income Tax deduction
- Return begins after completion of course
- Moratorium Time is the additional time given after completion of course after which repayment has to begin – that gives Candidates enough time to work out suitable options and ways for the same.
- Timely payment reflects well on credit score which helps in getting Fund in the future Use.
Easy Steps to Apply for Education Loan
You need to follow the Simple steps given below to apply for an education Fund using an education loan calculator:
- Go To the official website of the financial institution.
- After That to the loan section and select the option for education Fund from the dropdown menu.
- Next, you need to Press on the education loan eligibility section.
- Based on your needs and requirements, the Money institution will provide you with various Fund offers.
- You can calculate the loan EMI amount using an EMI calculator from the financial institution’s website to get an idea of your Return burden.
- After selecting the most advantageous Fund offer, you need to gather the Needs documents.
- You need to fill up the downloaded form and submit it to the Money institution’s branch along with the Needs documents.
- Some financial institutions get in touch with Fund Candidates to verify their Information.
- After all these processes are completed, the bank will verify the given Update. If they find all submitted information to be true, the Mooney institution will approve your loan application and disburse the fund amount to your bank account.
Documents Required to Apply for Educational Loans
The following is a list of documents that most financial institutions require applicants to submit for an education Fund
- Marksheet and certificates of Class X, XII or Many other degree course
- Xerox copy of the admission letter issued to the Candidates by an educational institution
- Cost schedule of the educational institute
- A KYC document like Aadhaar card, Voter ID card, passport, driving license, etc.
- Address proof like utility bills
- Birth certificate
- Last 6 months’ bank statement
- Income tax returns
- Last 2 months’ salary slip consisting of the joining date
- Any other form of income proof
- Two passport-sized photographs
- Duly filled loan application form
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