How to Help The Education Loan EMI Calculator?
If you're applying for or planning to apply for an Easy Educational Loan, you need to know how much you'll be paying in EMIs each month. Once you know your monthly expenses, you can apply for a loan at your preferred interest rate and with the selected banks. You can also plan your monthly budget. Using an Education loan EMI Calculator will help you with this, as it's easy to use, very fast, allows you to test different combinations, and is completely free.
How to Use Education Loan Emi Calculator
As mentioned, this tool is designed to be 100% free and user-friendly, meaning you simply need to enter these details to get started.
Amount: This is the educational loan amount you need, and you'll need to update the loan amount by marking it on the calculator.
Tenure: This will indicate how long you'd like to extend or shorten your loan tenure. Simply put, this is the time period for which you'll pay your EMI. Also, another thing to note is that the longer your EMI tenure, the lower your EMI amount will be, and the shorter the EMI period, the higher your EMI will be.
Interest Rate: Now, different banks offer different interest rates, which means you'll need to enter your preferred interest rate on the loan.
All these data sets will give you the result of how much EMI you'll pay each month for your loan. You can always edit these details and get a different set of EMI amounts as per your monthly budget.
How is the Education Loan EMI Calculated?
You don't worry! Credveda Student Loan EMI Calculator will do it for you. If you don't understand, the formula and example given below are to show how the how the educational loan emi is calculated. so that you can understand better.
This same formula is used to calculate your EMI when you use our EMI Calculator.
Formula:
EMI = [P*R*(1+R)^n]/[(1+R)^n-1]
P = The principal amount
R = The rate of interest
n = The tenure
Here is an example of how education loan EMI is calculated:
Mr. Sujit has taken a loan for the education of Rs. 15 lakh at an average interest rate of 11% for three years, and then the EMI will be:
P = 15 lakhs
R = 12/100/12 (converted to months)
N = 3 years
EMI = Rs. 49,108
Benefits of Using an Education Loan EMI Calculator
Here are some of the most important benefits of using an educational loan EMI calculator:
The EMI Calculator Education Loan will show you the EMI amount you will have to pay in just a few seconds.
You will get a clear picture of the EMI you will have to pay each month.
It will also help you budget your expenses and save for your financial goals.
The amortization schedule shows you how many EMIs you have already paid on your education loan.
You will also get an idea of ​​the outstanding principal amount on the loan. This will help you manage your funds.
You can use this calculator from anywhere, at your convenience, and for free.
What is Education Loan EMI Calculator?
An Education Loan EMI Calculator is an online tool that helps borrowers calculate the monthly payment amount after taking an education loan. It will provide you with an amortization schedule that shows you the EMI breakdown based on the interest paid each month and the principal amount paid.
It will also show you how much you have paid off the loan so far and how much is still outstanding. This will give you a good idea of ​​how much the educational loan will cost you, as it will help you calculate the total interest amount you will have to pay over the entire loan tenure.
