The EMI calculator will help you calculate your monthly EMI in no time. As a result, you can plan your loan payment and other finances with ease....
To use the moneyview education loan calculator, enter the amount you wish to avail, the interest rate, and the tenure and leave the rest to us.
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| Year | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| 2021 | ₹ 50,00,000 | ₹ 2,58,378 | ₹ 1,84,983 | ₹ 48,15,017 |
| 2022 | ₹ 48,15,017 | ₹ 4,19,532 | ₹ 3,40,518 | ₹ 44,74,499 |
| 2023 | ₹ 44,74,499 | ₹ 3,87,588 | ₹ 3,72,460 | ₹ 41,02,039 |
| 2024 | ₹ 41,02,039 | ₹ 3,52,650 | ₹ 4,07,399 | ₹ 36,94,640 |
| 2025 | ₹ 36,94,640 | ₹ 3,14,435 | ₹ 4,45,617 | ₹ 32,49,023 |
| 2026 | ₹ 32,49,023 | ₹ 2,72,630 | ₹ 4,87,418 | ₹ 27,61,605 |
| 2027 | ₹ 27,61,605 | ₹ 2,26,908 | ₹ 5,33,141 | ₹ 22,28,464 |
| 2028 | ₹ 22,28,464 | ₹ 1,76,895 | ₹ 5,83,155 | ₹ 16,45,309 |
| 2029 | ₹ 16,45,309 | ₹ 1,22,190 | ₹ 6,37,858 | ₹ 10,07,451 |
| 2030 | ₹ 10,07,451 | ₹ 62,357 | ₹ 6,97,693 | ₹ 3,09,758 |
| 2031 | ₹ 3,09,758 | ₹ 7,006 | ₹ 3,09,681 | ₹0.00 |
money View’s education loan EMI calculator is easy to use. You can use our education loan EMI calculator to know how much you need to pay each month. Apart from this, you can also check the breakdown of the installments depending on the various slabs of interest rates, the tenure of repayment, and even the amount that you have borrowed.
You can repay your education loan via EMIs. This amount is usually a fixed or a variable amount. Your EMI will be calculated as per your loan amount and the interest rate levied on it. Your credit score will also play a significant role in processing your repayment tenure and the interest rate imposed.
The Money View education loan calculator is designed to provide an easy user experience. You can follow the steps below to know the EMI rate that you need to pay monthly.
Step 1: You can start the calculation by entering the amount that you have borrowed. Use the slider to adjust this amount.
Step 2: Use the next slider to add the levied rate of interest.
Step 3: Now, enter your repayment tenure. You can select it in months or years
Once done, the calculator will show you the EMI amount that you must pay. It will also show you the EMI repayment schedule.
Our education loan EMI calculator has features that make the calculation process easy and quick and error-free. However, it is not the same as an education loan interest calculator or education loan interest rate calculator. While they show the interest you will be paying on the loan, the education loan EMI calculator will let you know how much EMI you would be paying each month, along with the interest amount. If you wish to do more financial planning before applying for your loan, then this calculator will ease your task and let you do so effectively.
To calculate your EMI use the formula given below:
P x R x (1+R)N / [(1+R)N-1]
Where
P - P stands for Principal Amount. It is the amount that you have borrowed.
R - R stands for Rate of interest that has been applied.
N - N stands for Number or tenure of repayment.
We will elaborate with an example. Let’s assume Mr. Ravi has borrowed an amount of Rs. 5,00,000 for his child’s education. The interest rate for the sanctioned amount is fixed at 10.5% and the tenure for repayment is 60 months.
So, in this example, Principal (P) is Rs. 5,00,000, the Rate of interest (R)is 10.5%, and the Repayment Tenure (N) is 60 months.
Before you proceed to calculate the EMI, do not forget to check the monthly rate of interest. The formula to calculate it is Annual Rate of interest/12/100 So, in our case, it will be 10.5/12/100 = 0.00875
Once your monthly interest rate is calculated, you can easily check your EMI per month. 5,00,000 x 0.00875 x (1+0.00875)60 / [(1+0.00875)60-1] = Rs. 10,747 You can use this exact formula to check the EMI for every type of loan and not just for an education loan.
Or, you can simply use our education loan repayment calculator to know your EMI within seconds. moneyview’s education loan repayment calculator is simple to use and shows accurate results in just a few seconds.
Remember, education loan repayment calculators can vary from certain education loan interest calculators and education loan interest rate calculators.
There are two ways by which an EMI is calculated. The two methods are as follows:
The Flat Balance Interest Method: In this method, the interest amount that you need to pay is based on the total loan amount. The interest amount is fixed for the whole duration of the repayment tenure.
The Reducing Balance Interest Rate Method: In this method, the interest rate is based on the principal amount that is outstanding each time. So, instead of the interest rate remaining fixed on the full amount, it is calculated on the basis of your outstanding amount. As a result, the principal amount keeps decreasing as you keep making every payment. This method is usually used by banks to calculate EMIs. The Money View education loan EMI calculator is also based on this method.
There are various factors that can affect the EMI payments for an education loan. Read below to know more:
The three-digit numerical summary of your credit report is known as the Credit Score. The credit report displays your previous loan history, repayments, and your financial behavior. The higher the score the better are the chances to get a loan sanctioned without any challenges and at a lower interest rate. Any score above 700 is considered to be a good score.
Your EMI will be directly proportional to the amount that you wish to borrow. You must check it before getting the loan processed.
Repayment tenure is inversely proportional to the EMI. It means, if your repayment tenure is longer, then your monthly EMI will be lower and vice versa.
Unlike personal loans, education loan repayment does not start immediately. The education loan program includes a repayment holiday that includes the study period, as well as a moratorium of one year or six months after getting the job, whichever comes first. However, if you continue to default, your credit score suffers, which may cause problems when you apply for a loan in the future.
The interest on Rs. 20 Lakhs education loan depends on the bank or financial institution you have taken a loan from. Based on the rate of interest offered, you can calculate the EMI using the following formula
P x R x (1+R)N / [(1+R)N-1]
Where
P - P stands for Principal Amount. It is the amount that you have borrowed.
R - R stands for the Rate of interest that has been applied.
N - N stands for the Number or tenure of repayment.
Amortization is an accounting technique for spreading out the costs of using a long-term asset over the expected period of value provision. Because you can make more payments on the initial purchase price rather than paying it all in one lump sum, you can maximize the cash flow from the investment at that time.
Yes. You can pay off your education loan early if you plan it properly. It is best to pay it off early to save time and interest.
In case you miss your education loan EMIs or altogether skip paying off the loan, the lender will start by sending warnings, and gradually, notices to you and your guarantor, if there is one. If you ignore the warnings, you will default on your loan and your credit score will suffer greatly. You would be unable to obtain a loan in the future.
Any type of loan, whether personal or educational, affects your credit score. If you are prompt in repaying your loan, your credit score will improve. If you choose to default, then your credit score will take a huge hit.
In general, repayment begins when the course is completed. Some banks even offer a 6-month grace period after landing a job or a year after finishing school for repayment. The repayment period is usually between 5 and 7 years, but it can be extended beyond that. During the course period, the bank charges a simple interest rate on the loan. The payment of simple interest during the course period reduces the student's EMI burden for future repayments.
To make changes in your EMI amount, you can contact your loan provider and discuss the terms. Borrowers can choose either the tenure increase or the EMI increase option with the lender's approval.
The monthly installment amount to be paid towards your Rs. 10 lakhs education loan depends on the rate of interest provided by the lender. Once you know the interest rate, calculate the EMI using
P x R x (1+R)N / [(1+R)N-1]
Where
P - P stands for Principal Amount. It is the amount that you have borrowed.
R - R stands for the Rate of interest that has been applied.
N - N stands for the Number or tenure of repayment.
No, it is not possible to obtain a bank education loan with no interest. To receive an interest-free education loan, you can, however, apply for scholarships or search for government subsidies.
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