What is Education Loan EMI Calculator?
An Education Loan EMI Calculator is a digital tool that simplifies the complex task of calculating EMIs. It considers the loan amount, interest rate, and tenure to provide you with your monthly EMI amount. This tool eliminates the need for manual calculations, reducing the chances of errors.
With the advent of technology, EMI calculators have become an indispensable part of the lending landscape, providing borrowers with precise repayment figures at their fingertips.
What are the benefits of using Education Loan EMI Calculator?
Education Loan EMI calculators are indispensable for Education loan planning.
They offer several advantages, such as:
Accuracy: Avoid errors in manual calculations.
Time-Saving: Instantly calculate EMIs, saving you time.
Budget Planning: Determine if the loan fits your budget.
Comparison: Compare EMIs from different lenders.
Amortization Schedule: Understand the loan repayment schedule.
These calculators empowers you to make informed decisions, helping you select loan terms that align with your financial goals and capabilities.
How to use INDMoney's Education Loan EMI Calculator?
To begin start entering these fee details:
Education Loan Amount: Specify the amount you require for your educational loan. Adjust the slider or enter the amount directly in the calculator.
Tenure: Decide how long you'd like to extend or shorten the tenure of your loan. This represents the duration during which you'll be paying your EMI. Keep in mind, a longer tenure results in lower monthly EMIs, while a shorter tenure means higher EMIs.
Rate of Interest: Enter your preferred interest rate on the loan. Education Loan Interest Rates for major banks is listed below on the page.
Once you've provided these details, the calculator will generate the monthly EMI amount for your Education loan. You can always adjust these parameters to explore different EMI options that align with your monthly budget.
How to Calculate Education Loan EMI?
EMIs are calculated using the following formula:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)],
where –
- P is the principal amount
- R is the rate of interest
- N is the loan tenure
INDMoney's Education Loan EMI Calculator does this calculation for you in a jiffy and lets you know the exact EMIs saving you from this tedious calculation.
Advantages of using IND Money's Education Loan EMI Calculator
When you choose IND Money's Education Loan EMI Calculator, you benefit from:
Accuracy: Eliminate calculation errors.
Time-Saving: Get instant results.
Budget Planning: Assess affordability.
Comparison: Compare loan options.
Transparency: Understand your loan repayment schedule.
Leveraging IND Money's Education Loan EMI Calculator ensures that borrowers have a clear understanding of their loan commitments and make well-informed financial decisions.
Education Loan Interest Rates: Bank-wise List
| Banks | Interest Rates |
| Union Bank of India | 11.30% p.a. onwards |
| State Bank of India | 8.15% to 11.15% p.a. |
| Punjab National Bank | 8.50% p.a. onwards |
| IDFC FIRST Bank | 9.00% p.a. to 15.00% p.a. |
| Bank of Baroda | 10.95% to 11.75% p.a. |
| Canara Bank | 9.25% p.a. onwards for women borrowers 8.60% p.a. onwards for other borrowers |
| Bank of Maharashtra | 9.45% p.a. to 11.30% p.a. |
| HDFC | 9.50% p.a. onwards |
| Indian Overseas Bank | 9.75% p.a. onwards |
| ICICI Bank | 9.85% p.a. onwards |
| Karnataka Bank | 9.89% p.a. to 12.79% p.a. |
| Axis Bank | 13.70% p.a. to 15.20% p.a. |
| IDBI Bank | 10.60% p.a. to 11.10% p.a. |
| Bank of India | 10.95% p.a. to 11.75% p.a. |
| UCO Bank | 11.70% p.a. to 12.10% p.a. |
| Federal Bank | 12.55% p.a. onwards |
| Kotak Mahindra Bank | Up to 16% p.a. |
Frequently Asked Questions
How to Calculate EMI on Education Loan?
Education Loan EMI is calculated using a Formula:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
Where,
P = Education Loan Amount
R = Education Loan Interest Rate ; This Rate is different for different banks and different Loan Amounts.
N = Loan Tenure
How can I avail 20 lakh education loan?
To get a 20 lakh education loan, research and compare lenders, meet eligibility criteria, gather required documents, maintain a good credit score, and consider collateral if needed.
What is the Best Education Loan?
The best education loan caters to your needs. Consider interest rates, repayment terms, processing fees, flexibility, moratorium periods, and co-applicant options. Compare offers to find the most suitable one. You should research and compare offers from different lenders to find the one that aligns best with your requirements.
Am I eligible for Education Loan?
Eligibility for an education loan can vary depending on the lending institution. Generally, you should be an Indian citizen, have a confirmed admission in a recognized educational institution, and have a co-applicant with a stable income source. Academic performance, course selection, and the reputation of the institution may also influence eligibility. It's advisable to contact potential lenders or check their websites for specific eligibility criteria
What is covered in an Education Loan?
An education loan covers tuition, exam fees, hostel charges, books, equipment, and related expenses. Some may include travel and accommodation. Review loan terms for precise details.