Education Loan EMI Calculator

The EMI Calculator is an online tool that helps to calculate the EMIs of Education Loans. While the traditional means of estimating the EMI on loans is deemed as tedious and time-consuming; using an online tool which calculates the EMI on education loans is a lot easier.

Why use this EMI Calculator?

Extremely Fast

You can calculate the EMI on your education loan in seconds by using the online tool for calculating EMI.

Simple

The calculation is based on a simple formula which takes into consideration four parameters. Hence, it is relatively easy to calculate the EMI by using this tool.

Test Various Combinations

You can provide different interest rates and check if that combination works for you by using this tool.

100% Free

This user-friendly education loan calculator is entirely free to use.

FAQs

What is an EMI?

An EMI is fixed monthly repayment amount that the borrower of the loan must pay to the lender. The EMI consists of two components the principal amount and the amount of interest applicable.

Without using the education loan calculator, how can I calculate the EMI on my education loan?

The equation for calculating EMI is based on the concept of compound interest. The formula for calculating EMI is given by,

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]

Here, P is the Principal Loan Amount, R is the applicable rate of interest and n is the number of monthly installments. The manual EMI calculator is time-consuming and complicated.

I don't know about the processing fee of my education loan. What should I do?

You can confirm the detail by checking on the documents that accompany the application for your loan, or you may consult the bank directly. You can verify the detail by checking on the documents that accompany your application. To correctly calculate the EMI on an educational loan, you also need to provide the processing fee charged by the bank.

Can I use the EMI calculator tool to calculate the EMI on Educational Loan that has been taken from a non-Indian institution?

The EMI calculated by using the tool is based solely on the details provided by you. So, it doesn't matter if the loan was extended to you by a non-Indian entity.