Use the formula below to determine how much you owe on your education loan.
EMI: [P x R x (1+R)N]/[(1+R)N-1] EMI: [P x R x (1+R)N] EMI: [P x R x (1+R)N] = EMI amount, where P, R, and N are the variables.
This also means that the EMI value will change if any of the three criteria is changed. The principal amount is represented by the letter 'P.' The interest will be calculated based on the original loan amount provided by the bank to you. The letter 'R’ denoted the interest rate of the bank. The letter ‘N’ represents the number of years you've been given to settle the loan.
Since EMIs are paid on a monthly basis, the length is computed in months. For example, if you take out a Rs 10 lakh education loan with a 12-percent average interest rate, your EMI will be: P = 10 lakh, R = 12/100/12 (you convert to months), N = 2 years or 24 months. EMI = 47,073 rupees
The EMI Calculator's Advantages
In a couple of seconds, the Loan EMI Calculator calculates your student loan EMIs. You'll get a clear picture of the EMIs you'll be paying each month. It aids you in budgeting and saving for your financial objectives. The amortization schedule shows the EMIs on your student loan that you have already paid off. You'll also get an idea of how much money you owe on your student loan, which will aid in better money management. The EMI Calculator may be utilized from any place, even your home.
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