The Education Loan EMI Calculator will help you figure out how much your monthly payments will be for your student loan, interest rates, and other details.
Enter a few loan-related data, such as the loan amount, term, interest rate, and processing expenses, to estimate your comparable monthly payment (EMI).
You'll also get other vital details, such as the total amount of interest payable and a detailed amortization table that breaks down your EMIs into monthly and yearly principal and interest amounts.
Most lenders enable you to make partial prepayments on your loan once a year. If you wish to make such payments, plug the numbers into the calculator, and the result will show you how much money you'll save on interest and how long it will take to pay off your debt.
Simply enter the amount of the education loan (principal), the interest rate, and the loan tenure (number of years) into the education loan EMI calculator, and it will compute the EMI using the mathematical equation:
EMI = [P x R x (1 + R)^n], where P = Principal, R = Rate of Interest, and n = Tenure. [(1 + R)^n - 1]
The same online education loan EMI calculator may also be used as an education loan interest calculator to calculate interest payments. You can also reach an amount you feel comfortable repaying by experimenting with different variable combinations.
The interest rates on school loans issued by all banks and financial organizations are comparable. However, because it is a long-term loan, even a little variation in interest might save you significantly.
Note: Every bank (public and private), NBFC, and the financial lender has an EMI calculator on their website or portal that you may access.
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