An online EMI calculator can also provide you with a thorough amortization chart of your EMI. For this, you might utilize a free online education EMI calculator. Simply fill in the needed loan amount, the current interest rate, and the payback period of your choosing in the appropriate boxes. You may either type the numbers into the fields or adjust the values with the slider (depending on the calculator). The amortization chart will be promptly detailed, together with information about your total principal amount and total interest to be paid, once you have entered the right data.

The amount of your Equated Monthly Installment (EMI) on your education loan is determined by a number of variables. These are the factors:

• The loan's interest rate

• Amount of the loan

• Repayment period

How to Work Out Your Education Loan EMI

The formula for calculating your educational loan EMI would be as follows:

[P x R x (1+R)N]/[(1+R)N-1] EMI Amount

P stands for principal amount.

R is the interest rate.

N is the number of years it will take to repay the loan (this is calculated in months)