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Education Loan EMI Calculator by Interest First
EMI
Interest First
Reducing Balance
Deferred Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
Interest Period
Year
Month
Copy
Share
EMI
21742
Interest
414545
Principal
1000000
Total
1414545
414 K
(4 Lac)
6
Year
1,000,000
352 K
(3 Lac)
Year
Original
Reduced
𝒊
21742
will be
EMI
for
1000000
(1 m/10 Lac)
Loan Amount
for
6
Year
Loan Tenure
at
11.00%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(10 K)
(20 K)
(30 K)
(40 K)
(50 K)
(60 K)
(70 K)
(80 K)
(90 K)
(100 K)
in
0
2
3
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
6 year
414545
Reduced
5 year
352558
Saved
1 year
61987
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
333 K
(3 Lac)
249 K
(2 Lac)
166 K
(1 Lac)
83 K
0
-
-
-
-
-
2024
2027
2029
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Education Loan EMI by Interest First
An Education Loan EMI by Interest First involves paying only the interest on the loan during the initial phase, with the principal repayment starting later. This structure allows for lower payments at the beginning, which can ease financial pressure during the study period. Once the interest-only period ends, regular EMIs that include both principal and interest are scheduled for the remaining loan term. This type of loan is particularly beneficial for students who expect their income to increase after completing their education, as it offers initial financial relief during the study period. Calculate your education loan EMI effortlessly with our Education Loan EMI Calculator by Interest First. Get precise details of your monthly payments, interest, and principal, so you can focus on your studies with peace of mind.
Calculate Education Loan EMI by Interest First
Enter loan details like loan amount, interest rate, tenure, and balloon payment amount to calculate education loan EMI by interest first.
Click Calculate to view your initial breakdown and calculate education loan EMI by interest first based on your inputs.
Customize payment options with three inputs to optimize your education loan EMI by interest first.
Add extra EMIs per year to reduce your education loan EMI tenure.
Increase EMIs by a percentage to manage your education loan EMI effectively.
Enter a lump sum payment in a specific year to lower your education loan EMI interest.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
Interest First EMI formula
To calculate Education Loan EMI, use the Interest First EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
I
O
E
M
I
=
P
×
r
12
E
M
I
=
P
×
r
(
1
+
r
)
n
(
1
+
r
)
n
−
1
EMI
= Equated Monthly Installments
P
= loan amount.
IOEMI
= Interest only period EMI.
r
= monthly interest rate.
n
= total number of monthly installments.
Eligibility Criteria for Education Loan EMI by Interest First
Applicant's Age:
The student must typically be between 18 and 35 years old to qualify for an education loan EMI.
Academic Record:
A strong academic background is often required, with proof of admission to a recognized institution for the education loan EMI by interest first.
Co-applicant:
A co-applicant, usually a parent or guardian, with a stable income source is required to support the loan application for education loan EMI.
Repayment Capability:
The co-applicant's income and financial stability are assessed to ensure the ability to repay the education loan EMI.
Education Loan EMI Calculator by Interest First FAQ
How does Interest First EMI differ from a regular EMI?
In a regular EMI, both principal and interest are paid together from the start of the loan tenure, resulting in fixed payments that include both components. In an Interest First EMI, you pay only the interest during an initial period, and principal repayment starts only after this interest-only phase ends. This structure initially reduces monthly payments but results in higher payments once the principal repayment phase begins.
How does an Education Loan EMI by Interest First benefit borrowers?
Education loan EMI by interest first offers lower initial payments, making it easier to manage education expenses. This method provides flexibility for students or families to allocate resources to other needs while studying.
What are the risks or drawbacks of an Education Loan EMI by Interest First?
Education loan EMI by interest first provides short-term relief but can lead to higher overall interest costs, as deferred interest is added to the principal. With the principal unpaid initially, borrowers may pay more over the loan term compared to loans with immediate principal repayments.
×
How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
6 year
414545
1 Extra EMI/ year
6 year
▶ 0 year
388513
▶ 26032
2 Extra EMI/ year
6 year
▶ 0 year
367581
▶ 46964
3 Extra EMI/ year
5 year
▶ 1 year
350759
▶ 63786
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
6 year
414545
Increase EMI by 1%
6 year
▶ 0 year
409872
▶ 4673
Increase EMI by 3%
6 year
▶ 0 year
401355
▶ 13190
Increase EMI by 5%
6 year
▶ 0 year
393830
▶ 20715
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
6 year
414545
Pay 10% in 2nd year
6 year
▶ 0 year
363756
▶ 50789
Pay 20% in 3rd year
5 year
▶ 1 year
350677
▶ 63868
Pay 30% in 4th year
5 year
▶ 1 year
366149
▶ 48396
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
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