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Education Loan EMI Calculator
EMI
Reducing Balance
Interest First
Deferred Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
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Share
EMI
19034
Interest
370454
Principal
1000000
Total
1370454
370 K
(3 Lac)
6
Year
1,000,000
292 K
(2 Lac)
Year
Original
Reduced
𝒊
19034
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
1
2
3
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
6 year
370454
Reduced
4 year
8 months
292340
Saved
1 year
4 months
78114
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
310 K
(3 Lac)
232 K
(2 Lac)
155 K
(1 Lac)
77 K
0
-
-
-
-
-
2024
2027
2029
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Education Loan EMI
A Education Loan EMI Calculator is an easy-to-use tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and tenure.This tool allows you to see how different factors affect your EMI, helping you plan your finances better and understand how to manage your education loan repayments efficiently.
Calculate Education Loan EMI
To calculate education loan EMI enter loan details including loan amount, interest rate, tenure and choose months or years.
Click Calculate to view your initial loan breakdown.
Customize payment options with three inputs.
Select a number of extra EMIs per year.
Increase EMIs by a percentage.
Select lump sum payment in a specific year.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
Eligibility Criteria for Education Loan EMI
Applicant's Age:
The student must typically be between 18 and 35 years old.
Academic Record:
A strong academic background is often required, with proof of admission to a recognized institution.
Co-applicant:
A co-applicant, usually a parent or guardian, with a stable income source is required to support the loan application.
Repayment Capability:
The co-applicant's income and financial stability are assessed to ensure the ability to repay the loan, which is important for determining the education loan EMI.
Education Loan EMI Calculator FAQ
How can an Education Loan EMI Calculator help me?
An education loan EMI calculator helps you estimate your monthly EMI payments based on the loan amount, interest rate, and tenure. It allows you to explore different repayment scenarios and see how adjustments to the loan parameters affect your monthly payments.
Can I adjust my education loan EMI during the loan tenure?
Yes, you can adjust your education loan EMI by making extra payments, paying lump-sum amounts, or opting to increase your EMI annually. These adjustments can help reduce the overall interest and shorten the loan tenure, making it easier to manage your loan repayments.
What documents are required to apply for an education loan?
To apply for an education loan, you'll need to provide documents such as proof of admission to a recognized educational institution, a strong academic record, and identification documents. Additionally, a co-applicant’s financial documents, like income proof and stability evidence, are required to support the application.
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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
370454
1 Extra EMI/ year
6 year
▶ 0 year
335404
▶ 35050
2 Extra EMI/ year
5 year
▶ 1 year
307956
▶ 62498
3 Extra EMI/ year
5 year
▶ 1 year
284643
▶ 85811
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
370454
Increase EMI by 1%
6 year
▶ 0 year
362766
▶ 7688
Increase EMI by 3%
6 year
▶ 0 year
349173
▶ 21281
Increase EMI by 5%
6 year
▶ 0 year
337486
▶ 32968
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
370454
Pay 10% in 2nd year
6 year
▶ 0 year
320328
▶ 50126
Pay 20% in 3rd year
5 year
▶ 1 year
308574
▶ 61880
Pay 30% in 4th year
5 year
▶ 1 year
325474
▶ 44980
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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