How to Reduce Interest/ Tenure?

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Tenure reduced
Interest saved 78,114

Loan Payment Schedule

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2024
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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

  1. To calculate education loan EMI enter loan details including loan amount, interest rate, tenure and choose months or years.
  2. Click Calculate to view your initial loan breakdown.
  3. Customize payment options with three inputs.
  4. Select a number of extra EMIs per year.
  5. Increase EMIs by a percentage.
  6. Select lump sum payment in a specific year.
  7. Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
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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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