We have specially designed the EMI calculator for all those aspiring students who want to live up to their future dreams of higher studies in India or abroad and want to see that how much would they be paying as the Equated Monthly Instalments once they start repaying the loan. In Study Loan, the Repayment cycle starts after the six months of when the student has completed the course. The Student is then given time of up to 1 year search a job and to settle, and then start repaying the loan.
You need to enter Loan amount, tenure and rate of interest that would be for the loan, the Education loan EMI calculator will get the EMI amount and the amortisation chart. The computation changes when you avail the moratorium period.
Pointer to Save Money on EMI
- EMI is an abbreviation for Equated Monthly Instalments. For example, you have taken a Loan of Rs. 30 Lakh from your Bank / NBFC at 11% interest for 15 Years tenure; EMI is calculated on reducing ROI
• Your EMI – Rs. 34,098 /-
• Total Interest payable – Rs. 31,37,623/-
- The point to note here is, if you have capacity to pay more EMI then speak to your banker and take lesser tenure. Normally as an individual we tend to take lower EMI, even when we have capacity to pay more money towards EMI. We think of saving money and then pre-pay at earliest. The below calculation might make you re-thinkYou have NOW taken a Loan of Rs. 30 Lakh from your Bank / NBFC at 11% interest for 12 Years tenure
• Your EMI – Rs. 37,607 /-
• Total Interest payable – Rs. 24,15,359 /-
- Moral here is by Paying Rs. 3,509 /- per month extra; you save Rs. 7,22,264 /- in interest.
- Do you think, idea of taking lesser EMI, saving money to repay Education loan earlier would have helped you save Rs. 7,22,264/- in interest. Difference in monthly principal deduction in the game changer in calculation.
- Lets take a quick re-cap on how to calculate EMI –
• P = Principal Amount (Loan taken)
• R = Interest rate (Monthly ROI charged by lender)
• N = Tenure (No. of months as a loan repayment duration)
• EMI = (P * r) * ((1 + r) ^ N ) / ((1 + r) ^ N - 1)