Education LoanEMI Calculator
What is a Education Loan EMI Calculator?
An Education Loan EMI Calculator helps students and parents estimate monthly repayments based on loan amount, tenure, and education loan interest rates. By using this tool, one can plan finances efficiently before applying for a student loan. For those exploring the best loan application for students, this tool ensures clarity in financial commitments as it offers a clear breakdown of expected payments.
Benefits of Education Loan EMI Calculator?
Comparison of Loan Options
You can analyze EMIs across different student loan apps to select the best option.
Time-Saving Tool
It eliminates manual calculations and offers instant results, streamlining the loan selection process.
Better Financial Planning
It helps students and parents assess repayment commitments before finalizing a loan.
Customizable Inputs
You can adjust loan tenure and amount to suit financial needs.
How To Calculate EMI for a Education Loan
- Enter the Loan Amount – The amount you want to borrow.
- The Repayment Tenure – The number of months to make the repayment.
- Apply the Interest Rate – The interest rate to be applied to the loan.
- View EMI Breakdown – Structured monthly installment details.
You can quickly estimate your education loan EMI with the following details.
Formula for Education Loan EMI:
Education loan EMI is calculated with the help of the following formula.
- P = Loan Amount,
- R = Monthly Interest Rate,
- N = Number of Months.
Where
For example:
If you take a ₹10 lakh education loan at 12% annual interest for 5 years, the EMI would be approximately ₹22,244.
Factors that affect Education Loan EMIs
Loan Amount
The loan amount is the total amount borrowed to finance educational expenses, such as accommodation, tuition, and other academic costs. A higher loan amount leads to increased EMIs, as both the principal and interest payments rise accordingly
Opting for an amount that aligns with actual requirements ensures manageable EMIs while minimizing interest outflow. Careful evaluation helps maintain financial stability throughout the repayment period.
Credit Score
A credit score reflects an applicant’s financial credibility, while a co- applicant, often a parent or guardian, strengthens loan approval prospects. A high credit score and a financially stable co-applicant can lead to lower interest rates, reducing overall EMIs. However, a lower score may result in higher rates or stricter terms. Lenders assess both factors to determine risk, making it crucial to maintain a strong credit history and choose a co- applicant with a stable financial profile for favorable loan terms
Loan Tenure and Interest Rate
Education loan tenure determines the repayment period, and the interest rate influences the total borrowing cost. A longer tenure results in smaller EMIs but increases overall interest payments, whereas a shorter tenure raises EMIs while reducing interest expenses. The education loan interest rate, shaped by creditworthiness and lender terms, directly affects monthly repayment obligations. Selecting an optimal combination of tenure and interest rate ensures EMIs remain manageable
Moratorium Period
A moratorium period is a predefined duration during which borrowers are not required to make EMI payments, typically covering the course duration and a few months post-graduation. While this offers financial relief initially, interest accrues during this phase, increasing the total repayment amount
Opting for interest payments during the moratorium can help control future EMIs. Using an education loan calculator with a moratorium period allows borrowers to assess different repayment scenarios, ensuring a balance between immediate financial flexibility and long-term affordability
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Hear from our customers
I was trying to plan my repayment after college, and the EMI calculator gave me a decent idea of what the monthly EMI would look like.
Nikhil R.
Mumbai
I didn’t expect much, but the education loan calculator actually helped me see how much interest I’d end up paying over time.
Aarushi M.
Kolkata
We were looking at loan options for my son’s course, and using the calculator made the numbers easier to understand and plan things.
Rajesh V.
Mumbai
It was helpful to try out different tenures and see how the EMI amounts changed. Made the whole process feel less intimidating.
Ishita K.
Kolkata
I was trying to plan my repayment after college, and the EMI calculator gave me a decent idea of what the monthly EMI would look like.
Nikhil R.
Mumbai
I didn’t expect much, but the education loan calculator actually helped me see how much interest I’d end up paying over time.
Aarushi M.
Kolkata
We were looking at loan options for my son’s course, and using the calculator made the numbers easier to understand and plan things.
Rajesh V.
Mumbai
It was helpful to try out different tenures and see how the EMI amounts changed. Made the whole process feel less intimidating.
Ishita K.
Kolkata
Frequently Asked Questions?
To complete Digital KYC, only your Aadhaar Card & PAN Card are required.
Income Proof is not required for all customers. Only for some high-value loans, depending on customer’s credit profile, he/she may be asked to submit Income Proof by linking his bank account or via PDF Bank statement so that the bank statement can be fetched & verified online.
No, we do not require any security or guarantor to approve your loan. Once we verify your basic information & complete your digital KYC, your loan will be approved by the system, based on profile eligibility.
Once you have paid all your EMIs and outstanding dues, we will send you a No Objection Certificate (NOC). The NOC will be sent to your registered email id after 72 hours (3 days) of closing your loan account.
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Kissht - India’s
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