Education Loan EMI Calculator

Calculate your Education Loan EMIs

Enter loan details to get EMI amount, total payable amount, and interest amount.

Loan Amount (in rupee)

10,000

5,00,000

Interest Rate (in %)

Loan Term (in months)

Total Interest Payable

Total Payment
(Principle + Interest)

Your EMI is

An education loan can play a significant role in financing your further studies. This simple financial tool has helped millions of Indians embark on their educational journey and land into their dream career.

The presence of online lenders has made it even easier to get instant access to an education loan. But while you can always get credit at your fingertips, it’s important to do the right kind of financial planning.

Assess your financial requirement and condition before even approaching the lender. Following the right kind of borrowing practices like calculating your education loan EMIs can help you build a solid budget.

Tools like study loan EMI calculator can make that process easier for you. Just enter your loan amount, interest rate and tenure to find out what your monthly repayments will look like.

What is an Education Loan EMI Calculator?

With the help of Zype’s education loan EMI calculator, you can figure out how much they will be required to pay each month after choosing to take out an education loan.This study loan emi calculator will provide you with an EMI breakdown that shows you the monthly interest amount as well as the principal that has to be paid. Zype’s education emi calculator will assist you to estimate the outstanding loan balance, which in turn helps to budget their monthly expenses and determine the approximate repayment period based on your income.

Education Loan Benefits

Investing in education is investing in your future. Whether you want to pursue a degree or enroll in an online course, an education loan will help you provide everything you need to reach your maximum potential.

Cover expenses like tuition fees, study material or even gadgets you need without having to dip into your savings. Take an online personal loan for education & get quick approval without pledging any collateral. Repaying in flexible EMIs can help you budget for the course fees over a longer period of time. Click here to apply for personal loan on Zype.

Common Mistakes to Avoid When Using an EMI Calculator

Before using the education loan EMI calculator, it’s crucial to ensure accuracy to avoid any mistakes that could impact your financial planning. Double-checking your inputs can help provide reliable results for your loan calculations. This attention to detail ensures that you make informed decisions based on accurate financial data.

Entering the Wrong Loan Amount

Entering an incorrect loan amount into the education loan emi calculator can significantly impact your financial planning. It’s crucial to ensure accuracy when entering the loan amount to avoid potential budgeting errors. Always double-check and enter the correct loan amount to make informed decisions about your finances moving forward.

Overlooking Loan Tenure

Choosing the optimal loan tenure during study loan emi calculation is crucial. It directly impacts your ability to manage monthly payments and evaluate your financial position, helping you determine the most suitable tenure for your needs. So, it is always advisable to put in the right tenure while calculating the emi loan amount.

Ignoring Interest Rate

One of the most important factors in determining education loan EMIs is the interest rate. A higher interest rate affects your budget and stability financially by raising your monthly EMIs and total repayment amount. To make sure your EMI calculations are accurate and in line with your financial objectives, it is important that you correctly put in the interest rate.

Neglecting Additional Fees and Charges

It’s important to pay attention to extra costs like processing fees, prepayment penalties, or late payment charges. Ignoring these can give you an inaccurate estimate of your total expenses. It is better to do your research thoroughly to include all relevant charges for accurate emi amount.

How to Use the Education Loan EMI Calculator?

Enter the loan amount you want to avail for your education.

Enter the annual interest rate for an education loan.

Enter the no. of EMIs to repay the loan.

Adjust values to determine the best EMI plan.

How Education Loan EMI Calculator Works?

Here is the formula used to calculate study loan EMI amount, total payable amount and interest amount:
E = P x R x (1+R)^N / [(1+R)^N-1], where
E is your education loan EMI amount
P is the amount you are borrowing from the loan provider
R is the monthly interest rate
N is the no. of months of EMI payment

For example – Let’s say you want to avail a bike loan of Rs. 1,00,000 for a period of 12 months at a monthly interest rate of 1%.
Then, P (loan amount) = Rs. 3,00,000
R (interest rate) = 1%
N (loan tenure) = 36 months
Thus, EMI = 300000 x 0.01 x (1+0.01)^36 / [(1+0.01)^36-1] = 8,462.43
So, your education loan EMI amount would be approx. Rs. 8,462 for 36 months.

Benefits of Using an EMI Calculator for Education Loan

Helps in Choosing EMI Amount
Helps in Comparing Loan Offers
Provides a Break-Up of Costs

With an education loan EMI calculator, you can adjust the tenure to determine the EMI the amount that you can afford to pay comfortably.

You can use the EMI calculator to compare loan offers from different education loan providers and make an informed decision based on the most favourable terms.

Knowing more about your EMI amount, the total amount to be repaid and the interest component of the loan will give you transparency on the financial implications of the loan.

Features of the Education Loan EMI Calculator

Using an education EMI calculator can make the process of planning your EMIs even more easier.

This is how Zype’s user-friendly and accurate study loan EMI calculator can help you:

Accuracy:

With Zype’s education loan EMI calculator, there’s no room for any kind of calculation error. You can get accurate results which ensures you create a solid budget.

Quick Calculation:

While manual calculations can take forever to complete, with Zype’s study loan EMI calculator you can find out what your EMI is within seconds.

Easy to Use:

Designed keeping you in mind, education loan EMI calculator is user-friendly and very easy to use. Just enter the loan amount, interest rate and loan tenure to find out your EMI.

Try Various EMI options:

With the option of experimenting and trying different variations of the study loan EMI, you can compare offers across various lenders.

How Does the Education Loan EMI Calculator Help You?

Using an Education EMI calculator before you even start looking for lenders can give you a clear understanding of the monthly payments you will be making towards your education loan.

Once you know what your upcoming EMIs will look like, you can create a budget and start looking for the right kind of lenders.

That’s not all! With room for experimentation, you can compare offers across various lenders and get the best terms of borrowing.

Frequently Asked Questions

How are Education Loan EMI Calculated?

Education loans are calculated using the formula E = P x R x (1+R)^N / [(1+R)^N-1].  

E – education loan EMI amount 

P – amount you are borrowing from the loan provider 

R – monthly interest rate 

N – no. of months of EMI payment 

How EMI is Calculated on Education Loan?

This is the formula used to calculate your EMI on education loan:

E = P x R x (1+R)^N / [(1+R)^N-1], where

P is your total borrowed amout

E is your personal loan EMI amount

R is the monthly interest rate

N is the no. of months of EMI payment

You can either use this formula or Zype’s EMI calculator to find out your EMIs quickly.

What is the Repayment Period for An Education Loan?

The repayment period for an education loan is generally between 3 months to 15 years.  

With Zype, you can choose between flexible EMI options of 3,6,9 or 12 EMIs

How Does this Calculator Help Me Compare Educational Loan Offers?

With room for experimentation, you can try different variations of loan amount, interest rate and tenure being offered by different lenders. You can then choose a loan with the best terms of borrowing.

Can I Calculate the EMI on Educational Loans Without this Calculator?

Yes, you can. This is the formula used to calculate your EMI on education loan:

E = P x R x (1+R)^N / [(1+R)^N-1], where

P is your total borrowed amout

E is your personal loan EMI amount

R is the monthly interest rate

N is the no. of months of EMI payment

Can I Repay an Education Loan Early?

Yes, you can pre-close an education loan by paying your outstanding amount early. You may or may not have to pay prepayment charges based on the terms of your loan agreement.  

On Zype, you can prepay your loan without paying any extra charges.

What are the Interest Charges on an Education Loan?

The interest rate on your education loan can vary from lender to lender.

Zype offers personal loans up to Rs 5 lakhs starting at just 1.5% per month.

Is the Education Loan Interest Rate Calculator And EMI Calculator the Same?

No, they’re not. An education loan interest rate calculator only tells you about the interest you’ll be paying on your loan. On the other hand, an education EMI calculator gives you a clear picture of the total EMI you will be paying towards your loan.

What is Covered in an Educational Loan?

Any expense related to your further studies including tuition fee, books, resources, accommodation, etc. can be covered in an education loan.

If I Do Not Utilize the Educational Loan EMI Calculator, Which Formula Do I Need to Calculate the EMI?

This is the formula used to calculate your EMI on education loan:

E = P x R x (1+R)^N / [(1+R)^N-1], where

P is your total borrowed amout

E is your personal loan EMI amount

R is the monthly interest rate

N is the no. of months of EMI payment