Do you want to avail an education loan? Do you have any information about EMI? EMI is made up of interest and principal portions. EMI is the amount you must pay every month until your complete loan amount is repaid.
The EMI remains fixed on the whole tenure of your loan amount. At the start of the loan, a major part of repayment will go to the interest portion.
As you regularly repay the loan, a higher portion of your loan is adjusted against the principal compared to your loan. If you want to know the EMI that contributes to your education loan, you should use the education loan EMI calculator.
Education loan EMI calculator
The education loan EMI calculator is an online calculator that assists the borrower with the calculation of the amount that they have to pay every month on borrowed education loan.
It will provide you with an amortization schedule that will tell you EMI breakups in terms of principal and monthly interest paid that has been repaid.
The best thing is that the education loan EMI calculator will give you a fair idea of how much your education loan will cost by guiding you to calculate the total interest amount that is required to be paid over the whole tenure amount.
Step-by-step process to use the education loan EMI calculator
The education loan EMI calculator is a 100% free and user-friendly tool. To use the education loan EMI calculator, you must input the following entities and get the EMI results.
It is the amount of education loan that you need to borrow. While using the education loan EMI calculator, you must input the loan amount you want to borrow and calculate the EMI.
This is the detail regarding how long you want to shorten or extend the tenure of your education loan to be. It is the time for which you have to pay the EMI on the education loan.
The longer the tenure of the loan you choose, the lesser the amount of EMI you will be paid, and vice versa.
- Interest rate
Different banks levy different rates of interest on education loans. You must enter the specific interest rate on the EMI calculator that applies to your loan amount.
Pros of education loan EMI calculator
Here are the benefits of using the education loan EMI calculator:
- You can use the EMI calculator anytime, anywhere, at your convenience.
- You will get a fair idea of the EMI that you have to pay monthly for a loan amount you borrowed from a lender.
- You can get the EMI results in a few seconds and must pay for your education loan.
- The Amortization schedule shows the exact EMI of your education loan that you must pay timely.
- The education loan EMI calculator helps you manage your budget and achieve your financial goals.
The education loan EMI calculator is free to use. It is a tool that gives you accurate results of EMI in fewer seconds.