EDUCATION LOAN FOR STUDIES IN INDIA

Education Loan EMI Calculator

Why Do You Need This Student Loan Interest Calculator?

1

Swift

This educational loan EMI calculator will calculate your specific tenure and interest rate in mere seconds.

2

Simple

This student loan interest calculator is based on the provision of four obvious and easily retrievable quantities. That’s it!

3

Sensitive

Enter different tenures and education Loan interest rates. Our interactive system is sensitive enough to find a combination that works the best for you.

4

100% Free

This user-friendly education Loan interest rates calculator is completely free to use, now and forever.

Annual Rate of Interest %
Tenure (Months)
Loan Amount
Your Monthly Education Loan EMI
Rupee 88849

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This Education Loan Calculator is made available to you as a self-help tool for your independent use. We do not guarantee its accuracy or applicability to your circumstances. This tool is not intended to provide investment, legal, tax, or accounting advice. Figures are indicative and for illustrative purpose only. We encourage you to consult an Avanse officer for personalised assessment, additional information or advice. All Avanse Education loans are subject to approval and credit terms of Avanse Financial Services Ltd.

What is an education loan EMI?

A textbook usually has many chapters. But, to make learning simpler, we go through the textbook one chapter at a time. Similarly, an education loan usually involves a large amount of money. Repaying such a large amount of money in one go or in lump sums, can be difficult. Therefore, to make things easier, you are allowed to repay your loan in instalments every month. These monthly payments are known as your education loan EMIs (Equated Monthly Instalments) and they need to be paid until the loan amount you have borrowed is completely repaid, with interest. But how do you know how much your EMI amount is?

This is how your EMI is calculated:

EMIs are calculated using the following mathematical formula:

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]

Here ‘P’ stands for the principal amount, R stands for the rate of interest, and N stands for the number of months provided to repay the loan. If your education loan amount is Rs. 5 lakhs, the rate of interest is 12% and the tenure is 24 months, then your first EMI would be approximately Rs 23,536.

Sound like too much work? Need a quicker & easier way to check your EMI? Well, all you have to do is use an educational loan EMI calculator. It will tell you the EMI amount of your loan in seconds!

What are education loan EMI calculators?

They are simple online tools that offer a convenient walk around the mental math required to calculate the EMIs of your loan. They are like normal calculators, only they are online. All you have to do is visit our website and find the education loan EMI calculator tool. Then just fill in some simple details about your loan and hit the submit button. Within a fraction of a second, you should have the EMI amount of your loan on the screen before you. No mental math or spreadsheet formulas are required. Just enter your details and the algorithms that power our EMI calculator will do all the hard work for you!

Here’s how to use an education loan EMI calculator:

Our online EMI calculator is extremely easy to use. All you have to do is enter these simple details mentioned below and then hit the submit button:

The loan amount you are borrowing
The loan amount you are borrowing
The interest rate of your loan
The interest rate of your loan
The tenure of your loan
The tenure of your loan

Enter these details and you should have your EMI amount in just a few moments. So what are you waiting for! Use our educational loan EMI calculator now!

Why use an education loan EMI calculator?

There are many reasons why you should use an online EMI calculator. In fact, every student borrower should use one before or just after applying for an education loan. It helps you make smart financial plans and ensures that repaying the loan is nothing but smooth sailing. Using an EMI calculator will provide you the following benefits:

Accurate calculations

Accurate calculations

One of the main reasons why you should use an education loan EMI calculator is because it provides accurate results. These calculators use complex algorithms that provide precise & error-free calculations. Calculating the EMIs on your own is doable but there is always a margin for error. And the last thing you want is to base your planning on erroneous calculations. It could cause your repayments to go haywire and cause you to lose focus from your education. approved.

llows for better planning

Allows for better planning

Knowing your EMIs can help you chalk out a good repayment plan. You can cut down on unwanted expenditures and allocate funds to cover your EMIs. This ensures that when the repayment phase of your education loan does begin, you are ready for it and can tackle it with ease.

Fast

Fast

Another reason why you should use an online education loan EMI calculator is because it provides extremely quick calculations. Just bat an eyelid and you should have the EMI amount before you! On the other hand, calculating your education loan EMIs mentally can be quite exhausting and could also take a lot of time.

Easy to use

Easy to use

Using an EMI calculator for education loans is extremely easy, especially when compared to mentally working-out the instalments. All you have to do is type in some simple details and hit enter, the EMI calculator will do the rest! It is much easier than using mental math or a spreadsheet on your PC to calculate your education loan EMI.

right loan amount

Helps you borrow the right loan amount

If the EMI amount provided by the calculator is too high, it simply means you cannot afford to borrow the loan amount you’ve entered. You should consider re-evaluating your education loan application. You can keep reducing the amount you enter into the calculator until the EMI amount provided is something you are confident you can handle.

Try different combinations

Try different combinations

he education loan EMI calculator also allows you to try different permutations and combinations with respect to the loan amount, tenure & interest rate. You can keep changing the variables until you find loan specifications that are a perfect match for your budgetary requirements.

Hence, you can see that using the education loan EMI calculator has several benefits. The best part is that there are no charges to use this online tool. You can get near-accurate estimations of your instalments in seconds and make better repayment plans for your education loan.

Are there any other education loan calculators I can use?

Yes, besides for the education loan EMI calculator, we also offer 3 more extremely useful online calculators – the education loan eligibility calculator, the expense calculator & the repayment calculator. Not heard of these education loan calculators? Let’s find out more about them and how they can help students like you make better borrowing decisions.

Education loan eligibility calculator

Education loan eligibility calculator

This is one of the most important education loan calculators that you need to use. As the name suggests, this calculator provides a near-accurate estimation of your education loan eligibility amount.

This helps you apply for the right loan amount and greatly minimizes the chance of a rejected application. This is because, without using the eligibility calculator, you might apply for a loan amount that is beyond your eligibility, due to which your application might not be approved.

Expense calculato

Expense calculator

This is another extremely simple yet very helpful calculator. Students can use the expense calculator to check how much money they may need to borrow for the entire duration of their course. This will help you borrow a loan amount that is in sync with your needs.

Without using this education loan calculator, you might borrow more than you need. While this is a good safety precaution, you should also note that you could be paying interest on an amount of money that you will never use.

Repayment calculator

Repayment calculator

Did you know you can enjoy amazing savings by prepaying your education loan. Want to know exactly how much you can save? Well, just use our education loan repayment calculator. It will provide you with a near-accurate estimation of your savings based on the amount/type of prepayment you wish to make.

Using these 3 education loan calculators can be immensely beneficial for borrowers. They will help you make streamlined borrowing decisions and ensure you have a smooth experience with your education loan. And, just like the education loan EMI calculator, all 3 of the online calculators are easy to use & provide results in seconds!

FAQs about education loan EMI calculators

Our education loan EMI calculator can be used multiple times. You can keep trying different permutations & combinations until you find the right loan specifications and EMI amounts. There is no limit to the number of calculations you can make nor will you be charged for multiple uses. Superb, isn’t it?
There is no stipulated time as such. Ideally, you should use the EMI calculator before applying for your education loan. This will help you make better repayment plans. You can also use the EMI calculator just after applying for the loan as well. However, in this case, you will have very little time to prepare budgets or create full-proof repayment plans.
Several borrowers do not use an EMI calculator when taking an education loan. Therefore, they enter into the repayment phase without much knowledge about their EMIs. This could result in very strenuous repayment processes. The instalments can be very hard to handle without prior budgeting & repayment plans. Also, with such an ad-hoc approach to repaying the loan, there is very little scope to plan ahead or think about prepayments. Basically, not using an education loan EMI calculator can result in an extremely haphazard repayment experience. Also, the chances of future financial planning and saving money during the repayment process are reduced.