![]() ![]() This helps in considerably reducing the EMIs or the tenure of the loan repayment cycle.Ĭustomize Your Education Loan with EMI Calculator The most common is of course prepaying the loan or a part of the loan after the EMIs have begun, but with educational loans, students also have the option to keep paying interest on the principal amount before the EMIs are due to begin. Prepayments of Education Loan: Even though the repayment period of an education loan does not begin immediately after loan disbursement (educational loans mostly feature a moratorium period of up to 1 year after completion of the course for which), there are a number of prepayment options available.Results obtained from the education loan EMI calculator do not take the processing fees into account. It is always a good idea to confirm the processing fee from your lending bank, or from the associated loan documents. This fee can be as low as 1 % of the principal amount, or it is possible that there would be none applicable. This fee has to be submitted along with the loan application, and has to be provided by the applicant or the co-applicant. The Processing Fee: Most banks ask for an additional fee as processing charges for the education loan.You can easily alter these factors and see the changes in the EMI payable that are visible on the right side of the page. The EMI will of course vary as you tend to change the contributing factors of the education loan EMI calculator. On the right side of the sliders, you should be able to see the education loan EMI that you are liable to pay with the given combination of loan principal, tenure, and rate of interest. ![]() ![]() The tenure for an education loan can vary from 5 to 7 years, but with the number of flexible repayment options available, applicants can also opt for longer repayment periods, that can go up to 15 years. Step 3: In the last section, you will have to enter the loan tenure that you would like opt for. Step 2: In the next section, you need to input the interest rate that has been offered to you for the education loan. Step 1: Enter the principal amount for education loan that you wish to borrow from the lender. Steps to use Paisabazaar’s Education Loan Calculator The tenure of the loan – Similar to the previous steps, you need to enter the tenure that you would wish to choose for your education loan to get the EMI amount payable by you.The applicable rate of interest – In the second section, you need to enter the interest rate that is applicable to your educational loan.The principal amount of the loan – In the first section of the education loan EMI calculator, you need to update the total loan amount that you wish to apply for in case of your education loan.To calculate EMI for your education loan, you just need to enter the following details: This EMI calculator is user friendly, saves time and is highly scalable. The interface of the Paisabazaar’s education loan EMI calculator has been designed to offer utmost efficiency with maximum simplicity. How to Use the Paisabazaar Education Loan EMI Calculator? Free Usage – The Paisabazaar’s education loan EMI calculator is a user friendly education loan calculator that is available to everyone free of charge and is easy to use.Varying Combinations – With the educational loan EMI calculator, you can easily input different interest rates and tenures to look for a combination that will allow you to easily repay the principal amount, without putting undue pressure on your finances.the principal amount of the loan, the applicable rate of interest and the loan tenure. Simplicity – The calculations using this EMI calculator are based on the applicant providing three key bits of information i.e.Quick Results – Applicants can easily use the this calculator to calculate the EMIs that they will be liable to pay for the pre-determined tenure and interest rate that the education loans are offered, in mere seconds.But the same task can be completed much faster and more accurately using the online EMI calculator known as the Paisabazaar education loan repayment calculator.īenefits of using the Education Loan EMI Calculator The conventional way to accomplish this task would be to use the EMI formula and spend a considerable amount of time calculating. The education loan EMI calculator by Paisabazaar is an online tool that can help you, as a prospective education loan applicant to calculate the EMI accrued on your education loan, otherwise known as the Equated Monthly Installments. ![]()
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