Education Loan: How to use EMI calculator for education loan …..


#Kolkata: The cost of tuition is much higher when it comes to higher education or going abroad to study. The middle class or lower middle class family cannot afford that cost. So in that case the parents have to take a loan to cover the cost of their children’s education. Loan arrangements and benefits also vary from bank to bank or lender. There are also certain criteria for borrower eligibility to get an education loan. There are also some conditions related to loan repayment. This time the students or the parents are worried about the monthly installment of the loan. That will be discussed in detail here. So let’s find out how to calculate EMI of Education Loan.

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The monthly installment or EMI of the loan will be calculated through a few factors. The amount of monthly installment is calculated on the basis of loan amount, loan repayment period, interest rate and processing fee. Not only this, with the help of EMI calculator very important information will come out. For example, the total amount of interest to be paid can be easily calculated through EMI calculator.

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Borrowers can repay part of the loan in advance each year, with most lenders providing this facility. If the customer wants to make such payment, he can calculate with all the information in EMI Calculator. How much money the customer can save in case of interest payment and how much time is reduced from the expiration date, all this information will come out of that calculation and it will also help the customer to make a decision.

What is an EMI calculator?

EMI Calculator is a simple online tool. Which helps the customer to calculate the amount of monthly installment in case of education loan. It is very difficult to calculate EMI according to the conventional rules. It also takes a lot of time, as well as the customer’s hard work. But using an online tool like EMI calculator makes that process much easier. The workload is also low, and it takes very little time. And it can be used for free. In addition, this EMI calculator can calculate accurately.

Advantages of using EMI Calculator–

  • Very fast: The monthly installment or EMI of education loan can be calculated in a few seconds.
  • Easy: The method of calculation with EMI calculator is very simple and straightforward.
  • Various experiments: In this calculator, monthly installments can be calculated at different interest rates with different interest rates. As a result, the customer can choose the option at his convenience.
  • Completely free: For the convenience of the users, there is no charge for using this EMI calculator. It is now available for free and may be used for free in the future.

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How to use EMI calculator?

  • Loan Amount: How much loan the customer is taking, first need to be updated in the Highly Responsive Slider.
  • Duration: Like the first step, the loan will expire in the next step slider.
  • Interest Rate (Percentage): What is the interest rate on education loan, it needs to be updated.
  • Processing Fee (Loan Percentage): As in the previous step, the processing fee charged on the loan amount has to be updated in this step. In many cases, the customer has no idea what the processing fee will be, so the lender or the bank will have to find out the exact processing fee for the loan.
  • In case of pre-payment: Many people want to pre-pay. In that case the answer is ‘yes’ or ‘no’. This time the customer can choose the ‘Yes’ or ‘No’ option as per his decision. This time the education loan EMI calculator will consider the customer’s decision correctly.
  • Calculate: Click the Calculate button to complete the whole process.

Within seconds of completing the last step, the EMI calculator will calculate the monthly installment.

Here is a list of courses that are covered by education loan:

  • Twelfth grade from nursery
  • UGC / IMC / AICTE / Undergraduate and postgraduate courses in various government recognized colleges and universities (Technical / Professional / Diploma)
  • Pilot Training, Aeronautical, Shipping and any regular degree / diploma course approved by the Director General of Civil Aviation / Shipping / other regulatory authorities
  • Institutions like IIM / IIT allow various regular and diploma courses
  • Vocational Courses (Professional / Technical)
  • Various courses related to skill development

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