Students require education loans nowadays as higher education, especially in reputed institutions and for specialized courses, has become very expensive and parents generally cannot afford to bear such huge expenses. Rising inflation has also put the cost of higher education out of reach of most common people. However, almost all banks and financial institutions offer education loans, with minor procedural and interest rate differences, but the tricky part is calculating the EMI. There are EMI calculators online which can help you easily calculate your EMI as per your specific loan requirements. All you have to do is input the loan amount, interest rate and loan tenure and you will get your EMI amount.
Apart from EMI calculators online, there are also certain EMI calculation formulae which you can use to calculate your education loan EMI in an excel spreadsheet – or manually if your math is good.The most common EMI calculation formula is: EMI = P × r × (1 + r)n/((1 + r)n – 1). Here ‘P’ stands for the loan amount, ‘r’ is for interest rate, and ‘n’ stands for the tenure of the loan in total months.
Advantages of Using an Education Loan EMI Calculator Online
The advantages of using an education loan EMI calculator online is that you get the results immediately. Another advantage of using loan calculatorsis that it is very simple, and you can get your EMI by providing the three inputs as mentioned above, without doing any elaborate calculations. Besides, these EMI calculators online are free and easy to use.
Personalize Your EMI withLoan Calculators Online
With EMI loan calculators online, you can easily customize your EMIs to suit your requirements, and set your repayment schedules accordingly.You can try out different values for the three inputs – loan amount, loan tenure and interest rate – that you need to feed into the calculator and check the different EMI options available to you so that you can select the one which is most suitable to you. With these online loan calculators,you have the freedom to select the amount of your EMI, the tenure over which you wish to repay your education loan, as well as the banks which offer you the best interest rates and repayment schedules.
Grab A Rs 2 Lakh Loan from PaySense Within Seconds
Now you can easily grab a Rs. 2 lakh loan from PaySense instantly on your PC or mobile. We have web and mobile apps with very user-friendly interfaces with the help of which you can raise this money without any difficulties. Moreover, there is no restraint on you as to how you can use this money. This can be very useful when you wish to go in for an education loan, but need to pay some money upfront which you may not readily have.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs