Education Loan EMI Calculator
Plan your education loan with our EMI calculator.
Calculate your Education Loan EMIs
Enter loan details to get EMI amount, total payable amount, and interest amount.
Loan Amount (in rupee)
10,000
5,00,000
Interest Rate (in %)
1
34
Loan Term (in months)
1
72
Total Interest Payable
Total Payment
(Principle + Interest)
Your EMI is
Education loan benefits
Investing in education is investing in your future. Whether you want to pursue a degree or enroll in an online course, an education loan will help you provide everything you need to reach your maximum potential.
Cover expenses like tuition fees, study material or even gadgets you need without having to dip into your savings. Take an online personal loan for education & get quick approval without pledging any collateral. Repaying in flexible EMIs can help you budget for the course fees over a longer period of time. Click here to apply on Zype.
How to use the Education Loan EMI Calculator?
Enter the loan amount you want to avail for your education.
Enter the annual interest rate for an education loan.
Enter the no. of EMIs to repay the loan.
Adjust values to determine the best EMI plan.
How Education Loan EMI calculator works
Here is the formula used to calculate EMI amount, total payable amount and interest amount:
E = P x R x (1+R)^N / [(1+R)^N-1], where
E is your education loan EMI amount
P is the amount you are borrowing from the loan provider
R is the monthly interest rate
N is the no. of months of EMI payment
For example – Let’s say you want to avail a bike loan of Rs. 1,00,000 for a period of 12 months at a monthly interest rate of 1%.
Then, P (loan amount) = Rs. 3,00,000
R (interest rate) = 1%
N (loan tenure) = 36 months
Thus, EMI = 300000 x 0.01 x (1+0.01)^36 / [(1+0.01)^36-1] = 8,462.43
So, your education loan EMI amount would be approx. Rs. 8,462 for 36 months.
Benefits of using an EMI calculator for Education loan
With an education loan EMI calculator, you can adjust the tenure to determine the EMI the amount that you can afford to pay comfortably.
You can use the EMI calculator to compare loan offers from different education loan providers and make an informed decision based on the most favourable terms.
Knowing more about your EMI amount, the total amount to be repaid and the interest component of the loan will give you transparency on the financial implications of the loan.
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Frequently asked questions
Education loans are calculated using the formula E = P x R x (1+R)^N / [(1+R)^N-1].
E - education loan EMI amount
P - amount you are borrowing from the loan provider
R - monthly interest rate
N - no. of months of EMI payment
The repayment period for an education loan is generally between 3 months to 15 years.
With Zype, you can choose between flexible EMI options of 3,6,9 or 12 EMIs
Yes, you can pre-close an education loan by paying your outstanding amount early. You may or may not have to pay prepayment charges based on the terms of your loan agreement.
On Zype, you can prepay your loan without paying any extra charges.
The interest rate on your education loan can vary from lender to lender.
Zype offers personal loans up to Rs 5 lakhs starting at just 1.5% per month.