EMI Calculator

Calculate your loan EMI amount from UniCreds

Loan Amount

Interest (p.a)

Loan Duration

Course Duration

Grace Period

Monthly EMI
Principal Amount
Total Interest
Total Amount
Loan Amortization Schedule

Following table show the year wise payment schedule.

MonthOpening Balance (₹)Interest Paid (₹)Principal Repaid (₹)Closing Balance (₹)
Month
1
Opening Balance (₹)
Interest Paid (₹)
Principal Repaid (₹)
Closing Balance (₹)
Month
2
Opening Balance (₹)
Interest Paid (₹)
Principal Repaid (₹)
Closing Balance (₹)
Month
3
Opening Balance (₹)
Interest Paid (₹)
Principal Repaid (₹)
Closing Balance (₹)
Month
4
Opening Balance (₹)
Interest Paid (₹)
Principal Repaid (₹)
Closing Balance (₹)
Month
5
Opening Balance (₹)
Interest Paid (₹)
Principal Repaid (₹)
Closing Balance (₹)

Calculate EMI for Education Loan

In today's knowledge economy, education plays a pivotal role. Education allows us to hit new heights in our profession, allow us to live a better life, increase our standard of living, achieve financial objectives, and much more!

Education is a long-term personal commitment that, like no other, has the potential to yield returns. You will make your dreams come true with an educational loan. The loan is available either at a graduate or postgraduate level at prime institutes in India and abroad for career-oriented courses such as medicine, engineering, management, etc. The loan covers tuition fees, exam fees, subscription to the library, book costs, lab tools/equipment required, laptop/computer, hostel fees (if any), and so on.

Students may apply for an educational loan directly. However, their parent(s) or guardian will be treated as co-applicants, and a primary debtor (an individual who owes money) will be similar to their position. But before you apply for an education loan, determine how much the Equated Monthly Instalment (EMI) would be, as a wise loan preparation exercise. The Education Loan EMI calculator from Unicreds is an automated tool that will quickly let you know about your EMI. 

Note, the interest rate and your loan tenure are the critical influencing factors that decide the EMI loan. The principal portion and the interest represent the EMI of your loan. The EMI generally stays set for the entire term of your loan and is to be repaid every month over the loan tenure. You pay more interest during the first few years of your loan term, and eventually, as you repay the loan, a higher portion is modified towards the central part. Unicreds provides education loans at competitive interest rates. Apply today for a loan for education and fuel your dreams!

Education Loan Payment Calculation

In the education loan EMI calculator, you only need to enter the educational loan amount (principal), interest rate, and loan tenure (number of years), and it calculates the education loan EMI immediately using the equation:

EMI = [P x R x (1+R)^N]/ [(1+R) ^ (N-1)], where P is principal, R is interest rate, and N is tenure, respectively.

The online education loan EMI calculator can be used as an education loan interest calculator to determine the interest payouts. You can also conclude that you believe you are comfortable repaying by trying out different variable combinations. The interest on education loans provided by all banks and financial institutions is relatively close. However, even a small interest differential would help you save a considerable amount of money because it's a long-term loan.

Education Loan Interest Rates

Currently, public sector banks provide the most affordable loans, with rates starting from 6.8%, for a loan amount of Rs 20 lakh loan with a tenure period of 7 years. Below is a list of public sector banks that offer education loans with good interest rates.

Banks

  • Union Bank of India
  • Central Bank of India
  • Bank of India
  • Bank of Baroda
  • State Bank of India
  • Punjab National Bank
  • IDBI Bank
  • Canara Bank
  • Bank of Maharashtra
  • Indian Bank

Why Do You Need A Calculator?

There are several benefits of using an education loan EMI calculator. Here is a look at a few of them:

Saves Time And Effort

By using an education loan calculator, individuals can find out the EMIs they will need to pay within a matter of seconds. They do not have to invest time toward manual calculations. All that users will need to do is input the loan amount, rate of interest and loan tenure, and the calculator will show how much they will need to pay as EMIs. This helps students save time. The calculation is a little bit difficult to do manually but, with an EMI calculator, a person can get instant results.

Accurate Results 

While performing manual calculations, there is always room for error if one is not careful with the numbers. On the other hand, one can be certain of accurate results when using education loan calculators.

Helps Plan Finances 

On entering key details of an education loan into the calculator, users can find out the amount they would have to pay in the form of EMIs. Knowledge of this is important as it will help them identify whether they can afford the loan, and the toll it will take on their financial health.

Responsive 

Join different tenures and loan interest rates for education. Our interactive framework is sufficiently open to find a blend that works best for you.

Accuracy

You can get an accurate result of your education loan with the help of the EMI calculator. To use the online tool, you can visit the official bank website.

Free 100 percent 

This user-friendly loan interest rate calculator for education is free to use.

Compare EMIs

To compare the EMIs, the best tool is the education loan EMI calculator. You can make changes in your education loan by checking the repayment track shown by the calculator. This will help you choose the repayment option that suits your budget better.

Adjustable Tool

You can use the calculator as many times you want. Just enter your loan credentials and get the EMI you want by changing the tenure.

Get More Than An EMI

The EMI calculator not only shows you the monthly installment. But, there are some calculators which give a graphic representation of your loan and an amortization table.