Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Following table show the year wise payment schedule.
| Month | Opening 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 (₹) |
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!
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.