UniCreds' student loan interest calculator is an online tool that can assist you in calculating the EMI incurred on your education loan, also known as Equated Monthly Installments, as a prospective education loan applicant. The traditional method for completing this assignment would be to utilise the EMI formula and calculate for a long period. The online EMI calculator known as the UniCreds student loan repayment calculator, on the other hand, can accomplish the same operation considerably faster and more correctly.
UniCreds student loan interest calculator has been developed to be as efficient as possible while remaining as simple as possible. This Education Loan Interest calculator is simple to use, saves time, and is easily scaled. To calculate your student loan EMI, simply provide the following information:
Step 1: Tell the lender how much money you want to borrow for an education loan.
Step 2: In the next part, you must enter the education loan interest rate that has been offered to you.
Step 3: In the final area, select the loan tenure you want to use. An education loan's repayment time can stretch from 5 to 7 years, however, applicants can pick lengthier repayment periods due to the variety of flexible repayment choices offered., applicants can choose longer repayment periods of up to 15 years.
The education loan EMI that you are due to pay with the given combination of loan principal, term, and rate of interest should be visible on the right side of the screen. The EMI will, of course, alter when the contributing parameters of the education loan interest calculator are changed.
You may easily edit these variables and watch how the EMI payable changes on the right side of the chart of the page.
Top Low-Interest Education Loan Providers
With so many alternatives, it's easy to become overwhelmed while deciding which is the best. So, take a look at the table below, compare the interest rates on school loans offered by private lenders, and choose the best option for you.
|
Bank |
Interest Rate |
|
HDFC Bank |
9.25% - 13.68% |
|
Federal Bank |
10.05% |
|
IDBI Bank |
7.15% - 7.15% |
|
Kotak Mahindra Bank |
12.33% - 16.00% |
|
Axis Bank |
13.70% - 15.20% |
|
YES BANK |
12.00% - 14.00% |
|
ICICI Bank |
11.25% - 11.75% |
The Processing Fee: Most banks impose an additional fee for the education loan processing. This fee must be given by the applicant or co-applicant and must be submitted with the loan application. This cost could be as low as 1% of the principal amount, or there could be none at all. Double-checking the processing charge with your lending bank or in the loan documents is a good idea. The transaction fees are not included in the results of the education loan EMI calculator.
Prepayments of Education Loans: Even if an education loan's repayment period does not begin immediately after disbursement (most education loans have a moratorium period of up to one year after completion of the course), there are a variety of prepayment options available. The most common option is to prepay the entire or a portion of the loan after the EMIs have begun, but with educational loans, students also have the option of continuing to pay interest on the original amount before the EMIs are due to begin. As a result, EMIs or the length of the loan payback cycle are significantly reduced.
Paisabazaar has a function that allows you to simply personalise the information you enter in the educational loan EMI calculator. Once you've calculated the EMI for your education loan, you can fill in the blanks with various values for the fields that need to be filled in, such as the loan tenure, the education loan's rate of interest, and the principal amount you want to choose. This tool allows the applicant to play about with the loan possibilities, which aids in their comprehension of the many configurations that are accessible to them.