Education Loan EMI Calculator

Studying at a university abroad is every student’s dream these days. Education abroad can be very expensive, and this might make you hesitant about making the decision. But it is always said- “An investment in education always pays the highest returns.”

There are various ways in which higher education abroad can be funded. Some of these ways are- using savings, borrowing from friends and family, selling assets like land, etc. Another way of funding is by taking an education loan. Many believe that only middle-income groups take education loans, but that is not true. Education loans have some very clear benefits over personal financing sources, are they are:

• Income Tax benefits are obtained under section 80E of the IT Act
• An opportunity for students to take their financial responsibilities
• Preserving their family savings
• Building a good credit history

Various Indian banks provide education loans for students who want to study abroad. These institutions provide various education loan schemes, from which you have to choose the right one for you. Usually, the rate of interest varies between 8- 11%.

To know the rates and guidelines of educational loans, you will have to go from one bank to another and then select the one that suits your requirements. With hectic schedules every day, one easier way is the education calculator. It is an online tool that helps you calculate the EMI accrued on your loan. The traditional way of calculating this includes using the EMI formula, which is time-consuming. A better alternative is the online EMI calculator which is faster and more accurate.

#How will an Education Loan Calculator Make It Easy?

• Simplicity: the applicant has to insert just three things, that is, the principal amount, the loan tenure, and the applicable rate of interest. 
• Quick results: the results achieved using this calculator are speedy. It quickly calculates the amount of EMI that the applicant will be liable to pay for the decided tenure at a particular interest rate. The results are shown within seconds.
• Varying combinations: in an online EMI calculator, the applicant can check the amount of the EMI by inputting various interest rates and tenures and find the right combination that will not make you tense thinking about your finances.
•  Free usage: the education loan calculator on our website is user-friendly,  which means it is free of cost and easily accessible to everyone.