# Education Loan EMI Calculator

### Loan Amount

Enter amount between 1 Lac and 5 Cr
1 Lac 5 Cr

### Tenure (Years)

Enter Value between 1 and 20
1 20

### Interest Rate (P.A)

Enter value between 1 and 20
%
1 20
Monthly EMI
17,761
Principal Amount
16,00,000
Interest Amount
₹ 9,57,568
Total Amount
₹25,57,568

## What Is the Formula to Calculate the Education Loan EMI?

The education loan calculator follows the below-mentioned formula to compute EMI.

EMI = [P * R * (1+R) ^n] / [(1+R)^ n-1]

The variables used in this formula is as follows:

P = principal loan amount

N = The number of monthly instalments

R = Rate of interest

Suppose Mr. Sanjeeb takes an education loan of ₹ 10 lakh at an interest rate of 12% for 2 years.

The amount that Mr. Sanjeeb will have to pay as EMI is calculated in the below-mentioned table.

 Input Values P ₹ 10 lakh R 12% (12/100/12 -when converted to months) N 2 years/24 months

Applicants have to enter these details in the relevant fields,

 Output Values EMI [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] ₹ 47,073

Therefore, Mr. Sanjeeb has to pay ₹ 47,073 as EMI for 2 years.

The education loan EMI calculator uses this formula to show the results. To use the Education loan EMI calculator, applicants have to enter principal, interest rate and tenure in the relevant boxes, enter these details, and the calculator will display the result, i.e. EMI, on the screen.

As education loan applicants are aware of the calculation process, let’s dig out the benefits of using such calculators.