Education Loan EMI Calculator
Loan Amount
Tenure (Years)
Interest Rate (P.A)
A Comprehensive Guide on Education Loan EMI Calculator

While financing your child’s higher education via an education loan, you need to consider several things. One such thing is the EMI (equated monthly instalments) amount. Learning about the EMI amount beforehand helps individuals/parents set a financial/budget plan and spend accordingly. To calculate the EMI of an education loan, individuals can use the education loan EMI calculator. Start reading to know the calculating process of education loan EMI.
What is an Education Loan EMI Calculator?
Education loan EMI calculator is an online tool that helps applicants to calculate equated monthly instalment (EMI) of an education loan.
This simple EMI calculator consists of a formula box where loan applicants can enter details in the respective boxes or adjust sliders to set the value. After entering details, education loan applicants can see results on the box.
As the concept of an education loan EMI calculator is clear to applicants, let’s focus on the EMI calculating process.
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.
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.
How to use the Education Loan EMI Calculator?
The easiest way to find out your education loan EMI is to use the online calculator. Follow the simple steps below to find your education loan EMI amount.
Step 1
Select your loan principal amount between 1 lakh to 5 crore by moving the scroll button or by typing the amount directly.
Step 2
Now you need to select your loan tenure in years between 1 year to 20 years by either moving the scroll button or by directly typing the number of years.
Step 3
Finally you need to insert the rate of interest for your loan by either scrolling the selection button or by directly writing the percentage. The selection scale is in percentage between 1% and 20%.
What are the Benefits of Using an Education Loan Calculator?
Following are the benefits of using an education loan EMI calculator.
Factors Affecting Education Loan EMI Calculations
The education loan EMI primarily depends on three factors. These are as follows,
Use the education loan EMI calculator easily, get the results instantly and choose a suitable EMI without burdening your pocket.
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