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Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
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!
How To Calculate Education Loan EMI
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.
Top Low-Cost EMI Education Loan Providers
Currently, public sector banks provide the most affordable loans, with rates starting from 6.8%, for a loan amount of Rs 20 lakh loan with a tenure period of 7 years. Below is a list of public sector banks that offer education loans with good interest rates.
List Of Banks That Provide Education Loans:
- Avanse Financial Services – Avanse Education Loans helps students by providing financial services and simple payback alternatives that are curated for specific circumstances.
- HDFC Credila – It is India’s first specialised education loan firm that specialises in fast, no-collateral loans for local and international students.
- InCred – InCred is the prominent NBFC that offers students individualised education loans for students who plan to study abroad or in India. They have flexible terms that help students from all backgrounds to get an education loan.
- Axis Bank – Created in 1993, this bank is an Indian private sector bank that provides a range of financial services that funds students for their higher education abroad.
- Auxilo – It is a premium pro-education NBFC that aims to provide education loans for international students.
- Bank of Baroda – BOB Education Loans offers students a range of education loans to fund their study abroad journey.
- ICICI Bank – It is a well-known Indian private sector bank that was founded in 1994. They provide a wide range of financial services for students to have a hassle-free process while applying for an education loan.
Other Banks On The List:
- Prodigy Finance
- Leap Finance
- MPower Financing
- IDFC First Bank
- Sallie Mae
- Lorien Finance
Benefits Of Education Loan EMI Calculator
There are several benefits of using an education loan EMI calculator. Here is a look at a few of them:
Saves Time And Effort
By using an education loan calculator, individuals can find out the EMIs they will need to pay within a matter of seconds. They do not have to invest time toward manual calculations. All that users will need to do is input the loan amount, rate of interest and loan tenure, and the calculator will show how much they will need to pay as EMIs. This helps students save time. The calculation is a little bit difficult to do manually but, with an EMI calculator, a person can get instant results.
While performing manual calculations, there is always room for error if one is not careful with the numbers. On the other hand, one can be certain of accurate results when using education loan calculators.
Helps Plan Finances
On entering key details of an education loan into the calculator, users can find out the amount they would have to pay in the form of EMIs. Knowledge of this is important as it will help them identify whether they can afford the loan, and the toll it will take on their financial health.
Join different tenures and loan interest rates for education. Our interactive framework is sufficiently open to find a blend that works best for you.
You can get an accurate result of your education loan with the help of the EMI calculator. To use the online tool, you can visit the official bank website.
Free 100 percent
This user-friendly loan interest rate calculator for education is free to use.
To compare the EMIs, the best tool is the education loan EMI calculator. You can make changes in your education loan by checking the repayment track shown by the calculator. This will help you choose the repayment option that suits your budget better.
You can use the calculator as many times you want. Just enter your loan credentials and get the EMI you want by changing the tenure.
Get More Than An EMI
The EMI calculator not only shows you the monthly installment. But, there are some calculators which give a graphic representation of your loan and an amortization table.
- Student Loan Australia
- Student Loan Germany
- Student Loan UK
- US Student Loans
- Education Loan for Ireland
- Study Loan for Canada
- Student Loan New Zealand
- Student Loan in France