How To Find Cheapest Education Loan Using Online EMI Calculators

EMI or Equated Monthly Instalment refers to a fixed amount due to the lender by the borrower on a monthly basis.

Simply put, it has 2 components:

• one is from the principal sum you borrow
• another is from the interest charged on that principal sum

EMI calculation is instrumental in predicting the financial liabilities placed by the education loan on the student. Conventionally EMI calculation is done by applying a complicated formula related to the Principal sum borrowed, the monthly rate of interest, and the number of months or tenure of the loan.

1. Long and Cumbersome Calculations: If you are planning to take a loan or trying to decide on the best loan offers; you will have several variables such as the difference in rates of interest or the duration of the loan. For each variation, you will have to manually calculate the EMI to know what options or offers are best for you.
2. Difficulty in incorporating special features: Another challenge is, that conventional formulae for EMI calculations do not take into account, special features that come with education loans such as the moratorium period where you don’t have to pay the loan or EMI pre-payments. Many loan providers offer unique disbursement plans to suit your requirement. This will make your EMI calculations even more complicated.
3. Hard to Experiment and know all the options: Most traditional methods and tools of EMI calculation will give you only the total amount you pay at the end of your EMI period in addition to the monthly sum you will pay as your EMI. They will not be able to tell you how much of that amount specifically is the interest you are paying.

Online Education Loan EMI calculators have been developed to help individuals plan their EMI payouts and calculations easily. Such online EMI calculators, allowing you to enter variables like the sum borrowed (principal), your rate of interest and the duration of the loan, and provide you with the EMI amount within seconds. You can enter different variables to see what is the most ideal EMI plan for you.  You can also find education loan interest calculators that are designed to specifically calculate the education loan interest you will pay in various scenarios.

These online calculators are credited with quick calculations. All one has to do is enter various components we are considering and within seconds, we can find our actual repayment schedule. At the micro-level, we will know our EMI at the macro-level we will know what we will eventually pay at the end of the loan tenure.

Education Loans have many customizations, these days most are tailor-made for the student’s need with perks like prepayment of EMIs and flexible payment options. In order to be able to compare such loan propositions, one must make use of a dynamic EMI calculator that offers more space for customizations and special criteria; so as to get a more accurate estimation of the loan payment schedule.

The GyanDhan EMI Calculator is a flexible online education loan EMI calculator that is not tied down by the loan plans of any particular institution or bank. You can use your own inputs to plan your finances and repayment schedule. As an online EMI calculator dedicated specifically for education loans, it offers several unique customizations and features that simplify complicated calculations and yield the most accurate results for you.

This EMI Calculator allows you to factor in variables such as your course duration and whether you plan to pay EMIs while you are studying. It also helps you identify ideal loan disbursement plans, i.e; how much of the loan amount is released by the lender at what time within the period of the loan.