How To Find Cheapest Education Loan Using Online EMI Calculators

What Is An EMI?

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

How Is My Education Loan EMI Calculated?

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.

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What Are The Challenges of EMI Calculations?

So, as a borrower, it becomes quite cumbersome to reach a decision on the ideal loan option and we end up going with whatever we are advised to do by the loan provider or worse, make decisions with our inaccurate findings.

What Are Online EMI Calculators?

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.

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How Do Online EMI Calculators Help Me?

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.

The biggest advantage of Online Education Loan EMI calculators is that by entering different variables, you can reach an informed and definitive conclusion about how much of your loan, you need to pay when to be able to repay your loan in the best possible manner.

Today, we see that with the increasing cost of higher education, there are many loan providers in the market to help aspiring students actualize their academic dreams. With the help of online EMI calculators, you can make informed decisions about where to procure your education loan from.

At first sight, it will seem that almost all the loan offers and plans look identical, but the truth is that even a small difference in the interest rates or tenure can make a big difference to your plan. You can try various combinations in the online calculators before you decide on your exact loan tenure, EMI and ultimately the loan provider.

Here is an example of how a small difference in the rate of interest impacts your loan plans.

You will see that even though your EMI has decreased only marginally with the reduction of the rate of interest, the impact on the total amount you are repaying is running into several lakhs.

There can be many variations in the way you plan your education loan. All these variations will definitely have a cost impact on your loan. So, by using a free EMI calculator you can actually save money.

Is your Online EMI Calculator The Best-Fit For You?

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.

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What Is The GyanDhan Education Loan EMI Calculator?

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.

How Does It Work?

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.

To illustrate with an example: for a 24-month long graduate program:

• If your Principal amount is Rs. 10,00,000/-
• The rate of interest is 10%
• Duration of loan is 10 years

then, you can enter the above details into the GyanDhan Online Education Loan Calculator to find that:

• Your EMI will be Rs. 15,530
• The total interest paid will be Rs. 6,88,330
• The total payment made will be Rs. 18,63,350

Calculating variations with GyanDhan EMI Calculator

Now, if we change one of the inputs, say the duration of the loan; and reduce it to 5 years in the calculator. Then, according to the GyanDhan Online Education Loan Calculator,

• Your EMI will be Rs. 24,970
• The total interest paid will be Rs. 3,22,900
• The total payment made will be Rs. 14,97,900

Any conventional calculator will tell you that the reduced tenure will increase your EMI, but you may miss out on noticing that eventually you are paying less interest and therefore there is a significant difference in the total amount repaid to the bank.

You can similarly enter various rates of interest you find and enter that to check how it impacts your monthly and total repayment. Then, based on your future plans, expenses, short and long-term career goals, income, etc you can choose the most suitable payment plan for you.

Customizing Calculations with GyanDhan Education Loan EMI Calculator

As an Online EMI Calculator specifically designed for student education loans, you can further customize your calculations to include any of these additional feature

• Custom disbursement plans
• Grace period
• Interest / principal payment during the study period