I want to borrow at
a rate of % over year(s)
My course is month(s) long
Total Interest to be paid
Total Payment (Principal + Interest)
Your EMI per month will be
Customize your results
We've made assumptions of a basic education loan in the above calculations. However, education loans can have different structures. You can customize the results by telling us more below. By default, the grace period is 6 months
Default - x every y months Custom - tell us how you plan to disburse
This is how EMI and total payment vary as per the moratorium repayment type of your loan
Loan Repayment Schedule
Education Loan Interest Rate Calculator
GyanDhan’s education loan EMI calculator is an online tool that helps students calculate the amount they need to pay monthly after taking an education loan. It also gives you an amortization schedule which shows EMI break-up in terms of monthly interest paid and the principal repaid. And that’s not all, it also details the amount of loan that you have repaid till date and how much is outstanding. The amortization schedule also gives you a fair idea about how much an education loan is going to cost you by helping you calculate the total interest amount to be paid over the entire loan tenure.
The level of customization offered by GyanDhan’s education loan EMI Calculator is unprecedented as it provides you with the opportunity to factor in your grace period, flexible disbursals, processing fees. It also proposes various types of EMI based on full interest, partial interest, and full EMI. As an added benefit, you can also view and even download the complete loan repayment schedule, which will help you to plan your finances in a more organized and systematic manner.
Education Loan Payment Calculation
You just need to input the education loan amount (Principal), the interest rate, and the loan tenure (number of months) in the education loan EMI calculator and it immediately calculates the education loan EMI using the mathematical equation:EMI = [P x R x (1 + R)n]/[(1 + R)n - 1], where P = Principal, R = Rate of Interest, and n = Tenure/duration in number of months.
The same online education loan EMI calculator can be used as an education loan interest calculator to find out the interest payouts. By trying out different variable combinations, you can also arrive at a figure that you think you are comfortable repaying.
The education loan interest offered by all the banks and financial institutions are comparatively similar. However, since it is a long-term loan, hence even a slight difference in the interest, will help you to save a substantial amount of money.
Top Banks that Offer Education Loans in India
Several top banks and financial institutions offer different types of education loan EMI calculators to students. However, we found that key features were missing.
GyanDhan’s online education loan EMI calculator is quite easy to use, gives quick results, accommodates different combinations, and is totally free. What’s more, use the various customization options to know your precise EMI in a jiffy. Plus, get the added advantage of viewing and downloading the loan repayment schedule report so that you can accordingly plan your finances for the coming years in a very efficient and methodical manner. It is the most flexible and customizable Education loan EMI Calculator and its feature-rich design make it the most comprehensive EMI Calculator.
An education loan is offered to students pursuing professional courses such as law, medicine, engineering, management, science, economics, etc. However in certain instances financial institutes may also provide loans towards vocational and diploma courses. The primary concern for a course is that it must be job oriented, i.e. the course must prepare the student for a job in a particular industry.
- P stands for the Principal Loan Amount
- R stands for the rate of interest
- n stands for the loan tenure in months
The answer to this will give you the quantum of EMI to be paid every month. However, this formula cannot show you the interest and principal amount breakup like in our calculator.