The education mortgage appeal provided by every financial institutions and you may financial institutions is comparatively similar

You just need to type in the education loan amount (Principal), the speed, together with loan tenure (number of years) regarding education loan EMI calculator and it also instantaneously calculates the latest education loan EMI by using the analytical formula:

EMI = [P x Roentgen x (step one + R)^n], in which P = Prominent, R = Interest rate, and you may letter = Tenure. [(1 + R)^letter – 1]

The same on the internet education loan EMI calculator can be used while the a knowledge mortgage attract calculator to ascertain the attention earnings. By the tinkering with different varying combos, you’ll be able to arrived at a statistic which you consider you try comfy paying off.

Ideal Finance companies offering Knowledge Funds inside the 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.
For example:

Although not, since it is a long-name loan, and therefore even a slight difference in the eye, will allow you to help save quite a bit of currency

• SBI Education loan EMI calculator computes repayment schedule by providing two types of calculations. One computation is based on interest being paid during the course duration and another computation in which the interest is not paid during the study period. It is quite flexible in nature as it allows you to factor https://worldpaydayloans.com/payday-loans-wi/kenosha/ in prepayment as well. However, it doesn’t allow for partial payment during the study period, and you cannot customize when you want to disburse your loan – the calculator assumes that you’ll disburse 100% of the loan in one go. Unlike the GyanDhan Student Loan EMI Calculator, the SBI Education Loan EMI Calculator does not offer you the option of viewing and then downloading the loan repayment schedule report.  
• AXIS Financial Education loan EMI calculator helps you calculate the monthly EMI of the education loan by taking into account the education loan amount, the interest rate per annum, loan tenure in months, and the processing fees. Besides the EMI, the AXIS bank education loan EMI calculator also checks your education loan eligibility. However, despite these options, the Axis Education Loan EMI calculator lacks on several fronts. Customization options pertaining to the grace period, partial disbursal, repayment schedules are not allowed at all. Apart from these cons, it also does not show the complete payment schedule at one glance.  
• BOB Education loan EMI Calculator calculates monthly loan payment by asking for the principal amount, rate of interest, and the loan term. It also the gives a graphic representation of the loan paid in Rupees as against years elapsed in terms of the total interest and the total amount paid. The BOB education loan EMI calculator also acts as an APR (Annual Percentage Rate) calculator. Like the others, the BOB Education Loan EMI calculator is also inflexible and has no options for customization. The disbursal schedule cannot be adjusted as per the applicant’s needs, partial payments are not permitted and the repayment schedule is also missing.  
• Avanse Student loan EMI Calculator calculates EMI by using the loan amount, loan tenure in months, and the annual rate of interest. The Avanse Education Loan EMI calculator does have a few customization options pertaining to repayment – extra payout, larger EMIs and decreased tenures. Despite these advantages, the tool does not factor in partial payments, grace period and does not offer the facility of seeing the repayment schedule report.  
• Auxilo Student loan EMI Calculator is a swift and simple way to calculate student loan EMI. All you need to do is enter the annual rate of interest in percentage, loan tenure in years, and education loan amount in Rupees into the online Auxilo education loan EMI calculator to calculate your EMI. The Auxilo Education Loan EMI calculator fares slightly better than the other EMI Calculators out there as it does have a few customization options pertaining to repayment – extra payout, larger EMIs and decreased tenures. On the other hand, the tool still lacks in a few departments as it does not factor in partial payments, grace period and does not offer the facility of viewing the repayment schedule report.