How to Calculate EMI for Student Loan Abroad: Formula, Examples
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Education loan calculator is a simpler and more transparent tool that you need to plan your study abroad journey before it actually starts. You can try the student loan EMI calculator by putting different information about your loan. It is a completely free instrument.
Almost every student who is planning to study abroad faces the issue of funds to pay the education expenses. An education loan EMI calculator is a simpler and more transparent tool that you need to plan your study abroad journey before you actually start. The student loan EMI calculator is a free instrument where you can customise the amount and tenure to get results according to your needs.
This article will help you to select the best education loan in India. By the end of this blog, we will cover the information related to the advantages of using an education loan calculator, including tips on how you can use this tool effectively.
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- How to Calculate the Educational Loans EMI?
- How to Calculate Interest on Education Loan?
- What is An Education Loan Calculator?
- How Does the Education Loan Calculator Help You?
- Benefits of Using Education Loan Calculator
- Steps to Use the Educational Loan EMI Calculator?
How to Calculate the Educational Loans EMI?
To calculate the education loan EMI, you need to use the following formula.
- Fomula to Calculate Education Loan EMI : [P*R*(1+R)^n]/[(1+R)^n-1]
Where P represents Principal Amount, R represents Rate of Interest, and n represents Time or Tenure.
How to Calculate Interest on Education Loan?
You understood the process of calculating the EMI on an Education loan. Now, it is important that you know how much extra money you are paying than your education loan.
- Principal Amount- INR 10,00,000
- EMI- INR 45,685
- Duration - 24 Months
| Formula to Calculate Education Loan Interest: EMI * Duration - Principal Amount |
|---|
- Calculation: 45,685 * 24 -10,00,000 = INR 96,440
Predict your IELTS, TOEFL, and PTE in just 4 steps!
What is An Education Loan Calculator?
There are many banks that offer loans to students. ROI of education loans and the offers of these institutions are different. It is tough to evaluate all offers to choose ideal one. An education loan calculator comes in frame to make your work effortless.
You can find many websites that offer a free study loan EMI calculator. Here, you can put the amount and other details to find the actual cost of the study loan. You can customise the details and use this tool as many times as you want.
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How Does the Education Loan Calculator Help You?
Now, let us understand how a student loan calculator is helpful for you. The moment you decide to borrow a study loan, the first question that comes to your mind is the monthly EMI.
The education loan interest rate calculator helps you to get the EMI by changing the rate of interest and amount. It is easy to use, quick and free. It is easy to make a monthly budget by knowing EMI and interest rates.
Benefits of Using Education Loan Calculator
Below, we have mentioned the top advantages of the student loan EMI calculator;
- Precise Estimation of EMIs
- Easy to Use
- Loan Offer Comparison
- Easy Budget Planning
- Improves Financial Awareness
Also Read: Student Loan Vs Self Finance
Steps to Use the Educational Loan EMI Calculator?
To use this online tool, you need some information mentioned here.
- Figure out the Amount You Want: It is the first step that you should focus on. Know the total amount that you need to study abroad or in India.
- Keep Currency Conversion in Mind: As an Indian student, if you want to study abroad, then know the precise amount with the help of the exchange rate of Indian Rupees to the currency of any country.
- Enter Tenure: Tenure of the loan amount is the number of years for which you need to repay the student loan.
- Rate of Interest: Banks offer loans at flexible or fixed rates of interest. For example, the SBI education loan interest rate is 9.45% per year(July 2025).
Also Read: Mistakes to Avoid While Applying for Student Loan
Top Banks to Offer Loans
Here are the top education loan providers that offer education loans for higher education in India or abroad. Keep in mind that the rate of interest and offers are different for studying in India and abroad.
Fixed rate of interest remains same for your entire education loan's tenure. Floating rates of loans can change over time, depending on market conditions and repo rate. RBI decides repo rate. It is suggested to choose fixed ROI, if you want stability, and floating ROI if you can handle fluctuations.
You can use Education Loan EMI calculator tool by customizing the details according to your needs. You can put different principal amount, tenure and ROI. Students can compare the student loan offers of different banks easily. Students can quickly select the most suitable option based on their individual financial circumstances and repayment capabilities.
Statement of Purpose
Letter of Recommendation
Student Visa Application
Admission Essay Writing
Student Curriculum Vitae
Yes, it is completely free to use. There are multiple website offer the education loan emi calculator to students. All you need to know, loan ammount, tenure, and rate of interest. At a click you can know your EMI and Amortization schedule.