How to Calculate EMI for Student Loan Abroad: Formula, Examples
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The 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.
Education Loan Calculator is a popular and easy-to-use online financial tool that allows you to calculate the monthly instalments of your study loan. It gives you an overview of the amortisation schedule that shows the breakdown of EMI paid against the student loan you’ll borrow. This helps you understand an education loan's total cost by adding interest and outstanding amounts.
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?
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.
For Example, A student borrowed an education loan of INR 10 lakhs with an average interest rate of 9% for 2 years.
- P- 10,000,00
- R- 9/100/12 (You convert to months)
- N- 24 months
EMI= [10,00,000 x 9/100/12(1+9/100/12)^24] / [(1+9/100/12)^24-1]= 45,685
Predict your IELTS, TOEFL, and PTE in just 4 steps!
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
What is An Education Loan Calculator?
There are many banks and financial institutions in the market that offer student loans to students. The interest rates of education loan and the offers of these institutions are different. It is tough and time-consuming to evaluate all offers to choose the ideal one. Here, an education loan calculator comes in the 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.
Advantages of the Student Loan EMI Calculator
Below, we have mentioned the top advantages of the student loan EMI calculator;
- Precise Estimation of EMIs: Students can get an accurate amount of EMI that they will repay. You can easily understand the total cost and total interest.
- Easy to Use: These smart calculators are user-friendly. All you need to do is put all the required information there and get an EMI and detailed amortization schedule.
- Loan Offer Comparison: With the help of an education loan calculator, you can compare different loan offers in just a few minutes.
Also Read: Student Loan Vs Self Finance
Steps to Use the Educational Loan EMI Calculator?
To use this online tool, you need some information such as principal amount, Rate of Interest (ROI), and tenure. Below, we have mentioned a step-by-step process to let you know how to use the educational loan calculator.
- Figure 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 student loans at flexible or fixed rates of interest. For example, SBI education loan interest rate is 8.40% per year.
Also Read: Mistakes to Avoid While Applying for Student Loan
Top Banks to Offer Student Loan
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 study in India and abroad.
- State Bank of India
- Axis Bank
- Union Bank of India
- ICICI Bank
- IDFC First Bank
- HDFC Credila
Advantages of Using Education Loan Calculator
- Exact EMI Knowledge: You can instantly check how much you need to pay on a monthly basis.
- Easy Comparison of Student Loan Schemes: You can compare different loan schemes offered by multiple banks. At last, you can choose the most affordable one.
- Easily Budget Planning: Helps you to know your repayment schedule with your financial situation. So, you can select which fits in your budget.
- Improves Financial Awareness: Makes you more informed about student loan costs. It means you will be well aware of any hidden charges, and you can avoid them.
You can use Education Loan EMI calculator tool by customizing the details such as principal amount, tenure and ROI. Students can compare the student loan offers of different banks easily. By inputting different values for each loan scheme, students can quickly select the most suitable option based on their individual financial circumstances and repayment capabilities.
Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.
- Know the exam pattern
- Make a proper time table as per the syllabus
- Solve previous year question papers
- Make short notes of important formulas and theorems
- Revise regularly
- Figure out weaker areas and learn them well
With proper planning and hard work, students can easily clear the UK 10th board exam.
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
The English language test score required at the Univerisyt of South Wales are mentioned in the table below for the international applicants whose first language is not English
Exam | Minimum Scores |
|---|---|
IELTS | 6.0 with at least 5.5 in each band |
TOEFL | 72 overall and a minimum of 18 in reading, 17 in listening, 20 in speaking and 17 in writing |
PTE | a score of 59 overall and 59 in each component. |
Yes, all the graduates receive a British degree irrespective of the campus locations. Programs follow similar patterns and examinations on all campuses. The degree awarded is even recognised by the reputed institutions and also approved by Royal Charter in UK.
International students coming from diverse backgrounds must prove their English language proficiency by submitting the scores of IELTS, PTE, and Duolingo at Hertfordshire University. The university demands an IELTS score of 6 from the students. Along with the IELTS scores, students can refer to the table below for all the required English proficiency score:
English language test | Minimum Score required UG | Minimum Score required PG |
|---|---|---|
6 or above | 6 or above | |
59 or above | 58 or above | |
105 or above | 120 or above |
After applying to Hertfordshire University UK, the applicants are going to receive an initial decision about their application within 2-3 working days. After the submission of the application and documents, the applicants are required to pay their tuition deposit. Then, complete the Sponsorship interview and the financial declaration. International students are required to pay a deposit of £5,000 before registration. The balance can be paid in line with the liability dates related to the year and entry of the semester.
If you have any queries or want to ask anything related to this, feel free to connect with us. Also, you can mention your query in the comment box below. Also, you can Apply for education loan through Shiksha Study Abroad.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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An education loan interest rate calculator is a tool that helps you to calculate estimate your monthly Equated Monthly Installments (EMIs) based on the loan amount, interest rate, and repayment tenure.
All you need to put details like amount of loan, bank's interest rate, and the tenure of repayment.