EMI Calculator:

what is Loan EMI?

An Equated Monthly Installment (EMI) refers to a fixed amount to be paid to a bank or lender, as part of the repayment of an outstanding loan, within a specified time period. Simply, an EMI is a facility that banks and other financial institutions provide to their customers to borrow a loan amount to meet their immediate cash flow needs and then, allow them to repay it in installments at a specific rate.

The Education Loan EMI Calculator helps you to understand how much accurate EMI you need to pay for your loan which is helpful for you to plan your finances better and make sure that you get a loan that you can repay in a stress-free manner. Simply you just need to enter the current interest rate as well as the loan amount and required repayment term in the fields related to the account.

Benefits of Calculating Loan EMI

Here are some of the benefits of using a personal loan calculator.

Super Fast - Calculate Educational Loan EMI for a specific period and interest rate in just a few seconds.

Simple- arithmetic is based on providing four clear quantities that are easy to achieve.

Test different combinations - View different interest periods and rates to see if you can find the combination that suits you best.

100% FREE - This easy-to-use education loan calculator is completely free.

Compare Loans: Enter a specific loan amount and your loan tenure and there will be changes in the interest rate and processing fee as per the fixed rates maintained by the bank. You will get a great idea of ​​your loan amount, and from that, you can choose your personal loan.

Saves time: It takes less than a minute to calculate in a single touch when you use the calculator. Also, EMI calculators are extremely easy to use and 100% accurate.

Your repayment schedule: our personal loan Touch calculator also provides you with a complete breakdown of your repayment schedule. This way you will have an idea that ​​how much you will have to contribute and how much the principal balance will be.

Factors Affecting Loan EMI

Your education Loan EMI mainly depends on 3 important factors:
Loan Amount
Loan Tenure
Interest Rate

Interest rate: Even in this case, the interest rate is directly proportional to equal monthly payments. The higher the interest, the higher your Emi's. The bank will charge the interest rate on your loan based on several factors, such as your income, credit history, ability to repay, etc.

Loan Amount: as much as higher the loan amount, the higher will be the EMI payable. The maximum loan amount that you can avail only depends on the lenders which will be based on your capacity for repayment, your relationship with the bank, and some other factors.

Loan term: The loan term you have chosen is inversely proportional to the equal monthly installments. The longer the term, the lower the monthly premium rate (EMI). However, in the long run, you may end up paying more as interest. Loan term options typically range from 12 months to 84 months.

Charges on Non/Late Payment of EMI

Late payments for student loans can hurt your credit score. If you're 30 days late, your student loan status will go past due, and once the lender reports your late payment to the major credit bureaus, your credit score will drop down.

Penalty on late payment of EMIs (defaults): When a person opts for a loan, he needs to repay the loan amount in the form of EMIs or equated monthly installments. It is the borrower's responsibility to ensure that EMIs are paid on time to time. Default in payment of EMIs will attract a penalty. That is why it is necessary to calculate the amount of your EMI in advance and decide the finances according to your tenure.

Penalties - for individuals who miss their EMI payments the banks and financial institutions may charge late fees as a penalty. The amount charged may vary but it is usually around 1%-2% of the EMI payable. A 2% penalty interest will be charged on loans above Rs. 4 lakhs for overdue amounts and overdue periods.

FAQ Related to EMI

Q. Is there a prepayment penalty on an education loan?
There are no penalty charges for prepayment. You can pay off your education loan before the tenure at any time.

Q. How to calculate your interest rates & EMIs on your loan

You can use of EMI calculator to calculate your interest rates & EMIs:

EMI calculator- You can check your interest rate with the help of the EMI calculator, which is provided by banks on every site you wish to visit. With the help of this calculator, you will be applicable to calculate the whole interest rate of your loan amount with EMI. You just only need to fill in some of your information regarding the loan, like:-

• Loan amount
• Loan tenure &
• Interest rates

After filling in these details you have to click on calculate button to get all details regarding your loan. This calculator will not only tell your interest rates even it calculates your monthly repayment schedules also.

Q. Can I pay the monthly installments after the due date?
In many cases, the bank allows a grace period of a few days during which you can pay the premium. After this grace period, the bank may charge you a late payment fee. If you miss the EMI for three months or 90 days, it will be treated as default.

Q. What if your EMI is too late?
In many cases, the bank gives a grace period during which you can repay the EMIs. After your grace period, the bank will start charging you a late fee. You will be listed as defaulters only if you miss a payment of EMIs for three months or 90 days.

Q. What if I do not pay the EMI for 3 months?
The lenders consider you as a default and can take action If you fail to pay your EMI for 3 consecutive months. Firstly The lender will send you a notice of default to remind you about your EMI, & they'll you a period within which you must pay the amount owed or lose possession of the property (home/car) that you have provided as collateral.