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Education Loan EMI Calculator

Estimate how much your monthly payments will be when it's time to pay back your loan with our Education Loan EMI Calculator.

Why use this Calculator?

Pursuing your higher education requires adequate financial planning to significantly reduce the burden on your finances. While an education loan supports your dreams, you must also be prepared to manage your EMIs or Equated Monthly Installments towards your loan. Auxilo's EMI calculator makes things easier for you while applying for an education loan. With this, you can now plan your monthly payments and finances effectively.

* This Education Loan EMI Calculator is for illustrative and educational purposes only. Auxilo does not guarantee its accuracy or applicability to your circumstances.

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What is an Education Loan EMI?

An education loan is the bridge between your finances and your dreams. At Auxilo, we believe in creating avenues for you to #StriveForSuccess without worrying about the money. While we help you secure the right study loan for your higher education, we also ensure there is a flexible repayment plan that you can bank on.

EMI or Equated Monthly Installments are a part of this flexible repayment plan. It is the defined amount of payments you will be making every month towards the repayment of your education loan. EMIs include the principal amount and accrued interest on your education loan. It is paid monthly and is equally divided over the education loan repayment tenure. The number of EMIs is equal to the number of months in the loan repayment tenure.

Planning your EMIs well in advance, with an EMI calculator, helps you save on the interest and avoid financial crisis. Besides the basic financial planning for your education, you also need to be aware of banking norms, repayment terms, important calculations etc. to take timely advantage of EMIs. With Auxilo, we not only offer the best plans for your higher education loans, but also a well-planned, flexible repayment structure that helps you understand EMIs better and make an informed decision.

With Auxilo’s flexible and convenient EMI calculator, you can now manage your loan with maximum benefits and zero pressure on you or your family.

Get ready to take on the future, don’t let the finances hold you back!

How Your EMI Is Calculated?

Here’s how your EMI is calculated.

EMI is directly proportional to the interest rates & loan amount, i.e., the higher the interest rate or loan amount, the higher the EMI. EMI is also inversely proportional to the tenure of the loan, i.e., the EMI payments decrease with the increase in tenure. However, the total payable interest amount will increase with the increase in tenure.

EMI can be calculated using this mathematical formula:

EMI = P × r × (1 + r)n/((1 + r)n - 1)

where P= Loan amount,
r= interest rate,
n=tenure in number of months.
For example, the EMI for a principal amount for Rs 1 lakh, 10% interest rate and 12 months tenure is shown in the following table:

Principal Amount 2,00,000
Interest Rate 10%
Tenure in months 12
EMI 17,583

You can also check your payable EMI on Auxilo’s EMI Calculator where you simply have to input the amounts and the EMI calculator reflects the amounts. Click here to check.

What Are Education Loan EMI Calculators?

Education Loan EMI Calculators are automated calculators that reflect EMI amounts according to your inputs. With an Education Loan EMI calculator, you can plan your finances and loan repayment structure in just a few easy steps. It is a flexible calculator that immediately shows results with varied inputs. You can change the amounts in the EMI calculator fields as per your finances and plan your payments in line with your your income and financial stability.

With our Education Loan EMI calculator, you can enter your education loan details such as the principal amount, interest rate and tenure and it will instantly produce the EMI amount in seconds. Your monthly EMI amount depends largely on various factors of your loan.

How to Use the Auxilo Education Loan EMI Calculator?

The Auxilo Education Loan EMI Calculator is an intricately designed, automated tool that calculates the monthly amount payable to the bank. To calculate the EMI applicable to your education loan amount, you can use the sliders in the EMI calculator and adjust the values for Principal Amount (P), Tenure (N), and Rate of Interest (R) or manually enter them in the fields provided.

You can also follow these steps to calculate your Education Loan EMI Amount:

  1. Use the slider and select the loan amount or manually enter the amount in the EMI calculator.
  2. Select the loan tenure in months/year.
  3. Adjust the slider or manually enter the interest rate.
  4. The EMI calculator will show you the payable EMI, total interest amount and the total payable amount.
  5. If you would like to try other factors, adjust the inputs and recalculate your EMI anytime by changing the input sliders or amounts.
  6. EMI will be calculated instantly with any amounts.

Benefits of Using the Education Loan EMI Calculator

The Auxilo Education Loan EMI Calculator produces the education loan EMI amounts in seconds. With this EMI calculator, you get a clear understanding of your EMIs for every month and helps you plan your finances accordingly.

Here are the benefits of using the Education Loan EMI Calculator:

  • It helps you plan your expenses and manage your financial goals better.
  • An EMI calculator gives you a clear idea of the principal outstanding on the education loan which helps you create a sound and informed financial repayment plan.
  • You can use the Auxilo Student Loan EMI Calculator from the comfort of your home or from anywhere you want, at your convenience.
  • Quick & accurate calculations that are precise with no scope for errors that could happen if you crunch numbers yourself.
  • Helps borrowing the right and affordable education loan amount.

Pre-EMI: Advantages & Disadvantages

Pre-EMIs are the payments that are made towards the interest of the education loan which is disbursed in parts.

In Pre-EMIs, you are not required to repay the loan until after the completion of your course, but you can begin making interest payments right after the disbursement of the loan. So if your education loan has a principle amount of Rs.5 lakhs, and the bank disburses amounts in installments of Rs.1 lakh each at every stage that you pay the fees for your education, you will begin making interest payments on your first disbursal i.e on Rs. 1 lakh. Pre-EMIs do not reduce the principal amount but are only for the interest applicable.

Advantages of Pre-EMIs

  • The actual EMIs, after starting, will be of a lesser amount.
  • This method provides an economical alternative to paying the whole EMI i.e. interest + principal amount, and the pre-EMI payments will be lower as you are paying only the interest.

Full EMI

A full EMI, as the name suggests, is paid only once, after the entire loan amount has been disbursed and your course is completed.

Advantages of Full EMI

  • No payments are required to be made until the entire education loan amount is disbursed, the course is complete and you’ve achieved gainful employment.
  • The rebates on income tax are higher due to higher EMI payments made as compared to the various Pre-EMI options.
  • The payments made go towards reducing the principal amount which leads to the total loan amount getting reduced from the very first EMI.

You can also check our education loan eligibility calculator & education loan repayment calculator here.