Plan Your Loan Repayment
With Our EMI
Calculator
Study Bank EMI Calculator
EMI Breakdown
Monthly EMI (₹) :
Principal Amount :
Total Interest :
Total Amount :
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What is an EMI Calculator?
An EMI (Equated Monthly Installment) Calculator is a financial tool that helps you determine the monthly repayment amount for your education loan.
It calculates the Equated Monthly Installment (EMI) based on:
It calculates the Equated Monthly Installment (EMI) based on:
- Loan amount – The total loan you wish to borrow.
- Interest rate – The percentage charged by the lender annually.
- Loan tenure – The repayment period in months or years.
- Monthly Payments – Exact amount required to pay each month.
Quick & Accurate
Easy Planning
Transparency
Time-Saving
How Does the Education Loan EMI Calculator Work?
The EMI calculator uses the standard EMI formula to calculate your monthly installments :
EMI = [P*R*(1+R)^n]/[(1+R)^n-1]
Where :
- P = Loan amount (Principal)
- R = Monthly interest rate (Annual rate divided by 12 months)
- N = Loan tenure in months
Example Calculation :
Rahul plans to pursue his Master’s degree in the USA and needs an education loan of ₹15,00,000. With Interest Rate of 10% per annum. The loan Tenure is 5 years and grace period of 6 months. The EMI details are as follows:
- Loan Amount : ₹15,00,000
- Interest Rate : 10% annually (0.833% monthly)
- Loan Tenure = 5 years (60 months)
- Grace Period = 6 months (interest-only payments during this period)
- Grace Period Interest = ₹75,000
- EMI = ₹22,377 per month
- Loan Repayment (Including Interest) = ₹29,17,620
How to Use the EMI Calculator?
Using the Study Bank EMI Calculator is simple and quick :
- - Step 1 : Enter the loan amount you wish to borrow.
- - Step 2 : Select the interest rate offered by the lender.
- - Step 3 : Choose the loan tenure (in months or years) and Grace Period.
- - Step 4 : Click on "Calculate EMI".
- - Step 5 : View the monthly EMI amount, total interest payable, and total loan cost.
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6 Benefits of Using the EMI Calculator
The Study Bank EMI Calculator offers several advantages:
1
Accurate Financial Planning
- Get exact monthly repayment amounts.
- Know total interest and repayment costs.
2
Time-Saving and Instant Results
- Get EMI results instantly.
- Skip complex EMI formulas.
3
Easy Loan Comparison
- Check different loan options.
- Pick loans with lower EMIs.
4
Flexible Adjustments
- Change amount, tenure, or rate easily.
- Find the most affordable EMI
5
Better Budget Management
- Know your monthly commitment.
- Select affordable EMI plans.
6
User-Friendly and Free to Use
- Easy-to-use and intuitive design.
- No hidden charges or fees.
Frequently Asked Questions (FAQs)
How accurate is the EMI calculator?
The calculator uses a standard formula and provides highly accurate results.
Can I prepay my loan to reduce EMI?
Yes, prepaying reduces the outstanding principal, lowering future EMIs.
Is there a penalty for late EMI payments?
Some lenders charge penalty fees for missed or late EMI payments.
Can I use the EMI calculator for both secured and unsecured loans?
Yes, the EMI calculator works for both collateral-free and secured loans.
Does the EMI calculator account for interest rate variations?
No, the calculator uses a fixed interest rate for accurate EMI calculation.