What is an education loan EMI calculator? How does it work and its benefits?

 

Everyone would agree that it is a big task of keeping a track of all the monthly installments and the amounts added to them. The best way to keep track of this is to make use of an education loan EMI calculator, which would not only make your job faster and easier but also eliminate any chance for mistakes.

How does the education loan EMI calculator work?

The education loan EMI is calculated with the help of the mathematical formula that is the EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. When you change any of the three variables, the EMI amount will also change. The original loan amount given to you by the bank on which the interest will be calculated is known as the Principal Amount which stands for ‘P’. The rate of interest set by the bank is identified as ‘R’. The number of years given to you for the repayment of the loan is identified as ‘N’. The duration is calculated in the number of months when the EMIs are paid each month.

Given below are the benefits of using an education loan EMI calculator:

1.      The education loan EMI calculator is easy to use

The calculator consists of 3 key components, which are the principal amount of the loan, the rate of interest charged on it, and the total tenure on the loan. When you mention all of these details correctly and press on ‘calculate’, the calculator will get you all the results of the figures you need. This is a great help for you when taking an education loan, as you can rely on these calculations since you do not have to double-check the entire calculation process for mistakes.




 

2.   The education loan EMI calculator helps you with a lot of combinations

With an education loan EMI calculator, you will be able to calculate various repayment plans with just the help of interest rates and the tenure of the study loans in India. This will give you an estimate of the principal loan amount that is required to be repaid every month. This helps in avoiding any kind of stress as you know the loan plan, which means there will not be any kind of pressure on your finances.



 3.   The education loan EMI calculator is free of cost

The education loan EMI calculator is user-friendly and free of cost. You don’t have to pay any amount to avail the benefits of it. If you simply search the internet for an education loan EMI calculator, you would be directed to various financial institution portals where you can calculate your loan EMI for free.

  

4.   The education loan EMI calculator helps you avoid calculation errors

The calculator is a much safer option to use, with manual calculations there are mistakes prone to happen. Anyone using the education loan EMI calculator will easily get the results of how much they would have to pay for the pre-determined tenure and the interest rate for the education loan that they have taken. The results provided by the EMI calculator after you have put in the details are derived quickly.

We hope this article has helped you understand what an education loan EMI calculator is and its benefits.

All the very best!

Related Article - Here is all you need to know about an education loan EMI calculator

 

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