₹35,005
17.00% interest rate per annum
Total Interest
₹10,033
Total Amount
₹2,10,033
Loan Amount: ₹200,000
Total Interest: ₹10,033
At Finance Vaastu, you can secure education loans of up to Rs. 10 lakh to support your academic pursuits. Here’s how to apply easily:
Register with Your Mobile Number
Provide Required Information
Upload Required Documents
Choose Loan Amount and Tenure
Receive Quick Disbursal
If you want to know the formula for calculating an EMI, then you can check it below-
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
Consider Mr. Arjun, who has taken a loan of Rs. 4.5 lakhs (P) at an interest rate of 11% (R) with a repayment tenure of 60 months (N). His EMI can be calculated as follows:
EMI = 4,50,000 x 0.0091667 x (1+0.0091667)^60 / [(1+0.0091667)^60-1] = Rs.9,719
Please note that the interest rate is calculated monthly by using the formula given below:
Annual Rate of Interest/12/100
So, to calculate it for this case, it will be (11/12/100 = 0.0091667)
This formula is not specific to a Education loan calculator and can be used to calculate EMIs for all types of loans.
A higher credit score can result in lower interest rates, which will help reduce your EMI for the education loan.
Your place of residence can impact loan approval and interest rates, influencing your EMI.
Different education loan products may come with varying interest rates and terms, influencing your EMI amount.
Making a higher down payment can lower the principal amount of the loan, thereby reducing your EMI.
The total amount you borrow will directly affect your EMI; larger loan amounts will result in higher EMIs.
A longer repayment tenure may lower your EMI but will increase the overall interest paid over time. Conversely, a shorter tenure may result in higher EMIs but lower total interest.
Explore our wide range of financial services, from CIBIL score improvement to personalized loan options. Simply fill out the form, and we’ll connect you with the best solutions for your needs—whether it’s enhancing your credit or finding the perfect loan.
