Education Loan EMI Calculator
Plan your education loan EMI now with a click! Nomad Credit gives you an online education loan EMI calculator with which you can plan your education loan repayment diligently. Enjoy the time-saving tool to compare different education loan options and pre-plan your repayment process.
What is an education loan EMI calculator?
The Education Loan EMI calculator is an online tool that helps you determine how much you need to pay every month after taking out a student loan. It shows you a schedule that breaks down your monthly payments into the interest you’re paying and the amount going towards paying off the loan itself.
It also tells you how much of the loan you’ve already paid back and how much is left. This helps you understand the total cost of the loan, including the interest you’ll pay over the entire loan period.
How does the education loan EMI calculator help you?
If you’re thinking about getting a student loan, you’ll want to figure out how much you’ll need to pay every month. Knowing this helps you choose the best interest rates and banks. It also helps you plan your monthly budget.
The education loan EMI calculator can help with this. It’s easy to use and quick, lets you try different options, and it doesn’t cost anything.
How to use the education loan EMI using the calculator?
Simple – just put the values on the respective spaces, and you will get the estimated monthly EMI in the pie chart. The pie chart automatically provides you with accurate data without having to press a submit button. Each time you put different values, the pie chart shows accurate data within no time.
- Provide your loan amount, interest rate, loan tenure, and grace period.
- This calculator is 100% easy and user-friendly.
- You can change the values whenever you want.
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Top benefits of education loan EMI calculator by Nomad Credit
- A simple tool to calculate your EMI
- Help you with accurate financial planning
- Compare different loan options at a click
- Zero-cost calculation of your EMI
- Saving your time in calculating the EMI
- Transparent and always accessible EMI planner
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Frequently asked questions
What expenses are covered by an education loan option for study abroad?
An education loan option covers your major academic and living expenses abroad, such as tuition fees, academic costs, monthly rent, travel expenses, and related costs.
What is the grace period for an education loan to study abroad?
The grace period means the holiday between your course completion and loan repayment. Typically, 6 – 12 months is the grace period for education loan options to study abroad. This means that your repayment starts only 6 – 12 months after completing your course.
What is the moratorium period for education loans for studying abroad?
The moratorium period refers to the total education loan holiday in which no repayment or interest-only repayment is expected. It includes your course period plus the grace period.
What is the difference between simple and compound interest?
Simple interest is computed based on the principal or original amount of a loan. Compound interest, however, is computed based on the principal amount as well as the accumulated interest from prior periods. Hence, it can be viewed as “interest on interest.”
Do education loan options have compound interest?
If you fail to repay your education loan interest, it can compound and increase your debt.
How to plan my education loan repayment?
When you use Nomad Credit’s EMI calculator, you will get an estimation of monthly EMIs. Accordingly, start your repayment as early as possible to reduce the accruing interest debt. Early repayment will reduce your interest rate for future EMIs.
Which education loan option has the lowest interest rates?
Among education loan options to study abroad, secured ones from public banks have the lowest interest rates compared to unsecured ones. Public and private sector banks offer secured education loan options, but only for eligible candidates. Connect with Nomad Credit to explore minimal-interest education loan options for your profile at zero cost.
How to get student loan options without interest rates?
You can apply for interest subsidies to save more on interest rates. The Indian government offers interest subsidies to select students under specific conditions. If you are eligible, you can save more on study abroad education loan repayment.
What is the minimum salary for a study abroad education loan co-applicant?
The minimum salary for a study abroad education loan co-applicant is decided by the lender, according to the total loan amount. The co-applicant must earn enough to cover monthly EMIs.
