Education Loan EMI Calculator




Planning your education loan is the first step of your journey to studying abroad. It comes with lots of challenges and options. No worries, Nomad Credit is here to assist you with the same. Nomad Credit’s education loan EMI calculator is a time-saving tool which helps you to compare various education loan options and pre-plan your repayment process.

EMIs are an easy way to distribute the cost by breaking it into smaller and monthly payments.

What is an education loan EMI calculator?

Nomad Credit’s Education Loan EMI Calculator is an automated online tool that helps borrowers to calculate the amount they need to pay each month, after taking an educational loan. By using this EMI calculator, borrowers can understand the following details:

  • Monthly Payments: With Nomad Credit’s EMI calculator borrowers can understand the exact amount they are required to pay each month.
  • Interest and Repayment: Borrowers can determine how much of each monthly payment goes towards the interest and how much goes towards repaying the loan.
  • Outstanding Amount: Nomad Credit’s education loan EMI calculator also shows the outstanding amount of your loan and how much you have paid so far.
  • Total Interest: The calculator also helps the borrower to understand the total interest he needs to pay throughout the loan period.

How does the education loan EMI calculator help you?

An education loan EMI calculator helps you in several ways, like monthly payment calculation, interest breakdown, comparing loan options, total cost insight and much more. If you’re thinking about or planning to take out any type of student loan, you need to understand how much you’ll be required to pay every month.

Nomad Credit’s education loan EMI calculator is an ideal tool to help you with the same. The calculator is user-friendly, fast and allows you to explore various options, and it is completely free of charge

How to use the education loan EMI using the calculator?

Nomad Credit’s education loan EMI calculator is customized according to the users’ needs. As it is easy to use, you are only required to enter the following details:

  • Principal Amount: Enter the total amount of the education loan you are planning to borrow. The initial amount borrowed is known as the principal amount of the loan.
  • Annual Interest Rate: Annual Interest Rates are different for every bank for education loans. Therefore, to get an accurate EMI calculation, you will be required to enter the interest rate provided by the bank in the box for an accurate calculation.
  • Loan Tenure (Months): Loan tenure is the period from the date of disbursement of the loan to your last EMI payment. A longer loan tenure offers the highest interest rate with a lower EMI payment. While a shorter tenure allows you to pay off your loan quickly with higher monthly EMI payments.
  • Grace Period (Months): The grace period is the period from the date of signature of the loan to the first repayment of the amount. During the grace period, the borrower is not required to make any payments on the principal amount. Enter your grace period in the box with the principal amount, annual interest rate and loan tenure to get a correct answer.

How to Calculate the Educational Loans EMI?

Below is the formula with an example to demonstrate how Educational Loans EMI are calculated:

Formula: Given below is the formula that is used to calculate the EMI of an educational loan.

EMI = [P*R*(1+R)^n]/[(1+R)^n-1]

P = The principal amount

R = The rate of interest

n = The tenure

Example:

Mr Das has borrowed an education loan of ₹ 20 Lakhs for his Master’s Course, with an average interest rate of 11%. The loan tenure is 8 years, with a grace period of 6 months. The EMI details are as follows:

Principal Amount – ₹ 20 Lakhs

Rate of Interest – 11%

N (Tenure) – 8 Years

Grace Period – 6 Months

EMI – ₹ 37,465

For more details, refer to the table below:

Month Principal Outstanding Interest Component Principal Component Total Payment
1 5,00,000 0 0 0
2 5,04,583 0 0 0
3 5,09,167 0 0 0
4 5,13,750 0 0 0
5 5,18,333 0 0 0
6 5,22,917 0 0 0
7 10,27,500 0 0 0
8 10,36,667 0 0 0
9 10,45,833 0 0 0
10 10,55,000 0 0 0
11 10,64,167 0 0 0
12 10,73,333 0 0 0
13 15,82,500 0 0 0
14 15,96,250 0 0 0
15 16,10,000 0 0 0
16 16,23,750 0 0 0
17 16,37,500 0 0 0
18 16,51,250 0 0 0
19 21,65,000 0 0 0
20 21,83,333 0 0 0
21 22,01,667 0 0 0
22 22,20,000 0 0 0
23 22,38,333 0 0 0
24 22,56,667 0 0 0
25 22,75,000 0 0 0
26 22,93,333 0 0 0
27 23,11,667 0 0 0
28 23,30,000 0 0 0
29 23,48,333 0 0 0
30 23,66,667 0 0 0
31 23,85,000 21,863 15,602 37,465
32 23,69,398 21,719 15,745 37,465
33 23,53,653 21,575 15,889 37,465
34 23,37,763 21,429 16,035 37,465
35 23,21,728 21,283 16,182 37,465
36 23,05,546 21,134 16,330 37,465
37 22,89,216 20,984 16,480 37,465
38 22,72,736 20,833 16,631 37,465
39 22,56,104 20,681 16,784 37,465
40 22,39,321 20,527 16,937 37,465
41 22,22,383 20,372 17,093 37,465
42 22,05,291 20,215 17,249 37,465
43 21,88,041 20,057 17,408 37,465
44 21,70,634 19,897 17,567 37,465
45 21,53,066 19,736 17,728 37,465
46 21,35,338 19,574 17,891 37,465
47 21,17,448 19,410 18,055 37,465
48 20,99,393 19,244 18,220 37,465
49 20,81,173 19,077 18,387 37,465
50 20,62,786 18,909 18,556 37,465
51 20,44,230 18,739 18,726 37,465
52 20,25,504 18,567 18,897 37,465
53 20,06,607 18,394 19,071 37,465
54 19,87,536 18,219 19,246 37,465
55 19,68,290 18,043 19,422 37,465
56 19,48,868 17,865 19,600 37,465
57 19,29,269 17,685 19,780 37,465
58 19,09,489 17,504 19,961 37,465
59 18,89,528 17,321 20,144 37,465
60 18,69,384 17,136 20,329 37,465
61 18,49,055 16,950 20,515 37,465
62 18,28,541 16,762 20,703 37,465
63 18,07,838 16,572 20,893 37,465
64 17,86,945 16,380 21,084 37,465
65 17,65,861 16,187 21,278 37,465
66 17,44,583 15,992 21,473 37,465
67 17,23,110 15,795 21,669 37,465
68 17,01,441 15,597 21,868 37,465
69 16,79,573 15,396 22,069 37,465
70 16,57,504 15,194 22,271 37,465
71 16,35,234 14,990 22,475 37,465
72 16,12,759 14,784 22,681 37,465
73 15,90,078 14,576 22,889 37,465
74 15,67,189 14,366 23,099 37,465
75 15,44,090 14,154 23,310 37,465
76 15,20,780 13,940 23,524 37,465
77 14,97,256 13,725 23,740 37,465
78 14,73,516 13,507 23,957 37,465
79 14,49,558 13,288 24,177 37,465
80 14,25,381 13,066 24,399 37,465
81 14,00,983 12,842 24,622 37,465
82 13,76,361 12,617 24,848 37,465
83 13,51,513 12,389 25,076 37,465
84 13,26,437 12,159 25,306 37,465
85 13,01,131 11,927 25,538 37,465
86 12,75,594 11,693 25,772 37,465
87 12,49,822 11,457 26,008 37,465
88 12,23,814 11,218 26,246 37,465
89 11,97,568 10,978 26,487 37,465
90 11,71,081 10,735 26,730 37,465
91 11,44,351 10,490 26,975 37,465
92 11,17,377 10,243 27,222 37,465
93 10,90,155 9,993 27,472 37,465
94 10,62,683 9,741 27,723 37,465
95 10,34,960 9,487 27,977 37,465
96 10,06,982 9,231 28,234 37,465
97 9,78,748 8,972 28,493 37,465
98 9,50,256 8,711 28,754 37,465
99 9,21,502 8,447 29,017 37,465
100 8,92,484 8,181 29,283 37,465
101 8,63,201 7,913 29,552 37,465
102 8,33,649 7,642 29,823 37,465
103 8,03,826 7,368 30,096 37,465
104 7,73,730 7,093 30,372 37,465
105 7,43,358 6,814 30,650 37,465
106 7,12,707 6,533 30,931 37,465
107 6,81,776 6,250 31,215 37,465
108 6,50,561 5,963 31,501 37,465
109 6,19,060 5,675 31,790 37,465
110 5,87,270 5,383 32,081 37,465
111 5,55,189 5,089 32,375 37,465
112 5,22,813 4,792 32,672 37,465
113 4,90,141 4,493 32,972 37,465
114 4,57,169 4,191 33,274 37,465
115 4,23,896 3,886 33,579 37,465
116 3,90,317 3,578 33,887 37,465
117 3,56,430 3,267 34,197 37,465
118 3,22,233 2,954 34,511 37,465
119 2,87,722 2,637 34,827 37,465
120 2,52,895 2,318 35,146 37,465
121 2,17,748 1,996 35,469 37,465
122 1,82,280 1,671 35,794 37,465
123 1,46,486 1,343 36,122 37,465
124 1,10,364 1,012 36,453 37,465
125 73,911 678 36,787 37,465
126 37,124 340 37,124 37,465
Note: In the provided table, the data shows that during the course period of 2 years, the lender is applying Simple Interest (SI). Once the repayment period begins, Compound Interest (CI) is applied to the loan for the borrower.

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Advantages of Using the Educational Loan EMI Calculator

There are many pros of using the Educational Loan EMI Calculator, some of them are as follows:

  • The calculator will show you the EMI amount you have to pay within mere seconds.
  • You can compare different loan options with a click.
  • Zero-cost calculation of your EMI.
  • Help you with accurate financial planning.
  • Transparent and always accessible EMI planner.
  • You will get to see a clear image of the EMIs that you will be paying each month.
  • You will also gain an understanding of the remaining principal amount, which will help you in managing your funds.

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Frequently Asked Questions Section

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 can I get student loan options without interest rates? 

You can apply for interest subsidies to save more on interest rates. The Indian government provides interest subsidies to eligible students in certain 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. 

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