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

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.