Education Loan Calculator: Many times many students take education loan for studies. Some take this loan to go abroad, while some take advantage of this facility for higher education in the country itself. Education loan is a good help in that situation when your studies are stopped due to money, still some things should be kept in mind while taking it. Find out many small but important things like on which amount, how much interest will be charged, for how many years it is beneficial to take the loan and what will be the tenure of the loan, then proceed further. It is important to consider these points on how to repay the loan and how much more amount will have to be returned in return than the principal amount.
What will be the EMI on five lakh
From which bank you are taking the education loan, what is their policy, for how many years you have taken the loan, many such things decide how much extra money you will have to pay to repay the loan. The biggest factor is the interest on which you are getting the loan. Proceed only after knowing all this.
For example, if you are taking a loan of Rs 5 lakh at 15% interest for 2 years, then you will have to pay an installment of around Rs 24,000 every month. In this, the bank will take an interest of around Rs 82 thousand from you and you will return Rs 5,82,000 to the bank instead of the principal amount i.e. five lakhs.
Will have to pay this much interest on ten lakh
If this loan amount is increased to ten lakhs and the return is fixed for five years, then the monthly installment will come around 24 thousand rupees. The principal amount will be ten lakh rupees, on which you will have to pay an interest of about 4 lakh 30 thousand rupees. That is, you will take ten lakh rupees and return more than 14 lakh rupees. If this tenure is made two years, then the monthly installment will come around Rs 49,000 and interest will have to be paid around Rs 1.5 lakh. Therefore, if possible, take the loan for a short period only.
You can also use the calculator given here to calculate your loan.
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Education Loan Information:
Calculate Education Loan EMI
