How To Find Cheapest Education Loan Using Online EMI Calculators

EMI or Equated Monthly Instalment refers to a fixed amount due to the lender by the borrower on a monthly basis.

Simply put, it has 2 components:

• one is from the principal sum you borrow
• another is from the interest charged on that principal sum

EMI calculation is instrumental in predicting the financial liabilities placed by the education loan on the student. Conventionally EMI calculation is done by applying a complicated formula related to the Principal sum borrowed, the monthly rate of interest, and the number of months or tenure of the loan.

Online Education Loan EMI calculators have been developed to help individuals plan their EMI payouts and calculations easily. Such online EMI calculators, allowing you to enter variables like the sum borrowed (principal), your rate of interest and the duration of the loan, and provide you with the EMI amount within seconds. You can enter different variables to see what is the most ideal EMI plan for you.  You can also find education loan interest calculators that are designed to specifically calculate the education loan interest you will pay in various scenarios.

These online calculators are credited with quick calculations. All one has to do is enter various components we are considering and within seconds, we can find our actual repayment schedule. At the micro-level, we will know our EMI at the macro-level we will know what we will eventually pay at the end of the loan tenure.

The biggest advantage of Online Education Loan EMI calculators is that by entering different variables, you can reach an informed and definitive conclusion about how much of your loan, you need to pay when to be able to repay your loan in the best possible manner.

Education Loans have many customizations, these days most are tailor-made for the student’s need with perks like prepayment of EMIs and flexible payment options. In order to be able to compare such loan propositions, one must make use of a dynamic EMI calculator that offers more space for customizations and special criteria; so as to get a more accurate estimation of the loan payment schedule.

The GyanDhan EMI Calculator is a flexible online education loan EMI calculator that is not tied down by the loan plans of any particular institution or bank. You can use your own inputs to plan your finances and repayment schedule. As an online EMI calculator dedicated specifically for education loans, it offers several unique customizations and features that simplify complicated calculations and yield the most accurate results for you.

This EMI Calculator allows you to factor in variables such as your course duration and whether you plan to pay EMIs while you are studying. It also helps you identify ideal loan disbursement plans, i.e; how much of the loan amount is released by the lender at what time within the period of the loan.

As an Online EMI Calculator specifically designed for student education loans, you can further customize your calculations to include any of these additional feature

• Custom disbursement plans
• Grace period
• Interest / principal payment during the study period