What is covered in an educational loan?

Tata Capital’s education loans cover a range of education-related expenses, such as tuition fees, exam fees, purchase of books, course materials, and accommodation costs.

Is the education loan interest rate calculator and EMI calculator the same?

You can use our calculator to check your EMI.

How does an Education Loan EMI Calculator work?

Input the loan amount, tenure and ROI to calculate your EMI.

How does the Education Loan EMI calculator help me to compare the loan offers?

The Education Loan EMI Calculator helps you compare loan offers by allowing you to input different loan amounts, tenures, and interest rates to understand how they impact your monthly repayments.

How do you calculate a student budget?

To calculate a student budget, list all income sources and estimate expenses like tuition, rent, food, transportation, and supplies. Track monthly and yearly costs, adjusting for fixed and variable expenses.

What percentage of the loan amount must be provided as margin money to secure an education loan?

Education loans up to Rs. 4 lakhs do not have any margin. However, for loans above 4 lakhs, the margin for education in India is 5% and for education in abroad is 15%.

What are the consequences of missing an EMI payment or paying late? Are there additional fees?

Missing or paying an EMI payment late can lead to late payment fees, increased interest rates, and a negative impact on your credit score. A penalty of 3% per month on the defaulted amount is charged in case of default on interest or principal amount.

Can one claim tax benefits from an Education Loan?

Yes, the interest portion of the EMI paid towards an education loan qualifies for a tax deduction under Section 80E of the Income Tax Act, 1961. This deduction can help reduce your taxable income and offer significant tax relief.

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EMI Calculator

Education Loan EMI Calculator

Calculate your monthly payments using the Tata Capital education loan calculator and plan your education finances with ease.

EMI Calculator

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Overview Document Required Rates and Charges EMI Calculator

Calculate Student Loan EMI

Loan amount

₹

₹75,000 ₹35,00,000

Loan duration

1 Years 6 Years

Rate of interest

10% p.a 19% p.a

Monthly EMI

Total Amount Payable

0*
Total Interest Payable

0*

Total Amount Payable

Total Interest Payable

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What is an Education Loan EMI Calculator?

An Education Loan EMI Calculator is a tool that helps you calculate your exact monthly loan repayments before you apply for a student loan. This easy-to-use tool lets you enter details such as loan amount, tenure, and education loan interest rate to instantly view your Equated Monthly Instalment (EMI). The student loan EMI calculator helps with your financial planning by giving you a clear idea of what your monthly outflow will be. You can adjust the figures to find an EMI that fits your budget, making it easier to manage your repayments over time. Use this education loan interest rate calculator to plan your studies with confidence and avoid any financial surprises.

How Does the Education Loan Calculator Help You?

An education loan EMI calculator gives you quick answers on your possible monthly repayments, saving you time and effort. With a student loan calculator for EMI, you can try various loan principal amounts and tenures to instantly see how your choices affect your EMI. This helps you make informed decisions about your loan and select a repayment plan that matches your budget. With this clarity, you avoid surprises and can apply for your student loan confidently, knowing exactly what to expect each month.

How to use Student Loan EMI Calculator

Using a Student Loan EMI Calculator is simple.

Enter the loan amount as per your requirement
Select the loan duration
You can toggle between the rate of interest to see how your EMI differs basis ROI
After selecting the above 3 values you can see an EMI value.

Formula to Calculate the Education Loan EMI

You can calculate the Equated Monthly Installment (EMI) for an educational loan using a formula or an EMI calculator. Here’s how to do it:

EMI Calculation Formula

The EMI for an educational loan is calculated using the formula:

EMI= P x R x (1+R)^n divide by (1+R)^n - 1

Where:

P = Loan amount (Principal)
R = Monthly interest rate (Annual interest rate divided by 12 and converted to a decimal)
N = Loan tenure in months

Benefits of Education Loan EMI Calculator

Easy Financial Planning: It helps you to understand the monthly commitment and plan your expenses accordingly
Compare Loan Options: Modify the values to compare loan options
Optimize Tenure: Experiment with loan tenures to find a balance between affordable EMIs and total interest cost