education loan – EMI Calculator

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Top 17 Banks with best interest rates :

(* Onwards)

Sr no.	Bank Name	ROI	Amount Range	Foreclosure Charges
1	Union Bank of India	8.35% Onwards	4lk - 30lk	5000
2	State Bank of India	8.15% Onwards	5lk - 3cr	10,000
3	Punjab National Bank	8.1% Onwards	50k - 50lk	NIL
4	IDFC First Bank	9.5% Onwards	1lk - 1.5cr	Up to Rs. 7.5 Lacs – NIL/ Above Rs. 7.5 Lacs -Up to 1.5%* of the Loan Amount
5	Bank of Baroda	8.10% Onwards	1lk - 1cr	NIL
6	Canara Bank	9.25% Onwards	7lk- no cap	0.50%
7	Bank of Maharashtra	8.1% Onwards	1LK - 20LK	NIL
8	HDFC bank	10.50% Onwards	1lk - 1.5cr	Nil Processing Fees upto loan amount Rs. 7,50,000/- else 1%
9	Indian Overseas Bank	8.75% Onwards	1lk- 1.5cr	0.50%
10	ICICI Bank	9.50%% Onwards	1lk - 3cr	No processing fee is charged for loans up to ₹4 lakhs./ fee of 0.50% of the loan amount, with a maximum cap of ₹10,000.
11	Karnataka Bank	9% Onwards	1lk - 2cr	NIL
12	Axis Bank	8% Onwards	50K - 5CR	2% OF LOAN AMT
13	IDBI Bank	10.65%Onwards	1lk - 30lk	Processing fee is 1% of the loan amount subject to a maximum of Rs. 5000/
14	Bank of India	8.40% Onwards	1lk - 1.5cr	NIL
15	UCO Bank	8.40% Onwards	1lk to 20lk	NIL
16	Federal Bank	12.55% Onwards	1LK - 20LK	NIL
17	Kotak Mahindra Bank	12% Onwards	1lk - 20lk	NIL

(*Rate of Interest depends on your Credit Score*)

Education Loan EMI Calculator:

An Education Loan EMI Calculator is an essential tool for students and parents looking to finance higher education. It offers clarity and precision, aiding in selecting the most suitable loan product while ensuring manageable repayment schedules. By leveraging this tool, borrowers can make informed decisions, paving the way for a financially secure academic journey.

Advantages of an Education Loan EMI Calculator:

Using an Education Loan EMI Calculator offers several key advantages for businesses:

Accurate EMI Prediction: It provides a precise calculation of your monthly repayment, allowing the individual to understand the financial commitment involved.
Easy to Use: With a user-friendly interface, the calculator requires only basic information, such as the loan amount, interest rate, and tenure, making it accessible to everyone.
Financial Planning: By knowing the exact EMI, borrower can better manage their cash flow, budget effectively, and avoid overburdening their financial resources.
Flexible Adjustment: You can modify key parameters like loan amount, tenure, and interest rate to compare different repayment scenarios, helping you choose the most affordable loan terms.
Saves Time: It eliminates the need for manual calculations and provides an instant result, making the loan planning process faster and more efficient.

Benefits of an Education Loan:

Some key benefits of obtaining an education loan include:

Choosing an education loan eases the financial burden on family savings, preventing the need to sell off assets such as fixed deposits, mutual funds, or bonds.
Students can begin repaying the loan only after completing their studies.
Education loans for studying abroad cover not only tuition fees but also living expenses, travel costs, study materials, laptops, and other essential expenditures.
Banks offer competitive interest rates for education loans, with special rates available for students attending top-ranked universities or institutions.
Students can independently finance their education without relying on family members.
As the loan is repaid, students begin building their own credit history, which can be valuable in the future.

Advantages of a Personal Loan EMI Calculator:

Using a Personal Loan EMI Calculator offers several key advantages for businesses:

Accurate EMI Prediction: It provides a precise calculation of your monthly repayment, allowing the individual to understand the financial commitment involved.
Easy to Use: With a user-friendly interface, the calculator requires only basic information, such as the loan amount, interest rate, and tenure, making it accessible to everyone.
Financial Planning: By knowing the exact EMI, borrower can better manage their cash flow, budget effectively, and avoid overburdening their financial resources.
Flexible Adjustment: You can modify key parameters like loan amount, tenure, and interest rate to compare different repayment scenarios, helping you choose the most affordable loan terms.
Saves Time: It eliminates the need for manual calculations and provides an instant result, making the loan planning process faster and more efficient.

Eligibility Criteria for Education Loans:

Several factors are considered by banks and financial institutions when evaluating a student’s application for an education loan:

Indian Citizenship: The applicant must be an Indian citizen.
Age Requirement: If the applicant is below 18 years, the loan must be applied for by the parents or guardians.
Academic Performance: A strong academic background helps in quicker loan approval.
Admission to Recognized Institutions: The applicant must have secured admission to a recognized college, university, or educational institution, either in India or abroad.
Course Selection: Banks typically prefer applicants pursuing technical or professional courses, as these programs are more likely to result in employment.
Co-applicant Requirement: Full-time students must have a co-applicant, which could be a parent, guardian, spouse, or parent-in-law. The co-applicant must have a stable income source.

FAQs

What is an Education Loan?

An education loan is a financial product that students can apply for to fund their education, either within India or abroad. Various banks and financial institutions offer education loans to help students afford quality education by providing financial support at competitive interest rates.

What does an education loan cover?

An education loan typically covers the cost of tuition, accommodation, travel expenses, study materials, and other related costs.

What role do parents/guardians play in an education loan?

Parents or guardians can be co-applicants on the loan. If the student is unable to repay the loan, the parent or guardian becomes the primary debtor.

Can the tenure of an education loan be extended?

The tenure of an education loan can only be extended if the student’s course duration is extended.

Is there a tax deduction available for education loans?

Yes, under Section 80E of the Income Tax Act of 1961, the interest paid on education loans is eligible for tax deductions. This deduction is available for up to 8 years from the year the loan is taken.

How is Interest Calculated During the Moratorium Period?

During the moratorium period of an education loan, the repayment starts after the completion of the course, generally 6 months to 1 year after graduation, allowing students time to find employment and stabilize their finances. While the EMI payments do not need to be made during this period, students have the option to pay the interest portion during the moratorium to reduce the overall loan burden.

Why is using an EMI Calculator important before applying for a Education Loan?

Using a Home loan EMI calculator before applying is essential because it helps you understand the monthly financial commitment involved. It allows you to assess multiple factors whether the loan is affordable based on your salary, expenses and lets you explore various loan scenarios (loan amount, tenure, interest rates) to find the best fit. By using our calculator, you can make well-informed decisions, avoid surprises, and effectively plan your finances.