| Year | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| 2023 | ₹ 50,00,000 | ₹ 1,48,831 | ₹ 1,04,519 | ₹ 48,95,481 |
| 2024 | ₹ 48,95,481 | ₹ 4,27,080 | ₹ 3,32,969 | ₹ 45,62,512 |
| 2025 | ₹ 45,62,512 | ₹ 3,95,844 | ₹ 3,64,204 | ₹ 41,98,308 |
| 2026 | ₹ 41,98,308 | ₹ 3,61,680 | ₹ 3,98,369 | ₹ 37,99,939 |
| 2027 | ₹ 37,99,939 | ₹ 3,24,312 | ₹ 4,35,738 | ₹ 33,64,201 |
| 2028 | ₹ 33,64,201 | ₹ 2,83,436 | ₹ 4,76,614 | ₹ 28,87,587 |
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To calculate your EMI use the formula given below:
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
We will elaborate with an example. Let’s assume Mr. Ravi has borrowed an amount of Rs. 10 Lakhs for his child’s education. The interest rate for the sanctioned amount is fixed at 10.5% and the tenure for repayment is 60 months.
So, in this example, the Principal (P) is Rs. 10 Lakhs, the Rate of interest (R)is 10.5%, and the Repayment Tenure (N) is 60 months.
Before you proceed to calculate the EMI, do not forget to check the monthly rate of interest. The formula to calculate it is Annual Rate of interest/12/100 So, in our case, it will be 10.5/12/100 = 0.00875
Once your monthly interest rate is calculated, you can easily check your EMI per month. 10 Lakhs x 0.00875 x (1+0.00875)60 / [(1+0.00875)60-1] = Rs. 10,747
You can use this exact formula to check the EMI for every type of loan and not just for an education loan.
The three-digit numerical summary of your credit report is known as the Credit Score. The credit report displays your previous loan history, repayments, and your financial behavior. The higher the score the better are the chances to get a loan sanctioned without any challenges and at a lower interest rate. Any score above 700 is considered to be a good score.
Your EMI will be directly proportional to the amount that you wish to borrow. You must check it before getting the loan processed.
The repayment tenure is inversely proportional to the EMI. It means, if your repayment tenure is longer, then your monthly EMI will be lower and vice versa.
Unlike personal loans, education loan repayment does not start immediately. The education loan program includes a repayment holiday that includes the study period, as well as a moratorium of one year or six months after getting the job, whichever comes first. However, if you continue to default, your credit score suffers, which may cause problems when you apply for a loan in the future.
The interest on Rs. 20 Lakhs education loan depends on the bank or financial institution you have taken a loan from. Based on the rate of interest offered, you can calculate the EMI using the following formula
P x R x (1+R)N / [(1+R)N-1]
Where
P - P stands for Principal Amount. It is the amount that you have borrowed.
R - R stands for the Rate of interest that has been applied.
N - N stands for the Number or tenure of repayment.
Amortization is an accounting technique for spreading out the costs of using a long-term asset over the expected period of value provision. Because you can make more payments on the initial purchase price rather than paying it all in one lump sum, you can maximize the cash flow from the investment at that time.
Yes. You can pay off your education loan early if you plan it properly. It is best to pay it off early to save time and interest.
Any type of loan, whether personal or educational, affects your credit score. If you are prompt in repaying your loan, your credit score will improve. If you choose to default, then your credit score will take a huge hit.
In general, repayment begins when the course is completed. Some banks even offer a 6-month grace period after landing a job or a year after finishing school for repayment. The repayment period is usually between 5 and 7 years, but it can be extended beyond that. During the course period, the bank charges a simple interest rate on the loan. The payment of simple interest during the course period reduces the student's EMI burden for future repayments.
To make changes in your EMI amount, you can contact your loan provider and discuss the terms. Borrowers can choose either the tenure increase or the EMI increase option with the lender's approval.
The monthly installment amount to be paid towards your Rs. 10 lakhs education loan depends on the rate of interest provided by the lender. Once you know the interest rate, calculate the EMI using P x R x (1+R)N / [(1+R)N-1] Where P - P stands for Principal Amount. It is the amount that you have borrowed. R - R stands for the Rate of interest that has been applied. N - N stands for the Number or tenure of repayment.
No, it is not possible to obtain a bank education loan with no interest. To receive an interest-free education loan, you can, however, apply for scholarships or search for government subsidies.
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