Education Loan Calculator 2025: How to Use, Benefits and More
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The education loan calculator is a simpler and more transparent tool that you need to plan your study abroad journey before it actually starts. You can try the student loan EMI calculator by putting different information about your loan. It is a completely free instrument.
Education Loan Calculator is a popular and easy-to-use online financial tool that allows you to calculate the monthly instalments of your study loan. It gives you an overview of the amortization schedule that shows the breakdown of EMI paid against the student loan you’ll borrow. This helps you to understand the total cost of an education loan by adding interest and outstanding amounts.
Almost every student who is planning to study abroad faces the issue of funds to pay the education expenses. An education loan EMI calculator is a simpler and more transparent tool that you need to plan your study abroad journey before you actually start. The student loan EMI calculator is a free instrument, where you can customize the amount and tenure to get results according to your needs. In this blog, we will cover the information related to the advantages of using an education loan calculator including tips on how you can use this tool effectively.
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How to Calculate the Educational Loans EMI?
To calculate the education loan EMI, you need to use the below-mentioned formula.
Study loan EMI Calculator Formula: [P*R*(1+R)^n]/[(1+R)^n-1]
Where P represents Principal Amount, R represents Rate of Interest, and n represents Time or Tenure.
Predict your IELTS, TOEFL, and PTE in just 4 steps!
For Example- A student borrowed an education loan of INR 10 lakhs with an average interest rate of 9% for 2 years.
- P- 10,000,00
- R- 9/100/12 (You convert to months)
- N- 24 months
EMI= [10,00,000x9/100/12(1+9/100/12)^24]/[(1+9/100/12)^24-1]= 45,685
How to Calculate Interest on Education Loan?
You understood the process of calculating the EMI on an Education loan. Now, it is important that you know how much extra money you are paying than your education loan.
Principal Amount = INR 10,00,000
EMI= INR 45,685
Duration= 24 Months
Total Interest on Education Loan Formula= EMI*Duration-Principal Amount
45,685*24-10,00,000 = INR 96440
What is An Education Loan Calculator?
There are many banks and financial institutions in the market that offer study loans to students. The interest rates and offers of these institutions are different. It is tough and time-consuming to evaluate all offers to choose the ideal one. Here, an education loan calculator comes in the frame to make your work effortless.
You can find many websites that offer a free study loan EMI calculator. Here, you can put the amount and other details to find the actual cost of the study loan. You can customize the details and use this tool as many times as you want.
Top Banks to Offer Student Loan
Here are the top public and private sector banks that offer education loans for higher education in India or abroad. Keep in mind that the rate of interest and offers are different for study in India and abroad.
- State Bank of India
- Axis Bank
- Union Bank of India
- ICICI Bank
- IDFC First Bank
- HDFC Bank
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How Does the Education Loan Calculator Help You?
You understood what is study loan and education loan EMI calculator. Now, let us understand how a student loan calculator is helpful for you. The moment you decide to borrow a study loan, the first question that comes to your mind is the monthly EMI.
The education loan interest rate calculator helps you to get the EMI by changing the rate of interest and amount. It is easy to use, quick and free. It is easy to make a monthly budget by knowing EMI and interest rates.
Advantages of the Student Loan EMI Calculator
Below, we have mentioned the top advantages of the student loan EMI calculator;
- Precise Estimation of EMIs: Students can get an accurate amount of EMI that they will repay. You can easily understand the total cost and total interest.
- Easy to Use: These smart calculators are user-friendly. All you need to do is put all the required information there and get an EMI and detailed amortization schedule.
- Loan Offer Comparison: With the help of an education loan calculator, you can compare different loan offers in just a few minutes.
Also Read: Student Loan Vs Self Finance
Steps to Use the Educational Loan EMI Calculator?
To use this online tool, you need some information such as principal amount, Rate of Interest (ROI), and tenure. Below, we have mentioned a step-by-step process to let you know how to use the educational loan calculator.
- Figure the amount you want: It is the first step that you should focus. Know the total amount that you need to study abroad or in India.
- Keep Currency Conversion in Mind: As an Indian student, if you want to study abroad then know the precise amount with the help of the exchange rate of Indian Rupees to the currency of any country.
- Enter Tenure: Tenure of the loan amount is the number of years which you need to repay the student loan.
- Rate of Interest: Banks offer student loans at flexible or fixed rates of interest. For example: SBI education loan interest rate is 8.40% per year.
Also Read: Mistakes to Avoid While Applying for Student Loan
What is An Education Loan?
A study loan is well-known as an education loan or student loan. Banks and other financial institutes offer this financial product to students who are looking for an option to pay the expenses of their studies. These expenses include tuition fees, books, living expenses, and other related costs. Students must know how to fill up education loans, so their applications get easy and quick approval. You can also apply for education loan through Shiksha's portal at one click.
Q: How does an Education Loan interest rate calculator work?
An education loan interest rate calculator is a tool that helps you to calculate estimate your monthly Equated Monthly Installments (EMIs) based on the loan amount, interest rate, and repayment tenure.
All you need to put details like amount of loan, bank's interest rate, and the tenure of repayment.
Q: How does the Education Loan EMI calculator help me to compare the loan offers?
You can use Education Loan EMI calculator tool by customizing the details such as principal amount, tenure and ROI. Students can compare the student loan offers of different banks easily. By inputting different values for each loan scheme, students can quickly select the most suitable option based on their individual financial circumstances and repayment capabilities.
Q: How to prepare for UK 10th board exam 2025?
Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.
- Know the exam pattern
- Make a proper time table as per the syllabus
- Solve previous year question papers
- Make short notes of important formulas and theorems
- Revise regularly
- Figure out weaker areas and learn them well
With proper planning and hard work, students can easily clear the UK 10th board exam.
Q: Is university of West of Scotland good for international students?
The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.
Q: What rank is Wolverhampton University in UK?
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
Q: How can I get admission in the University of Manchester?
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
Q: What is University of Wales, Trinity Saint famous for?
University of Wales, Trinity Saint (UWTSD) was founded in 2010, is a public institution for higher education and research at multiple locations. It was set up under the 1828 royal charter of Lampeter, the institution was the result of the merger between Trinity University College and the University of Wales. The institution merged with the Swansea Metropolitan University in 2013.
- Top Ranked University: The UWTSD is not ranked by any major ranking body, however as per the university ranking given on the official website of the university, it is ranked among:
- #1st in Wales and UK Top 5 Film Production and Photography
- #1st in Wales and UK Top 5 Fashion and Textiles
- #1st in Wales and UK Top 20 Graphic Design
- #1st in Wales and UK Top 5 Education
- #1st in Wales and UK Top 20 Sports Science
- #1st in Wales and UK Top 20 Mechanical Engineering
- #1st in Wales for Fine Arts
- Variety of Courses: UWTSD offers more than 300 programs at various levels including undergraduate, postgraduate degrees as well as multiple online courses.
- Highly distinguished and learned faculties: the faculty at UWTSD is highly learned and distinguished which enables students to be the best in their field of study.
- High Placements: According to Graduate Outcome data 2019-2020 quoted by the UWTSD, more than 95% of its graduates were found to be employed within 15 Months of graduation. The average salary of a graduate is not explicitly released by UWTSD, however, as per some unofficial sources the average salary of the graduates of UWTSD is approximately INR 30-35L. with the highest salary being reported as high as INR 66.5L for jobs in Financial Services.
Q: How good is the University of Chester (UK)?
University of Chester is surely a good option for international students mainly beacuse of a diverse range of excellent academic programs.Below are some reasons why University of Chester is good:
Academics: The University of Chester offers over 200 undergraduate, postgraduate, and research degree programs to international students. The University of Chester University offers undergraduate major and minor courses. Students can also pursue master’s or doctoral programs at the University of Chester University.
Location of the university - The University of is in a location where arts & culture, technology industry and entertainment industry providing endless internship. International Students have access to beaches, outdoor activities, live music/performances and attractions which makes their make campus life more enjoyable. The location gives University of Chester students an additional mark to study at University of Chester.
Ranking: Many global ranking sources like THE (Times Higher Education), etc., have ranked University of Chester among the top universities in the world since 2021. These bodies consistently rank it among the top universities in UK.
Fees: : The cost of attending University of Chester for Indian students can vary depending on several factors. Tuition fees for international students at University of Chester are typically higher than for Uk citizens. However, it is important that the tuition fee can change over time, and it is recommended to visit the official website to recheck the fees and accommodation. Indian students should also consider other costs such as housing, health insurance, meals and transportation attending University of Chester.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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