How is EMI calculated for education loan?
You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. This also means that the EMI value will change each time you change any of the three variables. ‘P’ stands for the Principal Amount.
How is 12 month EMI calculated?
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
What is the rate of interest for education loan?
Compare Top Education Loan Offers 2021
| Education Loan Schemes | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| SBI | 6.85% to 8.65% | Up to Rs.1.5 crore |
| Axis | 13.70% to 15.20% | Up to 7.5 Lakh |
| Bank of Baroda | 6.75% to 9.85% | Up to 4 Lakh and above |
| HDFC | 9.45% to 13.34% | Max Apr |
How is monthly student loan interest calculated?
To calculate the amount of student loan interest that accrues monthly, find your daily interest rate and multiply it by the number of days since your last payment. Then, multiply that by your loan balance.
Is education loan free of interest?
It is not possible to get an education loan at 0 interest. Banks have their highest percentage of Non-Performing Assets (NPAs) from the product of education loan itself.
How to apply for Allahabad Bank education loan?
Allahabad Bank Education loan application form can be available online or offline at Bank branches. Visit the official website for Allahabad Bank Education Loan or the Vidyalakshmi portal. Click on Apply Now. Fill out the form with essential details. Upload the mandatory documents required.
Which is the maximum amount you can get from Allahabad Bank?
The holiday period allowed on this loan is ‘course duration + 1 year’ OR ‘6 months after getting a job’, whichever occurs earlier. The maximum amount for which this loan may be availed is capped at Rs 20 lakhs. The loan amount is also subject to the need and repayment capacity of the borrowing applicants.
How is EMI calculated in a loan calculator?
The EMI calculator uses the reducing balance method to calculate loan EMI and total interest payable using key data (Principal, Interest Rate and Tenure) as provided by the user. Additional charges such as processing fees, documentation charges, etc. that may be applicable are not considered by this calculator. Oops.
Which is the best bank for home loan in Allahabad?
Something went wrong. Allahabad Bank home loan is available at attractive interest rates and longer repayment tenure. The bank offers multiple housing loan schemes to suit the home loan requirement of its customers. What is a home loan EMI calculator?
