Education Loan EMI

There are few eligibility criteria to apply education loan. Some of them are:

• The age of applicant should be above 18 years.
• He/she should be the citizen of India.
• More than 50% marks secured in higher studies and graduation.
• Admission in recognized college or institution for graduate or postgraduate.

The following documents are required to apply for education loan in India:

• Bank and Income statement
• Copy of the admission letter and fee schedule
• Marksheets of higher and senior secondary school
• Identity, age and address proof
• Fully filled Education Loan form
• Passport size photographs of applicant and co-applicants.

There is a fierce competition between the banks and NBFCs who provide education loan in India which impact the interest rates on them. The interest rate depends on the factors like the reputation college of the student for which he is taking loan, destination, course applied for, the loan amount, loan tenure, etc.

There are two types of interest rate applied on loans, i.e., Floating and fixed rate. Floating rate is generally less compared to fixed rate because it depends on market volatility.

To calculate your EMI amount, there’s no need to remember big formulas. Just enter few things and we will do that for you. The steps to calculate EMI for Education loan is as follows:

• Enter the Loan amount
• Interest rate charged by bank
• Duration of the course you are taking
• Tenure of the loan

After entering these you will get the Equated Monthly Installments (EMI) you need to pay and the bifurcation of the total loan ad interest amount. In this Online Education Loan EMI Calculator, we have taken the moratorium period as 1 year.