Student Education Loan EMI Calculator
With over 50% of students choosing education loans over self-funding, there is a critical need to evaluate factors related to education loans to choose the most effective repayment option.
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How to use the Student Loan Calculator?
Know you Loans & ROI.
ROI Calculator
Eligibility Checker
EMI Calculator
With this feature, the user can check whether his/her credentials are good enough for the lending company to offer the desired loan amount. Essentially, credentials refer to the difference between the monthly interest amount calculated on the education loan and the monthly income of the co-applicant less any other monthly loans EMIs.
Loan would be applicable only in the following cases:
Simple interest EMI should be less than 50% of salary after deducting other monthly loan amounts.
SIEMI < (50% Salary-Other EMI’s) Example: Salary 40,000, other EMI’s
Student ROI Calculator
As it is imperative to consider ROI before choosing a loan scheme or company, you must use this tool carefully to make an informed decision.
First step is to choose the college category after consulting with one of the Student Cover’s loan expert.
Thereafter know your CIBIL score through reliable sources on the internet.
Use these 2 points to calculate the ROI.
College Category
A1+
A1
A2
A3
Cibil Score
650
Loan Type
Unsecured
ROI
(Rate of Interest)
11.25
Student Loan EMI Calculator
Using the Student Cover EMI calculator, students can quickly calculate your education loan EMIs by entering the following:
1. Loan amount - The tentative amount needed by the student to pay for tuition and living expenses(combined or seperately)
2. Instalment years - The no. of years for which loan would run. This is also called Loan term. This can be 7 or 10 years in most cases.
3. ROI - Tentative rate of interest at which loan would be offered by the lender. Use the Student Cover ROI calculator to know the most accurate ROI.
Loan Amount
₹ 15,00,000
Installment Years
3 Years
ROI
12 Percent
EMI
(Equated Monthly Installment)
₹ 5,000
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