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Availing an education loan is a big step. It is a significant sum of money that needs some planning beforehand so that you can repay in time. Read More
Here, the Education Loan EMI calculator can help. It is a convenient tool that can assist you in planning your monthly repayments and tenure.Read Less
Apart from giving a quick, real-time estimation of your EMI amount and saving time, the Education Loan EMI calculator also has other benefits. Some of them are as follows:
There is a possibility of error when you manually calculate your education loan EMIs. However, with education loan EMI calculator you can be rest assured that you would get precise EMI estimations on your education loan.
You can calculate the EMI amount you will require to pay by entering the data into the calculator. It is an important piece of information as it reflects whether and by when you can repay the loan and its probable impact on your finances. The education loan EMI calculator by IDFC FIRST Bank also comes with different repayment modes, so you can try them to see which one fits your needs.
You can use an Education Loan EMI calculator on your mobile phone or on laptop as it works everywhere and, on any device, making it highly convenient for everyone to do Education Loan EMI planning.
There is a possibility of error when you manually calculate your education loan EMIs. However, with education loan EMI calculator you can be rest assured that you would get precise EMI estimations on your education loan.
You can calculate the EMI amount you will require to pay by entering the data into the calculator. It is an important piece of information as it reflects whether and by when you can repay the loan and its probable impact on your finances. The education loan EMI calculator by IDFC FIRST Bank also comes with different repayment modes, so you can try them to see which one fits your needs.
You can use an Education Loan EMI calculator on your mobile phone or on laptop as it works everywhere and, on any device, making it highly convenient for everyone to do Education Loan EMI planning.
It is an online tool for calculating your loan EMIs. With few inputs you can quickly find out the EMIs you will need to pay on your education loan, much like a simple calculator!
You can use an education loan EMI calculator to estimate the EMIs you will be required to pay on your loan. Enter the tentative loan amount, tenure, interest rate, and course duration - the tool will instantly tell you the amount of your EMI.
A simple calculator-like interface and only four inputs. You only need to enter your loan amount, interest rate, loan tenure, and course duration.
You can change the combination of the four inputs to arrive at the amount of EMI that works for you and plan your repayment.
It is easier than the calculator on your phone! Anyone can use it to calculate the education loan EMIs. Just follow these steps:
• Enter the loan amount you want to borrow as Education Laon
• Enter the approximate interest rate for your education loan
• Select the loan tenure you want. An education loan tenure can last from 5-7 years, but some lenders may also offer tenures up to 15 years.
Upon entering these inputs, you can see upfront the amount of education loan EMI you will require to pay. However, do note that the EMI can change slightly after factoring in interest changes, processing fees, and other mandatory components.
We have simplified the procedure wherein we offer convenience of applying through various modes including our website, branch, mobile application and calling agents. You can even verify your eligibility for an education loan online. You can enter your basic details online, and we will assist you throughout the journey.
When applying for an Education Loan with IDFC FIRST Bank, you must submit your KYC documents and proof of address. At IDFC FIRST Bank, we believe in your potential and provide loan based on your future income. However, co-applicant’s income is required for assessment on a case-to-case basis as per the IDFC FIRST Bank’s policy.
There is no limit on the number of times you can use an education loan EMI calculator. Using the calculator does not affect your credit score, so you do not have to worry about using the calculator.
Section 80E of the IT Act allows you to deduct interest paid on loans taken for higher education from your taxable income. The deduction is allowed on the entire interest amount of the EMI paid throughout the financial year.
You should use the Education Loan EMI calculator once you have decided to take a loan. The Education Loan EMI calculator requires the loan amount, the interest rate, and the loan term to provide an estimation of your EMI amount.
Using the EMI calculator is not mandatory. You can also calculate your applicable EMIs manually. However, an EMI calculator saves a lot of time and reduces effort significantly. Also, it has less risk of calculation error and you can do customize the output, i.e., the EMI amount according to your requirements, other financial considerations and goals.
IDFC FIRST Bank provides up to 100% financing. The quantum of margin money is subjected to the institute classification done in IDFC FIRST Bank’s policy.
Yes, there are nominal charges wherein you have to pay 2% per month of the unpaid amount or INR 300 whichever is higher.
With IDFC FIRST Bank’s education loan, you will enjoy flexible repayment options as below:
EMI – Start repaying your loan immediately
Simple Interest – Pay only simple interest, while you study
Moratorium – You need not to pay anything, while you study