Education Loan

EMI’s are all about the interest rate and the interest portions. It is the entire amount that you pay every month till you end up replying to your total loan. The EMI is generally fixed on the entire tenure of your loan. At the beginning of the loan, a significant portion of the repayment would go to the exciting part. As you keep repaying your loan, a significant portion will be adjusted for the principal amount of the loan.

You can use an EMI calculator to know the EMI that you pay monthly for your education loan. The education loan EMI calculator is an online instrument that helps you calculate the amount you must pay every month after borrowing the educational loan. It will give you an estimated schedule showing the EMI break up in terms of the interest paid every month and the principal you have to pay.

It will give you the details of the loan you have repaid every month and how much you have to pay. It will give you a fair idea of how much an education loan will cost you by helping you calculate the total interest amount that needs to be paid over the entire loan tenure.

You will choose to know how much you have to pay every month as you would be giving in to the EMI of the loan if you plan to apply for an educational loan.

Reasons to use the education loan EMI calculator

Besides giving a quick real-time estimation of the EMI amount and saving time the educational loan EMI calculator offers some amazing benefits mentioned here

Get the exact estimation of EMI

There is some possibility of error when you calculate the education loan EMI manually. But with the education loan EMI calculator, you can rest assured that you would get precise estimations on the education loan.

Plan your finances

You can easily calculate the EMI amount as you just need to enter the data in the calculator. The piece of information will reflect the weather and by when you can pay the loan amount and it is the probable impact on your finances.

Delivers instant results

You can use the calculator to estimate the EMIs would be required to pay on the loan. The tool will instantly tell you the amount of your EMI when you just enter the tentative loan amount tenure and the interest rate besides the course duration.

Easy to use

A simple calculator-like interface has only four inputs. You just need to enter the loan amount, interest rate rule, tenure and course duration and you are good to go.

Easily personalizable

You can change the combination of the 4 inputs to arrive at the amount of EMI that works for you and also you can plan the repayment.

How to use the education loan EMI calculator

This tool is also 100% free and user-friendly, which means you just have to enter the details mentioned here to get the proper amount. These are the details that you need to enter to calculate the loan EMI accurately:

Amount

It is the educational loan amount that you need, and you will have to update the loan amount by just marking it on this calculator.

Tenure

In the education loan EMI calculator, you have to update on how long you would prefer to extend or shorten the tenure of the loan. It is the timeline that you will be paying your EMI, and you also have to know that the longer the tenure of the EMI, the minimum amount you would be paying, and the shorter the amount of the tenure, the higher the EMI you have to pay.

Interest rate

Finnable Offers different interest rates depending on the loan type and the tenure of your educational loan. In the education loan EMI calculator, you just need to enter the amount and be notified of the EMI amount.

Education Loan Interest Rate

The education loan interest rate ranges from 16% to 28%. It is mainly decided on your income, occupation, credit history, and how much you can shell out. With the help of an interest rate calculator, you can determine the interest rate. You must choose accordingly because you must also make the EMI payments regularly. Finnable Takes pride in announcing that we also offer rewards to our borrowers for on-time payments.

The interest rates also depend on your educational loan type and other factors. Here is a breakdown of the different types of education loans.

Domestic education loan

This loan is primarily for students who like to pursue education in India. They will get this loan if admitted to the Indian educational institution and meet all the other criteria. The education loan interest rate depends on the institution you are enrolling in, so you must consider this factor before choosing any institute.

Overseas education loan

These loans help the students realize their dreams of pursuing the course of their desire in a foreign institution. It covers your airfare accommodation and tuition fee for those students who look forward to studying abroad only if they satisfy all the eligibility criteria.

There are also various course types on the basis of which interest rates for education loans vary:

Undergraduate courses

The education loan for undergraduate courses gives the students financial aid to complete the course. The undergraduate degree is for 3 to 4 years under different specializations. The undergraduate degree will help students to get a decent job so that they can start earning.

Postgraduate loans

plenty of undergraduate students look forward to continuing their education with a postgraduate degree. It is ideally a two-year-long course in India, and students want to get admitted to this course because they get more profound knowledge in the interest area.

Career development loans

Several professionals who work for years in corporate jobs prefer to pause their careers and take a professional training course to improve their employment prospects. Such people strive hard to get in the reputed business and technical skills to Polish the skills and reach better heights in their career.

Documents required for education loan

It is important for you to submit the correct documents to get the education loan from Finnable. Documents required for such alone might vary depending on your situation. You have to submit all the documents including identity proof address proof and of course income proof in case the parents of the students are applying for the loan. It is important to connect with the financial institution firstly to understand the documents required before you start the loan application process.

Before loan sanctioning

• You have to submit educational loans certificates and immersion documents
• It includes mark sheets or passing certificates of HSC or SSC or even degree courses.
• Copy of admission letter to the institute
  Fees schedule of the institute
• KYC documents
• Address proof including voter ID aadhar card liquid petroleum gas or electricity bill.
• Identity proof like permanent account number card aadhaar card driving licence
• Signature proof including permanent account number and passport
• Age proof including birth certificates aadhar card pan card or voter ID card.
• Income proof documents
• Bank statement for the past 6 months if salary account. The last 2-month salary slips carrying the date of joining turnover proof.

After loan sanctioning:

After loan sanctioning you need to submit the loan agreement which is signed by the applicant and the Co-applicant. Security PDC should be submitted in case of payment is SI and ACH.

How to Apply for an Education Loan in India?

Finnable is your best bet if you want to apply for an education loan in India. Applying for an education loan is easy because the process is simple and quick. You just need to follow the steps mentioned there. If you want an education loan, you should apply online because the process is easy, and you can do it from the comfort of your house.

• You can either use the personal loan available from Finnable to get started.
• You have to register with the company to receive your credit. You will also be asked to provide basic information and permissions once you download the application. You can establish your profile once you enter all the required information.
• Now we have to select the loan type and the amount of loan that you require, then fill up the application with the respective documents. The website or app will display the eligibility criteria of your loan and duration based on the essential information you put in.
• After uploading the documents, you are good to go. Then your account will be credited promptly once the verification process is done.

Once you are done with the application form there is also a round of personal discussion with the financial institution expert where you would be asked questions relating to the academic performance of the course or the subject that you have selected and probably the institute. This round basically ensures that you are completely interested in studying and the loan amount sanctioned to you would be worth it.

Furthermore, you need to ensure that you have a guarantor for your loan and your parents or guardians can also become your guarantor. Before sanctioning the loan the experts will do a thorough check of the guarantee and their credit history. The institute can deny or sanction your application after the completion of this process.

This is how you can apply for an education loan.

Eligibility for Education Loan

The education loan eligibility criteria are mentioned here, and you must ensure that you meet these criteria to avail of a loan.

• If you are self-employed borrowers then you have to align with the basic criteria mentioned here
• You should have a regular income
• You should be a resident of India and own a property in India.

If you are a salaried borrower then the basic criteria for you are as follows

• Your age should be between 23 and 62 years.
• Your employment should be at a multinational private or public organization.
• You should be a citizen of India.
• Your Cibil score should be at least 700 and ensure that you have a healthy credit profile.
• Indian nationals can only apply for this loan.
• To get the loan, you should have secured admission or an invitation from the university in an approved university or College in degree or any other diploma course.
• For the postgraduate course, you should have completed 10 2, and for the postgraduate course, you should have an undergraduate degree.

Education loan eligibility criteria are different, and you can connect with the experts to know more.