How Is Education Loan EMI Calculated?

What will be the EMI for 5 lakh personal loan?

Calculated Monthly EMI for 5 Lakh of loan amount for 3 years at various rate of Interest:Loan AmountRate of InterestPer Month EMI5 Lakh14.00%Rs.17088.815 Lakh15.00%Rs.17332.665 Lakh16.00%Rs.17578.525 Lakh18.00%Rs.18076.21 more row.

Which bank provide education loan easily?

HDFCThe maximum loan amount by HDFC Bank is up to INR 20 lakhs. The processing fees for education loans is up to 1.5% of the loan amount with no fees levied for prepayment of the loan….HDFC education loan interest rates.Loan amount limitHDFC interest ratesHDFC education loan interest rate (average)11.88%2 more rows

Is surety required for education loan?

For education loan of Rs 4 lakh to Rs 7.5 lakh, students are also required to bring a guarantor. … For this, the government will set up a fund to provide surety to the banks for the amount of loan to be sanctioned by them to students. The credit guarantee fund, which will have a corpus of Rs.

How is education loan interest calculated?

Generally the interest rate for educational loans is a percentage (usually around 1.5 % to 2.5 %, termed as spread) that is added on the existing MCLR (marginal cost of lending rate). Accordingly, the interest rates applicable on education loans can start from a low percentage of 11.25 % of the principle amount.

Can I get 50 lakhs education loan?

Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.

How much education loan can I get?

Presently, the banks do not ask for any collateral or third-party guarantee for loan up to Rs 4 lakh. For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required. A collateral is asked for loan exceeding Rs 7.5 lakh.

How much loan can I get on 35000 salary?

If you are taking a home loan for 35,000 salary, you can get a maximum loan amount of Rs. 20,16,481 at say an 8.5% interest rate for a tenure of 20 years. In this situation, the home loan EMI amount you would pay is not more than Rs. 17,500.

Is education loan interest free in India?

The entire interest paid (without any limit) on the education loan is tax-deductible under Section 80E of the Income Tax Act. … Under this scheme, the Government of India shall provide full interest subsidy during the period of moratorium which is defined as Course Period plus one year or six months after getting job.

How can I get 20 lakhs education loan?

Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad. But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.

What is the interest rate of SBI Education Loan?

SBI Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad. Interest rates on Education Loans are floating, and vary with the changes in MCLR. SBI Education loan interest rates are in the range of 8.85% and 10.75%.

How do I pay my education loan?

Education Loan Repayment MethodsEducation loan EMIs. … Education loan part-payment. … Education loan pre-payment or foreclosure. … Repay Education Loan by Cheque/DD (Demand Draft repayment) … Education loan repayment by cash. … Automated EMI payments (ECS/NACH) of student loans.

Is it difficult to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 years₹ 20 Lakh₹ 17,809₹ 15,326₹ 25 Lakh₹ 22,262₹ 19,158₹ 30 Lakh₹ 26,714₹ 22,990₹ 50 Lakh₹ 44,523₹ 38,3161 more row

Is education loan a term loan?

Term loan can be any loan that has a tenure defined to it and shall be repaid in a definite time frame. Term loans can be offered among various lending products that include business loan, personal loan, home loan, education loan, auto loan and gold loan.

How can I get 3 lakh loan?

3 lakh Personal Loan:Provide your personal, financial, and employment data.Choose the loan amount and repayment tenor to avail quick approval.Provide the required documents to our representative, who will come at your doorstep.Receive your personal loan in your bank account within 24 hours.

How is loan EMI calculated?

How is 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.

Which bank has lowest interest for education loan?

Compare Top Education Loan Offers 2020Education Loan SchemesInterest RateLoan AmountSBI7.97% p.a. – 10.05% p.a.Above Rs. 20 LakhAxis13.70% to 15.20%Up to 7.5 LakhBank of Baroda8.25% to 10%*Up to 4 Lakh and aboveHDFCFor preferential rates contact HDFCMax Apr7 more rows

What is education loan in SBI?

SBI Student Loan Scheme eligibility SBI Student Loan Scheme is a term loan given to students of Indian nationality, looking to pursue higher education in India or abroad. The key eligibility criteria to apply for the loan is that the student must have secured admission before applying for the loan.

Who is eligible for an education loan?

Education Loan Eligibility Tabular representationParticularsEligibilityAgeMinimum- 18 years Maximum- 35 yearsAcademic recordProven- goodQualificationPursuing graduate/postgraduate degree or a PG diploma.Income sourceParents/Guardians5 more rows