Quick Answer: What Is The EMI For Education Loan?

How much loan can I get if my salary is 15000?

1,80,000 per annum or Rs.

15,000 per month.

While the exact loan amount that you can borrow will vary based on your income and repayment capacity, you will need to borrow at least Rs.

50,000 from IDBI Bank when taking a personal loan from them..

Is education loan a good idea?

Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.

What is the EMI for 15 lakhs home loan?

EMI Calculations for a Home Loan of Rs. 15 Lakh with Different TenorsLoan AmountEMI when Tenor is 10 YearsEMI when Tenor is 20 YearsRs. 15,00,00019,82314,475

How can I get a 25k loan?

You can get a $25,000 personal loan using an online lender, bank, or credit union. If you value face to face interaction, you should use a bank or credit union. In most cases, the application, approval, and funding process takes longer with a bank or credit union.

How much loan can I get for education?

Rs. 7.5 lakhsUnder the scheme interest subsidy is provided to the students having annual family income up to Rs. 4.5 lakhs, for educational loan amount up to Rs. 7.5 lakhs.

Can we pay more than EMI in education loan?

One of the easiest ways to pay off education loans early is to pay more. And you can do so by choosing a shorter repayment tenure or loan prepayment. However, the EMI can be higher when choosing a shorter tenure.

What will be the EMI for 20 lakhs?

EMI on a 20 lakh home loan for 20 yearsLoan AmountInterest rateEMIRs.20 lakh10%Rs.19,300

How much interest will 10 lakhs earn?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

How is loan amount calculated?

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

Can I get 20 lakhs education loan?

The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). … 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.

How can I get 4 lakh loan?

Bajaj Finserv offers this unsecured loan of Rs. 4 lakh which can also be availed in a higher amount of up to Rs. 25 lakh if you meet the eligibility criteria. Since it is a collateral-free low income personal loan, you do not have to worry about mortgaging any asset to avail the funds.

How is education loan repaid?

In case of SBI Scholar loans, repayment will start after the completion of course period and moratorium period (6 months after course completion). The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).

Can I get 50 lakhs education loan?

The monthly installments on an education loan of 50 lakhs works out at least to 50,000-60,000. But,Most banks dont offer more than 7 lakh to 10 lakh rupees without collateral. … With loan amount collateral value almost equals the loan amount .

How is EMI calculated for education loan?

You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. This also means that the EMI value will change each time you change any of the three variables. ‘P’ stands for the Principal Amount.

Can I get 40 lakhs education loan?

The max. education loan amount offered by Axis Bank is INR 40 Lakhs without collateral and INR 1 Cr. with collateral.

How much loan can I get if my salary is 25000?

Here taking a salary as ₹ 25k, & without any fixed monthly obligation, you can pay a maximum of ₹ 12,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 13,73,026 using a home loan eligibility calculator (assuming 3 household members).

How much loan can I get on 50000 salary?

How much home loan can I get on my salary?Net Monthly incomeHome Loan AmountRs.25,000Rs.18,64,338Rs.30,000Rs.22,37,206Rs.40,000Rs.29,82,941Rs.50,000Rs.37,28,6761 more row

What happens if you Cannot pay education loan?

As you can see, failure to repay the education loan can lead to several negative consequences like – drop in the credit score, a black mark in the credit report, and losing the pledged property.

Can education loan be Cancelled?

Yes, a student loan can be cancelled. … Dropout from college- In case the borrower wants to drop out from the course for which he/she has taken a loan from the college, the bank accepts to cancel the loan. Cancellation due to death- All loans gets cancelled it the borrower dies before the debt is fully paid.

Can I get 30 lakhs education loan?

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

Can I get 1 crore education loan?

The private sector lender ICICI Bank today launched ‘Insta Education Loan’ where customers will get an instant approval of education loans of up to ₹1 crore. … With ‘Insta Education Loan’ facility, the borrower can generate the sanction letter within just few minutes.