A loan EMI calculator is one of the most important tools used by lenders and the borrower. There are a lot of apps and websites through which you can calculate your loan EMI by providing the principal amount, interest rate and the tenure of the loan. However, while calculating the EMI for an education loan to study abroad there are several factors different from other loans like moratorium period, calculation of Simple Interest etc.
Fly Finance EMI calculator is one of the fastest and most unique calculators from which you will get the exact output as it calculates using all factors of loan. Let’s understand in detail how to use the Fly Finance EMI calculator.
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Why Fly Finance EMI Calculator?
Planning your study abroad education loan and its repayment is one of the primary factors to be considered in your entire journey of study abroad. While there are a lot of EMI calculator tools available, Fly Finance has been developed intricately considering all the metrics falling under your education loan.
It will help you to understand the various factors of education loans such as repayment methods, simple interest, partial simple interest, usability of the EMI calculator etc. You will also get a graphical representation of your education loan which will help you understand your loan repayment more simply.
Note: The figures shown in the image are just examples and do not relate to any specific terms and conditions.
Also Read: Interest rates can be categorized as Fixed interest rates the floating rate of interest. Check out our blog to know about Student Loan Floating Interest Rate in detail.
Key Features of Fly Finance EMI Calculator
Fly Finance EMI calculator allows you to calculate your monthly EMIs considering all the categories and terms of your study abroad education loan. The EMI is calculated based on the period of the loan, simple interest during the moratorium period, regular interest rate, duration of your course, any payment made during the moratorium period etc. Let’s check the step-by-step process to calculate your education loan EMI on Fly Finance:
- Log on to fly.finance
- Move to Education Loan and click on the EMI calculator.
- Enter the required details like Loan Amount, Interest Rate, Course Duration, Moratorium period and the payment made during the moratorium period (if any).
- Select the category of payment during the moratorium period i.e. SI, Full EMI, PSI or no payment
- Submit the details and get the required output.
Also Read: Check out our blog to explore strategies to deal with education loans and mitigate the impact of inflation, ensuring a more secure financial future.
Repayment Comparison on Fly Finance EMI Calculator
Planning your loan repayment properly will help you to manage your finances properly and improve your credit score. While you are getting a moratorium period of course duration + 1 year it is suggested that you should start repaying your education loan as early as possible. Loan repayment comparison has been made based upon two major categories i.e. EMI during the moratorium period and EMI post moratorium period. If you are paying PSI (partial simple interest) and simple interest rate during the moratorium period then it will be adjusted accordingly with the upcoming EMIs.
The image below shows the repayment breakup considering the principal amount as INR 20 lakhs at 9% interest for 7 years and one year of moratorium:
FAQs
You need to enter details like principal amount, interest rate, tenure of loan, moratorium period, duration of course and payment during moratorium period etc. to calculate the EMI for your education loan.
Partial Simple Interest or PSI is a repayment system in which the borrower pays a fixed amount as EMI during the course period and the moratorium period.
Any result or output provided by the EMI calculator is indicative in nature. This is because the bank may charge fixed or floating interest rates and the EMI may get changed over a certain period.
One of the ways to calculate EMIs is as follows- EMI = P x R x (1+R)^N / [(1+R)^N-1], where P is the principal, R is the rate of interest, and N is the tenure.
Yes, the Fly Finance EMI Calculator is authentic. It allows you to calculate your monthly EMIs considering all the categories and terms of your study abroad education loan. The EMIs are calculated based on the loan period, simple interest during the moratorium period, regular interest rate, duration of your course, any payment made during the moratorium period etc.
This was all about the Fly Finance EMI Calculator which provides a proper breakup for every factor affecting your education loan EMI. Check and get immediate results most comprehensively with the Fly Finance EMI calculator.
To know about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
