Students take an education loan for continuing their studies from the bank or NBFC. Some students take the loan from Leap finance, which is easy for them because the rate of interest is less, and everything is transparent to students regarding the loan. You can easily calculate the EMI for a monthly base by leap finance’s EMI calculator.
If you are wanted to calculate the EMI for every month, maybe it is typical for you. Be ready for the time consuming, complicated and monotonous calculation. But here we show you the method of calculating EMI. The equation that is used for calculating EMI is:-
EMI= [P x R x (1+R) ^ n] / [(1+R) ^ n-1]
In the equation, P stands for the principal amount, R stands for rate of interest and n stands for the number of monthly installments.
If you are going to calculate it by manual, then it takes plenty of your time and you will be confused. That’s why we suggest you to use the education loan EMI calculator tool of the leap finance that makes it easy to calculate the EMI for you.
How to use the Leap Finance’s EMI calculator?
Now, here we tell you how to use the EMI calculator for calculating your EMIs.
Step1- Choose the principal amount from 15000USD to 100000USD.
Step2- Choose the rate of interest between 7.99% – 10.99%.
Step3- Choose the validity of repayment between 7 years to 10 years.
Step4- Select the duration of your course.
Step5- Now, you can see the amount you have to repay as an EMI every month.
These are the very simple steps that you have to follow and you get the exact amount of repay and EMI amount of every month. By using this method you can escape from all the bother.
What are the EMIs for education loans and how they work?
EMIs describe into two parts: Pre EMI and Full EMI.
Pre EMI- Pre EMI provides you the option of financial payoff with full EMI- principal+ interest. Means, you have to pay now just the interest amount. Because when you are studying and you have to pay the loan amount then every penny is meaningful for you. So you have to pay less amount because the interest on the actual amount is already paid off when the actual EMI starts.
Full EMI- Full EMIs is very simple to pay. When the full loan amount is sent to you, after that you have to pay interest + principal amount every month. When you complete your study and got a job, then paying EMIs is easy for you. But if you complete your study but don’t get any job, but you save some money at that time, then it is lighter for you to pay off the complete loan amount, but just little light.
Now, you see that Leap Finance EMI is easy to calculate on the monthly base and also the EMI type clears you to pay the amount. You can pay the EMI as you want and for how much you want to take a study loan.