Education Loan on Property Calculator

An education loan EMI calculator is a financial tool that allows users to calculate EMIs as per the loan amount and tenor selected. The calculator also computes the total amount and the total interest payable by the tenor’s end.

Utilise this online education loan calculator to make an informed decision regarding the loan amount and tenor that will suit your needs best.

LOAN AMOUNT
Rs
|
20L
|
3C
|
9C
|
15C
|
21C
TENOR
|
1
|
24
|
48
|
72
|
96
|
120
|
144
|
168
|
192
|
216
RATE OF INTEREST
%
|
1
|
3
|
5
|
7
|
9
|
11
|
13
|
15

Total interest payable

Rs. 90,142

Total payment

Rs. 9,90,142

Monthly EMI

Rs. 82,512

Education Loan Calculator: How to Use

Education loan on property or loan against property for education is a secured loan offered by Bajaj Finserv. You can avail of this loan by mortgaging your property to fund your child’s educational expenses in India or abroad.

Generally, mortgaging a residential property can bring you a high loan value of up to 80% of the property’s present market value. The education loan calculator offered by Bajaj Finserv allows you to evaluate the exact loan amount payable at the tenor’s end, along with your probable EMI.

What is an education loan calculator?

It is an online tool that calculates the amount you have to repay on your loan. More prominently known as a loan against property EMI calculator, it also computes the instalments you need to pay every month. The EMIs vary as per your chosen tenor.

Along with that, it also works as an education loan interest calculator, thus calculating the total interest payable over its tenor. Additionally, it also calculates the total payment to make by the tenor’s end. The total payment is the sum of the principal amount and the interest.

What does EMI in education loan EMI calculator stand for?

EMI, expanded as Equated Monthly Instalment, is the total amount you need to pay every month until you repay the entire loan. It consists of the principal amount and the interest charged on the loan.

How does education loan calculator help select your tenor?

This study loan calculator helps you assess EMIs for different tenors, and thus aids you in choosing an appropriate repayment schedule. Assess your financial ability for EMI payment and choose your tenor accordingly.

How can knowing the EMIs of the education loan in advance benefit you?

Knowing the monthly outflow of cash towards the loan repayment helps you plan your finances well ahead of time, which ensures financial stability in the long run. So, over the years of your education loan tenor, you can have a fair idea of the amount you have to spare every month.

How does the education loan calculator work?

The Bajaj Finserv Education Loan Calculator uses three primary variables to calculate results. They are as follows –

  • P stands for the principal amount of loan
  • N stands for the loan’s tenor or duration
  • R stands for the applicable rate of interest per month

Based on these, it calculates EMIs, symbolised by ‘E’.

This student loan calculator computes the result with the help of the following formula – [P x R x (1+R)^N]/ [(1+R)^N-1].

What are the charges if I pay late or miss my EMI?

Late or missed payment of EMIs towards education loan on property attracts a penal interest up to 2% per month.

What are the eligibility criteria for an education loan on property?

Borrowers must fulfil the age, income, employment and residential eligibility to apply for an education loan on property with Bajaj Housing Finance Limited. Salaried individuals must be between 28 and 60 years* old, and employed with an MNC, a public or a private sector company.
Self-employed applicants must age between 25 and 70 years*, with a regular income source. Both types of applicants must also be resident Indian citizens.
*The upper age limit is considered as the age at the time of maturity of the loan

What are the documents required for an education loan on property?

Salaried individuals must apply for an education loan on property with their bank account statements of 3 previous months, latest salary slips, address proof, Aadhaar card, PAN card, and IT returns.
For self-employed applicants, the documents include bank account statements of 6 previous months, Aadhaar card, PAN card, and address proof.
Applicants must also submit documents of the property to be mortgaged.

Is an education loan on property eligible for tax deduction?

Yes, individuals can claim an annual tax deduction of up to Rs.1.5 lakh under Section 80E of the Income Tax Act 1961 for the interest paid towards a loan availed for higher education, including education loan on property. This deduction is available for a maximum of 8 years from the year when repayment starts. Loans taken for higher studies both in India and overseas are eligible for this tax benefit.

Can I get an education loan on property without a guarantor?

An education loan on property is a secured advance and requires borrowers to mortgage a residential or commercial property as collateral. Individuals must also meet age, income and residential eligibility criteria to apply. It is thus available without a guarantor. Utilise an online education loan EMI calculator to assess your repayment capacity and apply accordingly.

When can I apply for a loan against property for education?

Once you have calculated your EMIs with the education loan calculator and finalised the tenor, interest rate and principal loan amount you need, it’s time to apply for your loan.
However, before that, you must check the eligibility requirements to know if you qualify for the loan. Bajaj Finserv lays down loan against property eligibility criteria and documentation requirements that are simple to meet.
So, calculate the EMIs suitable for you, and apply for a loan against property for education with Bajaj Finserv.