Education Loan on Property or Loan Against Property for Education is a secured loan offered by Bajaj Finserv. You can avail 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 on Property Calculator offered by Bajaj Finserv allows you to evaluate the exact loan amount payable at the tenure’s end.
It is an online tool that calculates the loan amount you have to pay. More prominently known as Loan Against Property EMI Calculator, it also computes the instalments you need to pay every month. The EMIs vary as per your chosen tenure to repay this loan.
Along with that, it also works as an Education Loan interest rate calculator, thus, calculating the total interest payable over its tenure. Additionally, various education loan schemes are available, it also calculates the total payment to make by the tenure’s end. Total payment is the sum of principal amount and interest payable.
EMI, expanded as Equated Monthly Instalment, is the total amount you need to pay every month until you repay the entire loan. It is a total of principal amount and interest charged on loan.
This Study Loan Calculator helps you assess EMIs for different tenures, and thus, aids you in choosing an appropriate repayment schedule. Assess your financial ability for EMI payment and choose the tenure accordingly.
Knowing the per month outflow of cash towards the loan repayment helps you plan your finances well in advance. Proper planning ensures financial stability in the long run. So, over the years of your Education Loan tenure, you can have a fair idea of the amount you have to spare every month.
Bajaj Finserv’s Education Loan Calculator uses three primary variables to calculate results. They are –
• Principal amount of loan (P)
• Loan’s tenure or duration (n)
• Applicable rate of interest per month (R)
Based on these, it calculates EMIs symbolised by ‘E’.
The Student Loan Calculator computes the result with the help of the following formula –
[P x R x (1+R)^N]/ [(1+R)^N-1].
Once you have calculated your EMIs with the Education Loan Calculator and finalised the tenure, interest rate and principal loan amount, it’s time to apply for your loan.
However, before that, you must check the eligibility requirements to know if you qualify for a 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.