Education and Career Forum

Hello,
I have taken an Education Loan from Indian Overseas Bank of amount of Rs. 6.5 Lacs for my B.Tech course. They would charge an interest rate of 5%. I want to calculate my EMI which I have to pay during the repayment. I have a tenure of 5 years under this scheme.

Calculation of EMI is quite simple. Since your total time period for repayment is 5 years, so you need to calculate your amount in 5 years. The principal amount will be the outstanding amount after completion of your study period when you start your repayment. Calculate the total amount with this principal, rate of interest as 5% and tenure as 5 years using the below formula -

A = P+SI where P - principal, A - amount and SI - interest = P* 5*5/100

Now divide this amount by 60. The result will be your EMI.