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  #1  
24th June 2016, 05:43 AM
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How much monthly EMI will be paid against Education Loan amount of Rs. 8.75 Lacs in Indian Overseas Bank? How many months of EMI is available in this Bank?


Dear Sir,
If I take an Education Loan of Rs. 8.75 Lacs from Indian Overseas Bank, then what will be my monthly EMI which I have to pay with interest? And how many months of EMI will be available in this Bank?




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  #2  
26th June 2016, 12:57 PM
SudeepKumarSaha
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: How much monthly EMI will be paid against Education Loan amount of Rs. 8.75 Lacs in Indian Overseas Bank? How many months of EMI is available in this Bank?

The monthly EMI during repayment of education loan depends on the repayment period which you choose for repayment of your education loan. You should do the calculation as per below.

Take the entire loan balance outstanding currently as principal.
- Calculate the interest as - Principal*Rate*Time/100
- Then calculate the amount as Principal + Interest
- Now divide the amount by total number of months
- Your EMI will be the above calculated amount.

The highest repayment period is 7 years.
Do you have any question? or have anything to say?



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