Education and Career Forum

Hello friends, I want to take loan of Rs. 20 Lacs for my MS course in Abroad from Axis Bank. I want to know the mode of repayment in details so that I can calculate my EMI. Please tell me immediately. Waiting for your response. Thank you!

The EMIs are calculated with the help of mathematical formula.

Best repayment option is standard repayment in which one makes monthly payment for 10 years.

If a candidate can afford the standard plan, then one has to pay less in interest and payoff the loan faster .

The mathematical formula for calculating EMI is
P×R×{(1+R)^N} /{(1+R)^N-1}
Where P is Principal
R is rate
T is time or no.of years