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- Loan Amount: The principal amount you wish to borrow from the bank or financial institution to fund your education expenses, including tuition fees, accommodation, and other related costs.
- Interest Rate: The annual percentage rate charged by the lender on the education loan. It determines the cost of borrowing and impacts the total amount you will repay over the loan tenure.
- Loan Tenure: The duration for which you will be repaying the education loan. It is usually measured in years and influences your monthly installment amount.
- EMI (Equated Monthly Installment): The fixed monthly payment you make to the lender, comprising both principal and interest components. The EMI remains constant throughout the loan tenure, making it easier to plan your finances.
- Repayment Schedule: A detailed table that outlines the EMI breakup for each month, showing how much of the payment goes towards interest and how much towards reducing the loan principal. It helps you keep track of your loan progress and manage repayments effectively.
Feel free to use our Education Loan Calculator
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