You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. … As EMIs are paid each month, the duration is calculated in the number of months.
Also, can I get 30 lakh education loan?
Under SBI’s offering, Indian students can apply for term loans up to ₹ 30 lakh for pursuing higher education in select 120 premier institutions in the country – including Indian Institute of Management – Ahmedabad, Indian Institute of Management – Bangalore, Indian Institute of Technology – Mumbai and Indian Institute …
Also to know is, how is Central Bank of India for education loan?
Central Bank of India Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad. Interest rates on Education Loans are floating, and vary with the changes in MCLR. Central Bank of India Education loan interest rates are in the range of 8.50% and 9.00%.
Is central bank is good for education loan?
Loan amount was for Rs 1.84 lacs with nominal interest rate and tenure period is 10 years. … I have educational loan from CENTRAL BANK OF INDIA , the services and process was good with this bank . They provide nominal rate of interest and processing fee was good .
What is education loan margin?
The margin money in terms of Education loan is the amount that is paid by the borrower while the rest of the amount is paid by the bank. … For example, if overall expenses equal 40 lakhs, the sanctioned loan amount is 33 lakhs. The margin percentage is 17.5%, i.e the borrower will pay the rest 7 lakhs all by himself.
What is repo rate?
Repo Rate (RR) is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks or financial institutions in India against government securities. The current Repo Rate 2021 is at 4%. Changes in Repo Rate affect the flow of money in the market.
What is the formula for EMI calculation?
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
What is the rate of interest for education loan in Central Bank of India?
Central Bank of India Education Loan Interest Rates
| Schemes | Maximum Loan Amount | Interest Rates (p.a.) |
|---|---|---|
| Scheme for financing Executive MBA | Rs.20 lakh (the loan amount may be increased depending on the collateral) | 6.85% – 8.25% |
| Cent Skill Loan | Rs.1,50,000 | 8.65% – 8.70% |
| Cent Vidyarthi – IIMs and other institutes | Rs.40 lakh | 6.85% |
Which bank is best for IIM loan?
List of Top Banks for Admission in Management Institutes
| Banks | Loan Amount | Interest Rate (In Per Annum) |
|---|---|---|
| Bank of Baroda | INR 7.5-80 Lakh | 6.85% – 9.95% |
| State Bank of India (SBI) | INR 7.5-40 Lakh | 6.90% – 9.30% |
| Punjab National Bank (PNB) | Need-Based | 6.90% – 9.55% |
| Axis Bank | INR 7.5-40 Lakh | 13.70% – 15.20% |
Which bank is good for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| SBI | 6.85% to 8.65% | Rs.10,000 + tax |
| Axis | 13.70% to 15.20% | Nil to Rs.15,000 + tax |
| Bank of Baroda | 7.85% to 9.85% | 1% of loan amount up to Rs.10,000 |
| HDFC | 9.55% to 13.25% | Up to 1.5% of loan amount + tax |