![]() ![]() This table helps you to understand the repayment schedule and plan your finances accordingly. The EMI calculator also provides an amortization table that shows the breakup of the EMI payment into principal and interest components for each year/month of the loan tenure. As the loan tenure progresses, the interest component reduces and the principal component increases. There was some information out there to help with the process, such as student loan repayment calculators, but none accounted for details important to income-based repayment programs. Initially, a major portion of the EMI payment goes towards paying the interest, and a smaller portion goes towards repaying the principal. The EMI calculation is based on the reducing balance method, which means that the interest is charged on the outstanding balance of the loan after each payment is made. The EMI calculator takes into account the principal loan amount, the interest rate, and the loan tenure to calculate the monthly payments. An Education Loan EMI Calculator is a financial tool that helps you to calculate your monthly payments towards your education loan.
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