2 easy steps to calculate the EMI of your education loan for MBA studies

Do you aspire to become a successful business administration professional?

If yes then you need to pursue an MBA degree. To prepare yourself for it, you have to remember 2 points: perform well in competitive exams for MBA degree and gather funds to cover the cost of your MBA degree. You need to put in months of hard work to learn all the tips and tricks for cracking the MBA competitive exams and get an education loan for MBA studies if you do not have enough money to pay your MBA course tuition fees. In this blog, we will focus on the 2nd aspect of pursuing an MBA degree—gathering funds to pay the cost of an MBA education.

1. Calculate the potential cost of your MBA education

When you decide to pursue an MBA degree, you will need money to pay the fees of competitive exams, and that of preparatory classes to prepare for those exams. If an MBA college that you get a seat at is far away from your hometown, you will need money to travel to that place and sustain a decent lifestyle there for the duration of your MBA course. These costs are what people call overhead expenses.

It goes without saying that you will also need money to pay your MBA course tuition fees, library fees, college development fees, and other charges that make up the actual MBA education costs. Apart from that, you will need money to cover the cost of books, stationery, and a laptop.

You should calculate these potential costs of your MBA education before you look for the best education loans in the market. Once you know that, you can proceed to calculate the EMI of your education loan.

2. Use the education loan EMI calculator

Use a calculator made solely for the purpose of calculating the EMIs of any education loan. This type of calculator has 3 fields. They are:

1. Education loan amount

In this field, you have to enter the total amount of money you will borrow as an education loan. The sum you enter should be in Indian Rupees.

2. The annual rate of interest

In this field, you have to enter the annual rate of interest that your lender has quoted to you. Usually, the education loan interest rate lies in the range of 9 to 14% per annum.

3. Repayment tenure

In this field, you have to enter the estimated time you will take to repay your education loan completely. Some calculators expect you to enter a value in number of years, while other calculators ask you to do in number of months.

After that press the calculate button, and you will get a speculative EMI amount as a result on the screen. To know the actual EMI of your education loan, you should talk with your lender directly.

Isn’t it easy to calculate the EMI of your education loan for MBA studies? All you have to do is follow the 2 simple steps mentioned above. Have a nice day!