PM VidyaLaxmi Scheme EMI Calculator

PM VidyaLaxmi Scheme EMI Calculator: Easy Calculation of Your Loan EMI

Are you looking forward to availing the loan for education support under the PM VidyaLaxmi Scheme? If so, then the very first thing that you need to understand is your EMI. So, here's introducing you to the PM VidyaLaxmi Scheme EMI Calculator and also how you can use it easily to understand your loan EMI, interest payments, and all that relate to your loan.

Let's dive into everything you need to know about the PM VidyaLaxmi Scheme EMI Calculator, from how it works to tips on calculating EMIs accurately!

Read More - PM VidyaLaxmi Scheme Eligibility

What is the PM VidyaLaxmi Scheme?

This educational financing initiative provided by the Indian government helps students who seek money to continue their higher education. Be it engineering, medical, or professional courses, loans are availed to the student through the scheme with low-interest rates and easy repayment terms.

Why Use an EMI Calculator for the PM VidyaLaxmi Scheme?

Education loan will always be an enormous decision; hence an idea of how much you would need to repay each month becomes very useful in planning. An EMI calculator would allow you to see how much you pay each month based on:

• Loan amount
• Interest rate
• Loan tenure-in other words, the term of the loan.

This simple tool saves you from intricate calculations, and hence making an intelligent decision will be easy.

Read More - Pm Vidyalaxmi Scheme College List

How Does the PM VidyaLaxmi Scheme EMI Calculator Work?

The PM VidyaLaxmi Scheme EMI Calculator uses a formula that considers three variables:

• Loan Amount: The principal amount borrowed.
• Interest Rate: The percentage rate charged by the bank or financial institution per annum.
• Loan Tenure: The duration you will pay back the loan in years.

The formula it uses is,

E = P × R × ((1 + R)/N)((1 + R)/N – 1)

= P×R×(1+R) /(N −1)

EMI = P×R×(1+R) /(N −1) ×N

where:

P = Principal loan amount

R = Monthly interest rate = (annual interest rate/12)

N = Number of Monthly EMI Payments

N = No. of EMIs (Loan tenure in months)

The calculator provides:

• Monthly EMI: Amount you pay every month towards repaying the loan
• Total Interest Payable: Total interest that would be paid throughout the tenure
• Total Payment: Total amount of the loan including principal and interest

How to use the PM VidyaLaxmi Scheme EMI Calculator

• Insert the Loan Amount: You need to insert the number of loan amounts you seek.
• Specify the Interest Rate: Type in the interest rate quoted by your bank.
• Set the Loan Tenure: Choose the tenure period of how long you would like your loan to be repaid over in years.
• Click on "Calculate". It will give you an instant indication of the EMI you would need to pay every month, total interest amount to be paid and overall amount to be repaid.

Read More - How to Apply For PM VidyaLaxmi Scheme in Punjab

What are some of the benefits that people reap by using the PM VidyaLaxmi Scheme EMI Calculator?

Below we wrote some benefits of Using PM Vidyalaxmi Scheme EMI Calculator - 

• Instant Calculation:As soon as you feed in the values, you get the result instantly, thus saving your time. 
• Financial Planning Accurate: You will now be able to understand how much you would be paying each month.
• Comparison Tool: Compare different loan amounts and interest rates to opt for an offer that best suits your pocket.

EMI-Saving Tips

High EMIs can be a great challenge if you are a student. Here's how you can save for EMI and lower the burden on your pockets:

• Choose A Longer Tenure: Extending your loan tenure can reduce the EMI, but it might increase the total amount of interest you pay over the tenure.

• Greater Down Payment: If possible, pay a higher amount as down payment so as to cut down the principal amount of loan .
• Bargain Low Interest Rate: Some lenders give concession on discounted interest rates for education loans. You may be eligible too.

• EMI Calculator: You can make an informed decision based on different terms of the loan. Test various terms to get an EMI that is easy on the pocket.

Working Example with PM VidyaLaxmi Scheme EMI Calculator

Here are some example of calculation, which can helps you to understand the how this PM VidyaLaxmi Scheme EMI Calculator perform -

Suppose, 

• Loan Amount: ₹10,00,000
• Interest Rate: 10%
• Tenure: 5 years (60 months)

With these values put in the PM VidyaLaxmi Scheme EMI Calculator, this would be what you would get:

• Monthly EMI: ₹21,247
• Total Interest Payable: ₹2,74,840
• Total Amount Payable: ₹12,74,840

The above has been the computation, and how much it might help for budgeting.

Frequently Asked Questions (FAQs) - PM VidyaLaxmi Scheme EMI Calculator

1. Who all are eligible for PM VidyaLaxmi Scheme?

The scheme essentially requires that applicants be Indian citizens, enrolled in some recognized course in higher education, and between 18 years of age and 35.

2. Can I calculate my EMI for free?

Yes, this free online PM VidyaLaxmi Scheme EMI Calculator incurs absolutely no cost. Most banking websites have similar calculators too.

3. Does the EMI Calculator allow for pre-payments?

No, the EMI of the basic calculator does not have prepayment provision. For that, call your bank and get the above customized calculation with them.

4. Does my EMI change with time?

No, the EMI is a fixed amount unless you take the floating interest rate. The main advantage of the fixed rate loan is that your monthly payment shall be the same all along.

Conclusion: Why You Should Use the PM VidyaLaxmi Scheme EMI Calculator

Borrowing an education loan is a big responsibility, and though the PM VidyaLaxmi Scheme EMI Calculator will make your loan planning less hazy, it shall put clarity over the very obligation you are taking.

EMI calculator under the PM VidyaLaxmi Scheme enables comparing loans, monthly installment embodiments, and what more. Try one now to see how it can assist you today!

Keep explore pmvidyalaxmisheme.com for more news and updates related to PM VidyaLaxmi Scheme.