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The information is indicative
Education Loan EMI Calculator is a smart tool that calculates your monthly EMI amount payable to the lender. It’s basically a slider where you enter the values; Principal amount (P), Time duration (N), and Rate of interest (R) to find out your EMI and figure out your finances in advance.
|Application form with photograph||Application form with photograph|
|Identity and Residence proof||Identity and Residence proof|
|Last 6 months bank statements||Last 6 months bank statements|
|Processing fee cheque||Processing fee cheque|
|Latest Salary Slip||Proof of Business|
|Form 16||Business Profile and Previous 3 years Income Tax returns (self and business)|
|Previous 3 years Profit/Loss and Balance Sheet|
There are numbers of ways in which you can avail an education loan. You can either go to the respective bank and inquire about the loan process, or you can apply online. Once the loan is finalized, the bank will initiate the process by collecting your documents, evaluate the course of study for which you wish to take the loan and then keep you notified.
|Type||Monthly Investment||Interest Rate||Duration (Years)||Amount on Maturity|
|Savings Account||Rs. 41,666||4%||5||Rs. 27.7 Lakhs|
|Recurring Deposit||Rs. 41,666||6%||3||Rs. 29.2 Lakhs|
|SIP in Mutual Funds||Rs. 41,666||18%||5||Rs. 40.7 Lakhs|