age 70 (additional unsecured portion)
*Standardised Base Rate (SBR) at 2.5% with effect from 12th September2022
Secured Financing (With Acceptable Collateral)
Property | FD | ASB |
SBR + 1.60% (Effective rate: 4.1%) | SBR + 2.00% (Effective rate: 4.5%) | SBR + 1.85% (Effective rate: 4.35%) |
The Standardised Base Rate (SBR) is a common reference rate for all commercial banks with effect from 1st August 2022 in the pricing of new retail loans pegged to base rates, refinancing of existing retail loans, and the renewal of revolving retail loans from 1st August 2022. The SBR is pegged to the Overnight Policy Rate (OPR) (ie SBR = OPR) and all existing Base Lending Rate (BLR) and Base Rate (BR) in turn are pegged to the SBR. In other words, SBR, BR and BLR will be adjusted in tandem with the changes in the OPR as determined by the Monetary Policy Committee (MPC) of Bank Negara Malaysia
Servicing of interest/profit during the study period and to be extended another 6 months grace period.
Repayment (principal and interest/profit) to start 6 months upon completion of study or upon employment, whichever earlier.
Maybank Education Financing/-i Repayment Table
Income: Minimum monthly household income of RM5,000
Age: Between 18 – 35 years old for Undergraduate Students and between 18-45 for Postgraduate/Professional Programme Students.
Other qualifying criteria:
As with any personal financing, you will have to make monthly repayment, which comprises of principal amount and a interest/profit charge.
How much you pay per month depends on your financing amount, tenure and interest/profit rate. For example, if you are borrowing RM50,000 with an interest/profit rate of 4.1% over 1 year, your monthly repayment will be around RM4,337.
Use our personal loan calculator above to estimate your monthly repayment.
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Education financing-i.
Reinvest your wealth into your child's future
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| Minimum Financing: RM10,000 Maximum Financing: Up to course fees MOA of security to be charged/pledge, whichever is lower | |||
| 120% Additional 30% above the collateral value. The 30% is capped at RM400,000. | 150% Additional 50% above the collateral value. The 50% is capped at RM200,000. | 67% Up to 67% of the certificate value. | |
| Up to 20 years or age 70, whichever is earlier | Up to 20 years or age 70, whichever is earlier | Up to 30 years or age 70, whichever is earlier |
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We know how frustrating it is to juggle finance while pursuing quality education in both Malaysia and overseas. That’s why EasyUni, a local education website for student has come up with some of the most popular education loan schemes available here in Malaysia, as a guide for students to reach their passions and dreams.
The top 4 loans available to prospective students are PTPTN, KOJADI, MARA and MIED, with an addition of a top-up loan scheme called SPP1M.
PTPTN was established under the National Higher Education Fund Corporation Act 1997 to provide and manage education saving schemes for students aiming for higher education studies including Diplomas, Advanced Diplomas, First Degrees, Master’s Degrees, PhDs and other professional courses.
This loan scheme covers a wide range of courses but does not cover private pre-university courses such as MUFY, AUSMATS, A-Levels, and various Matriculations studies.
There are 3 categories to guide you on how PTPTN will sponsor an individual. These categories depend on the household income of a family and the course and institution an individual decides to study in. Have a look at these categories:
Additionally, if students are able to achieve a First Class Honors and a CGPA of 3.70, the loan will directly be converted into a scholarship! If not, repayments are expected 6 months after graduation with a flat rate interest of 1%.
KOJADI was established in 1981 to provide financial aid for their members who are considering tertiary education. Currently, KOJADI offers 13 loan schemes that caters to a variety of education courses, as listed below:
A. KOJADI Higher Education Loan Scheme (HELS)
B. KOJADI Special Education Loan Scheme (SELS), an extension of HELS for member-students who are ineligible for HELS loan, including:
C. KOJADI Education Loan Scheme for MINOR (ELSM)
Here’s some information on how to be eligible, apply and repay your loans from KOJADI:
Amount of loans that can be applied for are RM10,000, RM15,000, RM20,000, RM25,000, RM 30,000 and RM35,000. New members of KOJADI will get an interest rate of 6.8% on the first year and 7.8% on the second year onward for new members of KOJADI. Existing members of KOJADI with a minimum of 5 years membership will get an interest rate of 5.8% on the first year and 6.8% on the second year onwards.
Repayments are expected to commence on the 4 th month after students have completed their studies. Before that, loan interest up to 4 months during the study period will also be waived if repayments are done at the time. The tentative monthly repayments amount depends on how much an individual has borrowed, as shown in the infographic above.
Through collaboration between Maybank and Yayasan Peneraju, SPP1M is designed to provide financial aid to benefit Malaysian students who are pursuing a Bachelor of Master’s Degree in local private or public universities. SPP1M acts as a top-up education loan scheme, to further help students reach their education goals!
With a maximum loan up to RM200,000, students can study their most interested courses and build a career of passion for themselves. Repayment of loans starts upon employment of 6 months after completion of study.
Since its beginning in 1966, MARA runs as a scholarship program and loan scheme for Malaysian students from Bumiputera who also qualify for their loan schemes. Priority is even given to Malaysian students attending Malaysian universities, but are not only restricted to them. Here is an overview of the eligibility, application process and repayment system for MARA:
Once your application is made, the allowance eligible will be stated on the offer letter given by MARA. Monthly allowance can range between RM500 to RM700 based on family income.
Upon completion of study, students may convert their full loans into a scholarship with a 75% discount based on an academic excellence by maintaining a CGPA of 2.75 or above. Students will need to submit a few documents including a copy of the degree, copies of transcript for all semesters and a copy of their identity card to MARA to convert their loan.
Started in 1984, MIED has since provided and supported students in need to assist them in their dream to pursue a higher education. Today, MIED is one of the most trusted provider of study loans to the members of Malaysian Indian community.
MIED offers a maximum of RM50,000 study loans to recognized universities in the public higher education institutions (IPTA), private higher education institutions (IPTS), and overseas or foreign universities recognized by Jabatan Perkhidmatan Awam (JPA). These loans will cover part of an individual's tuition fees and will be paid directly to the institutions.
Shortlisted candidates for the MIED student loan will be expected to attend a selection interview at the MIED office after an arranged date and time.
Repayments will also be expected 6 months from the time of completion of studies with an imposed 4% per annum administrative charge.
Or, make your life easier by applying for the best personal loan from us here for your children’s or your education!
About EasyUni.Com
EasyUni is the leading online destination for finding your dream University or College. We help students to search, compare, shortlist, and apply to Universities and Colleges around the world. EasyUni is aimed to make the process of choosing and applying to University and College easy for the potential students. Students can search, compare, shortlist and APPLY to universities and find more information about institutions through reviews, photos, videos, as well as read find useful advice, scholarships and information on studying abroad.
The CompareHero.my team is comprised of many talented individuals, sharing their knowledge, experiences and research to help others make better financial decisions.
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Financing Your Academic Future Financial assistance for qualified individuals of selected University or College to cover their education programme. Shariah-Compliant Financing Based on the Shariah concept of Ijarah of usufruct concept (leasing). No Early Settlement Fee No fee is imposed for early settlement.
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Education is a crucial long-term investment in your life. It is undeniable that not all students can bear the costs of education on their own or be supported by their families for the significant expenses involved. Therefore, taking an education loan is a reasonable alternative that should be considered.
Table of Contents
One of the main factors that leads someone to make the decision to take an education loan is the cost of continuing their studies. The cost of pursuing education depends on the type of university you choose, whether it’s a public university (IPTA) or a private university (IPTS). As you may already know, the tuition fees at private universities are much higher and can reach tens to hundreds of thousands of ringgit compared to the fees at public universities.
If parents haven’t taken early steps such as setting aside savings for their child’s education through SSPN (National Education Savings Scheme) or education insurance, then taking an education loan is a reasonable step if you want to continue your studies. This means that you may need to repay the loan after completing your studies. Here are some reasons why you should consider applying for an education loan:
Education loans can provide opportunities for students to pursue education that was previously unaffordable for their families.
By obtaining higher education, as a student, you will enhance your chances of securing better employment with a rewarding salary.
Education loans can serve as a financial aid source to help students pay for their education expenses and alleviate the financial burden on their families. For example, programs like PTPTN (National Higher Education Fund Corporation) offer exemptions for first-class degree holders, which means they may not have to repay their education loans.
Repaying your education loan can also help you build your credit score. A good credit score increases the likelihood of your loan applications, such as home loans, credit cards, and others, being approved. Therefore, it is important to ensure responsible use of your student loan and consistently make your monthly payments.
Education loans in Malaysia can be obtained through several financial institutions such as banks, cooperatives, and government institutions. You can choose to apply for one from one of the following types:
This loan is offered by the Malaysian government to students who wish to pursue higher education at tertiary institutions. By taking out a PTPTN loan, the education costs, including tuition fees, accommodation expenses, and living costs, will be covered by this loan. Additionally, students who receive PTPTN loans have a flexible repayment period, depending on the loan amount and post-graduation income.
The repayment rate of PTPTN loans is based on the student’s ability to repay, with lower repayment rates for those with lower incomes. PTPTN loans also offer lower interest rates compared to loans from other financial institutions. Failure to make repayments according to the schedule may result in strict actions taken by PTPTN.
To apply for a PTPTN loan, you need to follow these steps:
2. Bank Education Loan
You can obtain loans from financial institutions such as local and international banks for students who wish to pursue higher education at tertiary institutions. Banks offer several advantages, including faster application and processing, a wide range of loan options, and quick disbursement.
Some banks that offer these loans include Bank Rakyat’s Education Financing Scheme (Pembiayaan Pelajaran Boleh Ubah or PBBU Bank Rakyat), Bank Islam’s education loan, and Maybank’s education loan.
How to Apply Education Loan
Here are the steps to apply for an education loan from a bank:
After the application is approved, the bank will disburse the loan to the student. It is important for students to ensure that they repay the loan promptly according to the designated schedule. It should be noted that each bank may have its own procedures. Therefore, it is advisable to contact the bank directly before submitting the application.
Private education loans are a type of loan provided by private financial institutions such as finance companies, cooperatives, or banks to finance the education expenses of students studying at private educational institutions. Private education loans typically offer higher loan amounts compared to PTPTN or bank loans, but they also come with higher interest rates.
Before applying for a private education loan, it is important to carefully consider and ensure that you can repay the loan. Therefore, understand the terms and conditions imposed by the financial institution before making a decision to apply for a private education loan.
Here are the steps to apply for a private education loan:
This loan is offered by foundations or charitable organizations to finance the education expenses of students. These foundations or charitable organizations typically offer loans with lower interest rates or even interest-free, depending on the policies and requirements of the foundation.
In addition to loans, these foundations or charitable organizations often provide other forms of financial assistance such as scholarships or contributions to help students manage their education costs. Some of the foundations that offer education loans include Yayasan Selangor’s Pinjaman Boleh Ubah, Yayasan Tenaga Nasional’s Pinjaman Boleh Ubah (YTN), and others.
Here are the steps to apply for an education loan from a foundation:
The eligibility and requirements to apply for MARA Education Loan depend on the type of loan being applied for, and there are several steps to be taken to apply for the loan. Therefore, it is important to have a clear understanding of the terms and conditions imposed by MARA before deciding to apply for an education loan from MARA.
Here are the steps to apply for an education loan from MARA:
JPA PIDN (Program Ijazah Dalam Negara) Education Loan is a loan program provided by the Public Service Department (JPA) for students who wish to pursue undergraduate programs at public universities (IPTA) or polytechnics in Malaysia. This program is offered to high-achieving students who have the potential and require financial assistance to cover their study costs.
Eligible students can apply for the JPA PIDN Education Loan through the online application system provided by JPA. The application period usually opens annually, depending on the needs and budget allocated by the government .
To apply for the JPA PIDN Education Loan, you need to follow these steps:
After obtaining approval, you will need to sign a loan agreement with JPA and undergo an entrance session as a requirement to receive the loan. Students are required to repay the loan amount after completing their studies within the timeframe specified by JPA.
Before applying for an education loan, you also need to consider its drawbacks. Firstly, you will start accumulating debt even before you have started working. In other words, you begin your life with debt. This can increase your financial commitments in the future when you want to take out other loans, such as for a car or a house, or when you need to obtain health insurance plans and so on.
Additionally, there are other disadvantages to consider, such as the interest charged on the loan. The repayment amount required may increase due to the accumulated interest that needs to be paid. Furthermore, some types of education loans may require collateral or a guarantor.
This can pose difficulties for students who do not have sufficient collateral. Therefore, it is important to consider the overall costs and responsibilities before making a decision to apply for an education loan. Hopefully, this article helps you gain a better understanding of education loans in Malaysia and enables you to make informed decisions when obtaining such loans.
Additionally, if you are considering the best and comprehensive home insurance for you, you may visit the Qoala website for more information. Qoala is an insurance platform in Malaysia that provides various types of insurance such as car insurance , motorcycle insurance , and medical insurance with a guarantee of a safe, affordable, and easy insurance buying process.
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Published by Afterschool.my on Jun 11, 2021 , 03:21 am
Click here for the PTPTN Guide 2021
Eligibility
Loan amount
PTPTN base their amount given, on which category you fall under, whether its A, B or C.
So most of you may know ask, “I understood all that, but what do you mean by maximum amount?”. Well, good question keen observer. The maximum amount is dependent on what type of course you study and what type of university you study that in. For example, Student No.1 studying Pharmacy at an IPTS would have a different maximum amount compared to Student No.2 studying Education at an IPTA. Here is the list of the maximum amount based on the course and type of university.
For full-time studies:
For part-time studies:
How to Apply
To apply to PTPTN , just follow these 5 Simple steps (PTPTN Is currently open. Click here to view the deadlines for respective IPTA & IPTS)
Contact info
Tel: 03-2098 3731/3732
Email: [email protected]
Address:
PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONAL
Lot G2, Tingkat Bawah,
Wisma Chase Perdana,
Off Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur.
www.ptptn.gov.my
MARA Study Loan Programmes or Skim Pinjaman Pelajaran (SPiP) were introduced in 1966 when Majlis Amanah Rakyat (MARA) was formed. Students have to apply to the respective institutions before applying for the loan.
For excellent SPM leavers who wish to take pre-university courses such as (but not limited to) ADFP, A-Levels, International Baccalaureate (IB) and Australia Matriculation (AUSMAT).
This loan is typically given to qualified Bumiputera students to continue their studies in Institut Pengajian MARA (IPMa) and local private Higher Education Institutions (IPTS).
The loan covers tuition fees and allowance while also depending on the student’s financial background.
How to apply?
Contact info:
Tel: 03-26915377
MARA Headquarters
21, Jalan Raja Laut,
50609 Kuala Lumpur.
Loan Amount
Step 1: Application for membership
Step 2: Requisite Payment Required
Step 3: Submission of Legal Documents
Tel: 03-21616499 (Membership and Loan Department)
Koperasi Jayadiri Malaysia Berhad (KOJADI)
11th Floor, Wisma MCA,163,
Jalan Ampang,50450 Kuala Lumpur.
www.kojadi.my
MiED offers Study loans to needy students who are continuing and pursuing their tertiary education in any recognised:-
a. Public Higher Education Institution (IPTA)
b. Private Higher Education Institution (IPTS)
c. Overseas / Foreign Universities recognised by Jabatan Perkhidmatan Awam (JPA).
Eligibility
Loan amount
How to apply
Maju Institute of Educational Development (MiED )
1 st Floor, Menara Manickavasagam,
N o.1, Jalan Rahmat,
50350 Kuala Lumpur
MiED requires two guarantors. The guarantors should be:
Tel: 03-40452689 / 03-40503107
Maju Institute of Education Development (MIED),
1st Floor, Menara Manickavasagam,
No. 1, Jalan Rahmat,
www.mied.com.my
PPBU is offered to students pursuing tertiary level education from Skills Certificate, Diploma, Bachelor’s Degree, Professional, Master’s Degree, and Doctorate (PhD). Its aim is to aid the social and economic development of Malaysians by enabling bright but needy students to receive undergraduate education at local Public OR Private Higher Learning Institutions and Training Institutes in the country on a full-time basis.
Specific Requirements
Please click here for the PPBU 2021 Guide
Contact Info
Yayasan Bank Rakyat, 8th Floor, Tower 1, Menara Kembar Bank Rakyat,
No.33, Jalan Rakyat, 50470, Kuala Lumpur, Malaysia
Phone: +603 2612 9600
E-mail: [email protected]
Loan Amount
Maximum up to RM200,000
Download the following:
Send your application form with certified true copies of supporting documents (as per SPP1M checklist) to your nearest Maybank branches. It is recommended that you submit your application directly to Maybank Tower, Jalan Tun Perak, Kuala Lumpur (Level 20).
Applicants will be notified by the bank within 2.5 months from the date application received.
Please click here for the SPP1M 2021 Guide
Other reads:
When Do I Apply for PTPTN
PTPTN Loan - A Complete Guide
PPBU vs PTPTN : Which One is Better?
Foundation Programmes in IPTS Eligible for PTPTN Loan
Can You Apply for PTPTN If You’re in a Twinning Programme?
Twinning Programmes and PTPTN
How to Check How Much You Will Receive From PTPTN in Two Steps
PTPTN Deadlines for Every Course and Every Institution Released
How to Qualify for a PTPTN Loan Repayment Exemption
Deadlines for PTPTN Online Applications at Every UA & IPTS for Every Course
How To Use The New PTPTN Direct Debit System & List Of Associated Banks
8 Questions about Repaying Your PTPTN Loan
How Much Loan Does PTPTN offer?
How to Check How Much You Owe PTPTN
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The ability to properly clear all principal and interest payment amounts stipulated is crucial if you want to continue enjoying a good credit score and several other financial privileges in Malaysia. Whether secured or personal loans , individuals who can clear their loan balance quickly tend to enjoy more financial dividends from financial institutions in the country today, whether it’s requesting credit cards or applying for a new loan. One of the most invaluable tools that can help you structure how you handle your finances within the loan term is the FinCrew monthly loan repayment calculator.
Our monthly loan repayment calculator in Malaysia evaluates the most appropriate monthly payment pattern for loans with a fixed amount to be paid back periodically. As such, it’s perfect for calculating the specifics if you have a student loan to clear, auto loans to deal with, or you need a reliable personal loan calculator. It would help if you had to enter variables like the loan amount, loan term (or the number of months to pay), the loan’s interest rates , and a few other details. Our tools’ algorithms will process this information and present you with the best monthly payment amount for your monthly loan repayment. This value will include the month’s interest as well as other payable sums as well.
WIn addition to using our monthly loan repayment calculator to speed things up, there are a few things you may be able to do to get you debt-free as soon as possible.
Depending on the specifics of your loan, you may not have a prepayment penalty. In such cases, the higher the payment is, the faster the principal amount of your loan reduces, meaning you’ll be able to clear your debt in short order.
Another strategy you can employ, if applicable, is bi-weekly payments. This approach has merit because it helps you repay your loan more conveniently, but it may also reduce the total interest rates you end up paying.
It simply involves taking another loan (usually with more favourable terms and conditions) to replace the current loan. However, as refinancing fees can be relatively high and typically need to be paid upfront, you need to consider your options carefully. Ultimately, improving the amount paid on your loan can be a straightforward exercise.
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Expense Details
Tax Benefits
Tuition Fees + Cost of Living
₹ 30,00,000
You can avail Education loan from ICICI Bank for both tuition fees and living expenses as per the eligibility.
* As per Bank Norms Caution Courses are not Included.
Loan Required
₹ 1,01,162 **.
Interest Rate
Loan Tenure
Max unsecured loan amount limit
Loan tenure: It is inclusive of course duration and additional period of 6 months.
Moratorium Period: The time during which a customer is not required to make any loan repayment. It comprises of course duration with an additional period of 6 months. A customer depending on the merit of the case may be given an option to avail of moratorium period.
Complete Moratorium: Where customer has an option to not pay EMI till the moratorium period. Interest is accrued and EMI starts after completion of moratorium Period.
Principal Moratorium: Where customer has an option to pay only Interest accrued during the moratorium period and full EMI starts after completion of moratorium Period.
Full EMI: Where customer has an option to pay full EMI (Interest and Principal) as soon as loan is disbursed.
Tax benefits can be availed under the old tax regime
Total Expense
₹ 40,00,000
Tuition Fees
₹ 20,00,000
Cost of Living
1 Tax benefits: The amount of Income Tax an individual can save by availing Education Loan. The amount of rebate will vary for different income slabs and can be availed as per Income Tax benefits under Section 80E of Income Tax Act, 1961. Tax rebate can be availed only if individual opts for Old Tax Regime. For simplicity of Tax Benefit calculations we are considering flat Tax Rate as per the income slab selected by individual.
2 Effective loan ROI: The rate of interest that an individual will effectively pay on the Education Loan as per the tax savings on interest paid for education loan at applicable tax rate. User can avail this reduction in rate of interest only after opting for the Old Tax Regime.
3 Net ROI: The rate of interest that an individual will effectively pay on the Education Loan if an individual opts for a Fixed Deposit (FD) against Education Loan and utilises the FD interest to reduce the total interest on Education Loan. (Tenure of Loan and FD are considered to be the same and only Cumulative FD types considered; Quarterly/Monthly pay-out variants not considered)
The tax related information provided herein is merely for general understanding and reference. The user needs to verify all the facts, law and contents with the text of the prevailing statutes and seek appropriate professional advice before acting on the basis of any information contained herein as the tax implications may vary depending upon the facts in each case/ interpretation by tax authorities. The tax laws are subject to change from time to time. ICICI Bank disclaims any liability for any losses incurred by you due to use of or due to investment decisions made by you on the basis of this Tax Calculator. The Tax calculator has been developed based upon projections determined in good faith and from sources deemed reliable (including public sources). lClCl Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the Tax Calculator. Use/ misuse of any intellectual property, or other information provided in this Tax Calculator is strictly prohibited. The information provided in the Tax Calculator is also subject to other product specific terms and conditions and any third party terms and conditions, as applicable.
The expense calculator is only for the purpose information and does not amount to an offer, and is not intended to create any rights or obligations. Such information is subject to updation, completion, amendment without notice and is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or would subject lClCl Bank Limited (“ICICI Bank”) or its affiliates to any licensing or registration requirements. Nothing contained herein is intended to constitute advice or opinion. You may obtain professional advice before making any investment. ICICI Bank disclaims any liability for any losses incurred by you due to use of or due to investment decisions made by you on the basis of this Expense calculator. The Expense calculator has been developed based upon projections determined in good faith and from sources deemed reliable (including public sources). lClCl Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the Expense Calculator. Use/ misuse of any intellectual property, or other information provided in this Expense Calculator is strictly prohibited. The information provided in the Expense Calculator is also subject to other product specific terms and conditions and any third party terms and conditions, as applicable.
Student expense calculator.
Planning and executing the financial aspects of higher education can be tricky at times, but with ICICI Bank's Student Expense Calculator, you can simplify the process. This user-friendly tool empowers students by helping them estimate and plan for various educational expenses such as tuition fees, accommodation, textbooks, and other day-to-day living costs.
By entering the required details, students clearly understand their financial needs, enabling them to make informed decisions about education loans and create a realistic budget. This Education Loan Calculator is your trusted companion for a smoother and a more secure academic journey with ICICI Bank's support
Are you considering financing your educational expenses? ICICI Bank Education Loan EMI Calculator is a tool that simplifies financial planning and helps in effectively managing your educational expenses.
Using this user-friendly calculator, you can get the most suitable Loan repayment plan that fits your budget and also estimate EMI based on the Loan amount, interest rate and tenure.
With ICICI Bank Education Loan EMI Calculator, you can stay informed and make confident decisions about your educational aspirations without worrying about finances.
Our Education Loan Tax Benefit Calculator makes it easy to calculate the tax benefits associated with your education loan. You only need to provide key financial details like your loan amount, interest paid, and relevant information.
This tool then provides a precise estimate of the tax deductions and benefits you may qualify for. The Education Loan Calculator is a valuable resource for optimising your financial planning, ensuring you make the most of available tax benefits, and reducing your overall tax burden.
The Education Loan calculator is your trusted companion when making important financial decisions while pursuing higher education. It empowers you to make informed choices, maximise savings, and confidently work toward achieving your academic and financial goals.
Using the Education Loan Calculator is simple. Input your Loan details in the calculator and get instant results.
Explore the benefits of using an Education Loan EMI Calculator to make informed decisions and effectively manage your expenses:
Precise estimation
Offers an accurate calculation of the EMI.
Financial planning
Helps in planning finances effectively by estimating the repayment obligations.
Convenience
Offers an easy and hassle-free way to calculate your Loan repayments anytime, anywhere.
Smart choices
Empowers you to make wise decisions by illustrating the long-term effects of your Loan.
What is an education loan emi calculator.
An Education loan EMI Calculator which is available online helps in assessing the Equated Monthly Installment a borrower needs to pay on availing an Education Loan . The Equated Monthly Installment (EMI) is arrived at after considering factors like loan amount, education loan interest rate and tenure of the loan.
EMI calculation for education loans considers the loan amount, interest rate, and tenure. An Education Loan EMI Calculator can provide precise results for your financial planning.
Education loan tax benefits vary by country and region. Use a Student Loan Tax Benefit Calculator or an Education Loan Tax Benefit Calculator to estimate your potential tax savings based on applicable laws and provisions.
Calculating a student budget is easy with tools like the Student Expense Calculator or the Student Living Costs Calculator. List your income sources and allocate funds to expenses like tuition and groceries, ensuring your spending aligns with your financial goals.
Use resources like the ICICI Bank’s Education Loan Calculator or the Student Living Costs Calculator to calculate living expenses. List monthly costs like rent, utilities, and entertainment; these tools will help you estimate your budget.
Creating your budget is simplified with tools like a Student Budget Calculator. List your income and categorise expenses, ensuring your spending aligns with your financial goals and student loan repayment plans.
For example, if you have a Rs 10 lakh Education loan with Rs 1 lakh annual interest and an income of Rs 8 lakh, using Section 80E (as per Old Tax Regime), your taxable income becomes Rs 7 lakh. But remember, only the interest, not the principal, is eligible for tax deduction.
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Monthly EMI | ₹ |
Principal amount | ₹ |
Total interest | ₹ |
Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
EMIs are made up of the principal and the interest portions. It is the whole amount that you pay every month till you repay the full loan. The EMI is generally fixed on the whole tenure of the loan. At the beginning of your loan, a major portion of your repayment would go to the interest portion. As you keep repaying the loan, a higher portion will be adjusted to the principal component of the loan.
If you prefer knowing the EMI you would be contributing each month towards an education loan before you apply for it, you can use the Educational loan EMI calculator .
Groww's Education Loan EMI calculator is an online instrument that assists the loan-borrower with the calculation of the amount that they need to pay every month after borrowing an educational loan. It will give you an amortization schedule that shows you the EMI breakup in terms of monthly interest paid and the principal that has been repaid.
It will also detail the amount of loan that you have repaid to date and how much is yet outstanding. All of this will give you a fair idea of how much an educational loan is going to cost you by assisting you in calculating the total interest amount that needs to be paid over the whole loan tenure.
If you are or planning to apply for an educational loan, you will choose to know how much on a monthly basis you would be giving in to the EMI of the loan. When you know how much would be spent there, you can apply preferred interest rates and selected banks. Along with that, you could also plan your monthly budget.
Using the education loan EMI calculator will assist you with it, as it is simple to use, extremely fast, you can test different combinations, and it is completely free.
As already mentioned, this tool has been made 100% free and user-friendly, which means you will only have to enter the following details to get started.
Amount: This is the educational loan amount that you require, and you will have to update the loan amount by marking it on the calculator.
Tenure: This will be the information on how long you would prefer to extend or shorten the tenure of your loan. In simpler words, it is the time period that you will be paying your EMI. Also, another point to note is that the longer the tenure of your EMI - the lesser would be the EMI amount to you, and the shorter the time period - the higher your EMI would be.
Rate of Interest: Now, different banks offer different rates of interest - which means you will have to enter your preferred interest rate on a loan.
All of these data sets will give you the result of how much EMI you would be paying each month towards your loan. You can always edit these details and get a different set of EMI amounts that would suit your monthly budget.
Mentioned below is the formula and an example to show how educational loan EMI is calculated.
This is the formula that is used to calculate the EMI of an educational loan.
EMI = [P*R*(1+R)^n]/[(1+R)^n-1]
P = The principal amount
R = The rate of interest
n = The tenure
Let us understand with an example how the educational loan EMI is calculated.
Mr Gokul borrows an educational loan of Rs. 10 lakhs with an average interest rate of 12% for a period of two years, and then the EMI would be:
P = 10 lakhs
R = 12/100/12 (converted to months)
N = 2 years
EMI = Rs. 46,073
These are some of the most crucial pros of utilizing the educational loan EMI calculator:
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IMAGES
COMMENTS
Education Loan Calculator. Calculate monthly repayment for your higher education cost. How much is the education loan? RM. What is the interest rate? % How long do you plan to repay? Years. To repay a RM40,000.00 loan with 5.0% interest rate, you will need to pay. 0 Per month. for. 8 Years.
Up to 30 years or age 70 (whichever is earlier) Margin of Financing. Up to additional 30% above the standard Housing Loan MOA or a total financing of 120% of the property value. The additional 30% shall be capped at RM400,000. (include MRTA/PRTA and related expenses) Up to additional 50% of the FD/IFD/GIA-I amount or total financing of 150%.
The PTPTN Education Loan Scheme was established for the purpose of providing educational loans to students pursuing studies at local Higher Education Institutions (IPT). This education loan will allow students to finance all or part of their tuition fees and living expenses throughout their period of study. The PTPTN education loan facility is ...
Higher financing amount up to RM400,000. Margin of Financing up to 150% of collateral value. Competitive interest/profit rate. Covers enrolment at both local and overseas institution, including twinning programmes. Stretchable repayment period up to 30 years. Flexible repayment schemes.
Enter the amount that you would like to apply for and the duration of your financing, and we will calculate your monthly payment, total payment and profit rate. Financing amount. Enter a value between 6,000 and 150,000. MYR. 6,000.
Eligibility. Malaysian. Minimum monthly household income of RM10,000. Main borrower (student) Age 18 to 25 years old (non- working student) Age 18 to 35 years old (working student) Joint borrower. Age is between 21 & 65 years and not exceeding 70 years at the end of financing period. Relationship of joint borrower with main borrower must be ...
That's why EasyUni, a local education website for student has come up with some of the most popular education loan schemes available here in Malaysia, as a guide for students to reach their passions and dreams. The top 4 loans available to prospective students are PTPTN, KOJADI, MARA and MIED, with an addition of a top-up loan scheme called ...
A-Level), Diploma, Degree and Postgraduate program (Master's Degree and Doctorates) and Professional Courses for students of appointed universities/colleges. Malaysia citizen aged 21 years old and above. Minimum monthly income of RM 5,000. If the minimum monthly income is unable to meet, a minimum of two (2) joint applicants with minimum ...
Number of years to Secondary Education: The age of Secondary Education in Malaysia is from 13 years until 17 years. The inflation rate is based on a 5-year average of Malaysia CPI (Consumer Price Index), 2014-2018 (Source: WEO (World Economic Outlook Database April 2019), updated as at April 2019).
Langkah 1: Muat turun dan isi Borang Permohonan Pembiayaan Pendidikan Maybank/-i. Muat turun borang. Langkah 2: Lampirkan dokumen yang diperlukan. Salinan Kad Pengenalan pemohon utama & pemohon bersama (jika berkenaan) Bagi Pelajar Baru: Surat tawaran kemasukan ke universiti/institusi pengajian.
2. Bank Education Loan. You can obtain loans from financial institutions such as local and international banks for students who wish to pursue higher education at tertiary institutions. Banks offer several advantages, including faster application and processing, a wide range of loan options, and quick disbursement.
Malaysian citizens between 21 and 60 years old (both years inclusive) Minimum monthly gross income of RM7,500. Get us to contact you. The OCBC Education Loan can help to supplement the funds that you have set aside for your child's higher education. Helps to cover any shortfall of your existing study funds, up to RM250,000*.
Enter down payment amount in Malaysian Ringgit. Enter housing loan period in Years. Enter loan interest rate in Percentage. Maximum Loan Amount = 90% of property price. Malaysia home loan calculator to estimate your monthly house loan repayments. Generate housing loan tables and charts, and save as PDF file.
The interest rate for this loan is set at 4%. To apply or find out more about this loan, click here. #9. KOJADI Education loan. Koperasi Jayadiri Malaysia Berhad (KOJADI) is a co-operative society established to provide educational loans to needy students who wish to pursue their higher education.
A collaboration between Maybank and Yayasan Peneraju, the SPP1M is an education financing package that must be paid back based on the agreed upon interest rate. Eligibility. Malaysian Student, age 18 to 35 years old. Students in the second semester onwards with CGPA of 3.00 and above. Full-time student.
Education Loans | OCBC Malaysia. Earn up to 4.35% p.a. for 4 months on your newly opened OCBC Booster Account/-i during the promotional period. Get a chance to win a trip for 2 to Kyoto, an Apple Watch Series 9 and more when you apply or spend with OCBC cards during the promotional period. T&Cs apply. Our purpose is to help individuals and ...
1 copy of your examination transcript or other qualification certificates (e.g. STPM, Diploma, Matrikulasi, A-Level, Foundation, etc.) 1 copy of both your parents' salary slip / income tax return / retiree card / pension statement / income verification letter / letter of confirmation of unemployment.
Your monthly repayment is. RM 162.46. Total interest cost. RM 4497.50. Total cost to you. RM 9747.50. Effective interest rate (EIR) 35.98%. The interest you are paying is costing you this much more than the cost of your item.
LOAN AMOUNT During Study Period After Study Period Year 5 Until End of Respective Tenure 10,000 30,000 50,000 70,000 100,000 120,000 140,000 REPAYMENT TABLE FOR MAYBANK EDUCATION FINACING/-i RATE SBR + 4.05% p.a (Effective Rate: 7.05%) SBR + 4.75% p.a. (Effective Rate: 7.75%) TENURE Any Loan Tenure
How to Use: Enter personal loan amount in Malaysian Ringgit. Enter loan period in Months. Enter loan interest rate in Percentage. Bank Personal Loan Interest Rates: Bank Name. Interest Rate. Alliance Bank CashFirst Personal Loan. 8.38%.
Calculate and compare your home loan eligibility in Malaysia. Just provide your employment details, salary, current earnings and commitments, and the report will provide your DSR, loan breakdown and max affordability comparisons between various banks.
Input your Loan details in the calculator and get instant results. Loan amount: This refers to the total amount of Education Loan that you require. Input the desired Loan amount in the calculator. Loan tenure: Decide the duration over which you wish to repay your Loan. This period represents the timeframe of your Equated Monthly Instalment (EMI).
Formula: This is the formula that is used to calculate the EMI of an educational loan. EMI = [P*R* (1+R)^n]/ [ (1+R)^n-1] P = The principal amount. R = The rate of interest. n = The tenure. Example: Let us understand with an example how the educational loan EMI is calculated.