Wondering how much your student loan would cost?

Using the Prodigy Finance education loan calculator can help you create a student loan repayment strategy that's right for you.

Calculate

Calculator

CALCULATE YOUR LOAN

Loan amount (USD)

Period to repay (yrs)**4

Interest rate %10.59

Total repayable* (USD)71,126

Admin fee (USD)2,000

Total interest (USD)34,126

Monthly repaymentUSD 1482

* Excluding a USD 100 loan confirmation fee

** No payment due during grace period

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How to use the Education Loan Calculator:

To use our student loan calculator, simply input your estimated loan amount, interest rate, and loan term. The calculator will then estimate your monthly payment, total interest paid, and the overall amount you'll repay.

See disclaimer here.

Benefits

How Does the Education Loan Calculator Help You?

Apply for a student loan through Prodigy Finance and take the next step in your education journey.

Plan expenses

Knowing the estimated monthly cost of your loan will help you plan your finances well in advance. Over the course of your education loan duration, you’ll have a clear idea of how much you need to save each month to stay on track.

Repayment

The calculator estimates your monthly repayment amount and the total repayment duration, helping you manage your loan repayment effectively without causing financial strain throughout the loan term.

Comparison

Use the calculator to compare various loan options, including government, private, and bank loans. This helps you choose the best loan based on your situation by evaluating both international and local loans using the APR and EMI methods.

Decide

By understanding the loan terms and repayment options, you can move forward with confidence, knowing that you’ve chosen a financial plan for your higher education that aligns with your goals and budget.

What is an Education Loan Calculator?

An education loan calculator is a tool that allows you to calculate how much you may need to pay every month to pay off your student loan. Just enter a few details like loan amount, interest rate, and repayment term, and the calculator will give you your estimated monthly cost.

Education loan calculators can vary between institutions, and even between countries. Our calculator uses APR to provide a clear and accurate estimate of your total repayment cost, while other lenders might utilise EMI-based calculators, which can hide the true cost of borrowing.

What is APR and why does it matter?

APR is the total cost of borrowing money, expressed as a yearly percentage. It includes not just the interest rate but also other mandatory fees associated with the loan, such as processing fees, origination fees, and other charges. APR gives you a clearer picture of the true cost of the loan. It allows you to compare different loan offers more accurately, as it considers all costs involved.

EMI vs. APR Calculators

EMI (Equated Monthly Instalment) calculators only focus on determining the fixed amount you'll pay each month on a loan. They typically require the loan amount, interest rate, and loan term as inputs. These calculators can be helpful for budgeting, however, EMI calculators don't provide a comprehensive picture of the loan's total cost. APR (Annual Percentage Rate) calculators offer a more accurate representation of the overall cost of borrowing. They incorporate the interest rate as well as any additional mandatory fees associated with the loan. This provides a clearer comparison between different loan offers. By using APR, you can see the true annual cost of the loan, allowing you to make informed decisions. Essentially, while an EMI calculator tells you how much you'll pay each month, an APR calculator reveals the complete financial picture, including all associated costs.

Spring into savings! Student loans from 11.49% APR**

What’s the catch? There isn't one! When we say no co-signer, no collateral and no hidden fees - we mean it!

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*Loan and promotion offers are subject to our eligibility, funding, and credit assessment criteria.

*13.29% APR representative, based on a total credit amount of USD 42,000 (USD 40,000 amount borrowed + 5% admin fee), repayable over 180 months at a variable interest rate of 11.94% (6.5% fixed + 5.34% variable). Monthly repayment of USD 588.37 Total amount payable USD 105,906.63.

The Prodigy Finance Loan Calculator (the “Calculator”) is provided for informational purposes only and may be used as a general guide only and is provided "as is". In addition to liability clauses in the Terms of Use, which also governs the display and use of the tool, Prodigy Finance Ltd make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the tool or the information it provides and is not responsible or liable for any errors in or omissions from the tool and the results provided. The Calculator may only be used for your personal use and may not be used for any commercial or business purposes. The results do not constitute an offer for a loan or imply in any way that the user of the Calculator will be eligible for a loan with Prodigy Finance or will receive a loan offer from Prodigy Finance, if they apply. The calculation does not include all mandatory fees usually charged by Prodigy Finance or take into account any changes to the interest rate or any missed, short or additional payments made on a loan.