A glimpse of an education loan EMI calculator and its benefits
Financial lenders offer education loans to students who are meritorious enough to study beyond higher secondary school, but do not have money to pay their higher education expenses. In recent times, education loans have become more accessible for such students. One proof of this is that lenders offer an education loan EMI calculator on their websites to help students calculate the EMI value of the education loan. This advantage helps students calculate the finance of their higher education, and land on the right education loan to achieve their higher education aspirations. In this article, we will tell you about that calculator and the benefits of using it.
This calculator has 3 fields in it. They are:
1.Principal amount
In this field, put the total amount of education loan you have borrowed or want to borrow. It includes the principal amount of the education loan along with other additional charges like service charge, processing fee, and so on. The principal amount should be in Indian Rupees.
2.Rate of interest
In this field of the education loan EMI calculator, put the rate of interest the lender has promised to levy on your education loan. It should be in percent per annum. The interest rate levied on education loans in India lie in the range of 9% to 14% per annum.
3. Repayment tenure
In this field, put the tenure of repayment the lender has offered you. The repayment tenure has to be in either number of months, or in a number of years. The unit of time depends on which lender’s calculator you use.
Once you put appropriate information in these 3 fields of the education loan EMI calculator and press the calculate button, you will get the EMI of your education loan in the result. Remember that this is a speculative amount only.
Now let us tell you about the benefits of using an education loan eligibility calculator. They are:
- Available for free
This calculator is available for free on lenders’ websites. Any student can use it as many times as they want by visiting lenders’ websites.
2. Simple to use
This calculator is simple to use. All you have to do is put appropriate values in the 4 fields and press the calculate button, and you will get the result.
3. Is reusable
This calculator can be used as many times as the student wants. It is reusable without any kind of restrictions.
4. Gives quick and accurate results
If you were to calculate the education loan amount you are eligible for using a pen and paper, it would take time, and even after that the result may turn out to be wrong due to human error in calculation. When you use this calculator, you not only get a result quickly, but also avoid any human errors and get an accurate result.
So, these are the benefits of using an education loan EMI calculator. Please consult a financial advisor while planning the finances of your higher education. All the best!
Read the blog : https://cjamescarter9.medium.com/eligibility-criteria-to-get-a-student-loan-to-study-in-singapore-d8134e5e4702?postPublishedType=initial
