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Are you planning to take an educational loan to cover the cost of your higher studies?<br><br>If yes, you need to carefully plan how much money you need. Also, you may not know how much money you will have to pay gradually for repaying your loan after you begin working. Lenders understand this and so, they offer some services that help you quantify the loan you are eligible to take and the EMI you would have to pay to repay it. These services are formally called educational loan calculators. Let us look at this type of calculator and its 4 benefits.<br>
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Do you know these 4 benefits of an educational loan calculator?
Are you planning to take an educational loan to cover the cost of your higher studies? If yes, you need to carefully plan how much money you need. Also, you may not know how much money you will have to pay gradually for repaying your loan after you begin working. Lenders understand this and so, they offer some services that help you quantify the loan you are eligible to take and the EMI you would have to pay to repay it. These services are formally called educational loan calculators. Let us look at this type of calculator and its 4 benefits.
Educational loan calculator • Do you want to know how much you how much money you have to pay to repay your for your study abroad loan? • A loan EMI calculator will help you. It has 3 fields in it. They are: • Education loan amount : You have to put the total amount of money you borrowed or want to borrow in this field. That value should be in Indian Rupees.
The annual rate of interest : You have to put the annual rate of interest the lender has charged or will charge on your education loan in this field. That value should be in percent per annum. • Repayment tenure • You have to put the repayment tenure of your education loan in this field. That value should be in either number of years or months. This tenure can extend up to 15 years only. • Once you put valid information in this field and press the submit button, you will get an EMI value in the results section. Note that that value will be speculative in nature. • Now that you know what this calculator does, let us tell you the benefits of using it.
Benefits of using an educational loan calculator • The 4 benefits are: • Simple to use • This calculator is easy to use. You do not need to use paper and pencil to keep track of the calculation. All you have to do is enter valid values in its fields and you will get the EMI in the result section.
Quick and accurate results • This calculator gives accurate results quickly. If you were to calculate loan EMI mentally, you may make errors in calculation. When you use this calculator, you will get accurate results swiftly provided you enter valid numbers in its 3 fields. • Freely available • Lenders provide this calculator on their websites for free. They do not expect you to pay money for using this calculator. And you can use it as many times as you want.
Helps in strategising your loan repayment plan • The indirect benefit of this freely available calculator is that it helps you to arrive at the combination of values that are the most suitable for your case. In other words, it helps you to strategies your repayment plan such that you repay your loan fast. • Now you know how to calculate the EMI of your educational loan. Please use the loan values your lender quotes to you in their loan EMI calculator only. Have a nice day!
