How an education loan EMI calculator can help with your repayment

1. How an education loan EMI calculator can help with your repayment

2. With the number of opportunities that have opened because of education, the number of students pursuing higher education has also increased considerably. When it comes to arranging for these finances, some students can get scholarships while some take help from banks and non-banking financial companies (NBFCs) to arrange the needed funds. With the help, you that is now provided, getting loans is not much of a tough deal. But planning your education is quite important. Which is why using an education loan EMI calculator is quite helpful.

3. What is an education loan EMI calculator? When you take absolutely any loan, you have to repay your loan based on equated monthly instalments (EMIs). To help you understand and plan this better, you can make use of an education loan EMI calculator. Seeing that education loan lenders are flexible to what is best preferable to the student, you can plan your loan accordingly. How does an education loan EMI calculator work? On an EMI calculator, you have to input information like your loan amount, interest rate and tenure (in months). You can make use of this before you have applied for your loan. Try out different variations for your loan amount and tenure. For the interest rate, you can take an approximate of 11%.

4. To calculate your EMI the formula used is EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. The formula is quite complicated and obviously time-consuming if you plan on doing it at human speed. And with this human speed comes the possibility of human error. Both of this is not welcome when you want to get your funds in time. So, with the education loan EMI calculator, you can avoid theses hassles. • The education loan EMI calculator is a feature that is freely available on the website of multiple lenders. So, do not shy away from using this again and again until you can figure out the best loan and repayment for you. There are certain sites which give you an amortisation chart that has a detail about when you will be what (principal amount, interest).

5. Why should you use it? A lot of students tend to rush through their loan application process because of which the loans that they apply for are not very thought through. Most of the time the students end up with tricky and confusing education loans. But when you take the time and use an education loan EMI calculator to understand your loan better, you can take into consideration the other education-unrelated expenses that will occur later on. This way you can then structure your monthly expenses. On the websites of various lenders, you will also see two other calculators that could help with your calculations. The education loan eligibility calculator helps you with finding out how much you are eligible for on the basis on your monthly income, monthly obligation, an approximate interest rate and your tenure. The other calculator you can use is the education loan repayment calculator. This helps you decide whether or not to make an early payment. All three calculators are freely available. So, make full use of them before and after taking your education loan. All the best!

6. We hope this article was helpful to you.

7. You can find more interesting things on these sites mentioned below :- Website: https://www.auxilo.com/education-loan/studying-in-india-loan Facebook: https://www.facebook.com/AuxiloFinserve/ Twitter: https://twitter.com/AuxiloFinserve Youtube : https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber Instagram: https://www.instagram.com/auxilofinserve/