5 benefits of an education loan EMI calculator

1. 5 benefits of an education loan EMI calculator Education loans help students study at their chosen reputed universities and thus lay out a commendable path for their future career. Education loans, these days, are easy to get, fast in approach and streamlined in process. But taking an education loan is followed by clearing it off gradually through EMIs. The lenders offer an education loan EMI calculator on their online portals to help students calculate the EMIs of their loans. This calculator consists of 4 fields labeled as the principal amount, the interest rate levied, the tenure, and the EMI of the education loan and one calculate button. You are supposed to fill in the information in the 3 fields except the EMI field as in it the solution is displayed. The education loan EMI calculator works on a mathematical formula that compounds interest annually on the principal amount. In this article, we will tell you the benefits of using this calculator: 1. Simple to use In the educational loan EMI calculator, all you have to do is put in the appropriate details in appropriate fields and click the calculate button. You will get the EMI value in the field of the same name. This is how simple it is to use this calculator. 2. Gives quick and accurate results If you were to calculate the education loan EMI using a pen and paper, you would have to spend a handful of minutes. And even after that, chances are that the result turns out to be wrong due to human errors in calculation.

2. This calculator helps you find results within a few clicks, that is, in seconds of time. And the result displayed on the screen is error free. It means that the calculator provides quick and accurate results. 3. Can be used with varying combinations of variables You can use this calculator numerous times. Everytime you feed different permutations and combinations, you will get different results. So find out the education loan amounts, and the interest rate that lenders are offering you and put them into this calculator. Doing this will help you compare the loans of different lenders and choose the right one from them for yourself. 4. Helps in managing the finances When you have a decent idea about the education loan EMI, and its interest and tenure, then you will be in a better position to repay the loan. By calculating the EMI value, you can select the most affordable and the most feasible education loan for yourself. You can then manage the finances accordingly. 5. Is available for free Many lenders provide this type of calculator for free on their online portals. You can use it as many times as you want. Hence, this calculator is said to be easily accessible. So, these are the benefits of using an education loan EMI calculator. We hope that after reading this article, you have grasped the understanding of an education loan EMI calculator and how useful it can prove to be. We wish you all the best! Related Article: -An overview of the education loan eligibility calculator and its benefits