An education
loan EMI calculator is something not all students know about. In fact,
many borrowers don’t end up using this tool before applying for their loan!
This is despite the fact that such calculators can help make light work of
beforehand preparations. In order to spread awareness about this tool, the
following article will tell you all there is to know, including what this
calculator is, how to use it, the benefits of doing so, etc.
So what is an educational EMI calculator?
Of course, as the name suggests, it an online calculator that helps you compute the installments payable on your study loan. It will tell you every single installment you have to pay to successfully repay your loan.
Where do I find one?
There are a number of place where you can find an educational loan EMI calculator. To being with, your lender’s website should have one. Almost every aggregator site will also have an EMI calculator you can use. You could use both to double-check the numbers.
How do I use the calculator?
It’s extremely easy! Once you find the calculator, you have to simply fill in some simple details. These usually include the loan amount you plan on applying for, the tenure you will select and the interest rate of your loan. Then just hit enter and the calculator should throw up a comprehensive estimation of your EMIs.
What are the benefits of using such a calculator?
It helps plan your repayment: That’s right, with such a calculator and the results it provides, planning the repayment of your loan is a piece of cake. You know how much you have to set aside to cover the repayments of your loan. You can start cutting down on your expenses and figure out how to budget your income to meet the installments.
It helps you check your affordability: Do not confuse eligibility with affordability. Eligibility is the decided by your loan worthiness whereas affordability is decide by your financial capacity. What this means is that, you might be eligible for a certain loan amount, but you may not be able to afford the installments for the same. The educational loan EMI calculator will tell you how much the EMIs are and you can take a call on your affordability.
So what is an educational EMI calculator?
Of course, as the name suggests, it an online calculator that helps you compute the installments payable on your study loan. It will tell you every single installment you have to pay to successfully repay your loan.
Where do I find one?
There are a number of place where you can find an educational loan EMI calculator. To being with, your lender’s website should have one. Almost every aggregator site will also have an EMI calculator you can use. You could use both to double-check the numbers.
How do I use the calculator?
It’s extremely easy! Once you find the calculator, you have to simply fill in some simple details. These usually include the loan amount you plan on applying for, the tenure you will select and the interest rate of your loan. Then just hit enter and the calculator should throw up a comprehensive estimation of your EMIs.
What are the benefits of using such a calculator?
It helps plan your repayment: That’s right, with such a calculator and the results it provides, planning the repayment of your loan is a piece of cake. You know how much you have to set aside to cover the repayments of your loan. You can start cutting down on your expenses and figure out how to budget your income to meet the installments.
It helps you check your affordability: Do not confuse eligibility with affordability. Eligibility is the decided by your loan worthiness whereas affordability is decide by your financial capacity. What this means is that, you might be eligible for a certain loan amount, but you may not be able to afford the installments for the same. The educational loan EMI calculator will tell you how much the EMIs are and you can take a call on your affordability.
It saves you time and energy: If you were to calculate your EMIs
mentally, without the help of this tool, it would suffice to say that it would
take you forever. You’d have to juggle reducing balances with complex formulas
and could end-up tearing your hair out. This is something the tool offers to do
for you in seconds and for free!
So there you have it! We hope we have given you enough of reason to try one of these tools before you apply or you student loan. Besides for the educational loan EMI calculator, you can also use the eligibility and repayment calculator to further bolster your planning and preparation.
Hope this has been helpful, good luck and all the best!
So there you have it! We hope we have given you enough of reason to try one of these tools before you apply or you student loan. Besides for the educational loan EMI calculator, you can also use the eligibility and repayment calculator to further bolster your planning and preparation.
Hope this has been helpful, good luck and all the best!
No comments:
Post a Comment