Now you can calculate your education loan EMI efficiently online!

1. Now you can calculate your education loan EMI efficiently online!

2. With the preparation for your college entrance exams keeping you busy, you would not want to take on the added stress of manually calculating your monthly education loan installments. To ease your loan EMI calculation work, many banks and financial institutions have started providing a simple tool on their websites; that is the education loan EMI calculator! With this tool, you can easily estimate the amount you will have to pay every month to clear off your loan. But before you get started with your calculations, here are a few things that you must do.

3. Calculate the principal amount Calculate the amount that you need to take a loan for. Remember, education loans also help cover the other expenses apart from your university tuition fees like costs for study materials, accommodation, travel, library fees and so on that are incurred throughout your course period. Make a schedule of costs that you need to be covered throughout your study period so that it helps you avail of a suitable loan accordingly.   • Shop for interest rates Now many lenders offer education loans to students at different interest rates. Be mindful that even a small difference in the interest rate can have a huge impact on your overall loan repayable amount. That is why it is important to shop for interest rates and look for lenders that offer you the required loan amount at a reasonable interest rate. Also, to get a fair idea, you can feed in different interest rates in the education loan EMI calculator to see how even a small difference impacts your month EMIs.

4. Check the loan tenure Loan tenure is the duration that you select for repaying your loan amount. The tenure plays a major role in deciding the amount of your monthly installments that you are required to pay to clear off your loan. Your monthly EMIs will be less if you go for a longer tenure; if you decide to go for a shorter tenure, your monthly EMIs will be comparatively higher.

5. Pro tip - Go for the shortest tenure possible so that you can cut back on the interest amount that keeps adding up each month.   Now, here’s how you can calculate your student loan EMI using the education loan EMI calculator. STEP 1:Do a quick Google search to find an online education loan EMI calculator. Then select a link that directs you to a good EMI calculator website. STEP 2:Enter the amount that you need to take a loan for along with the interest rate at which you are getting a loan. STEP 3:Use the scroller to decide the tenure that suits you the best. Pay attention to the changes in the EMI as you feed in different tenures to understand which monthly repayment plan suits the best based on your repayment capabilities. STEP 4:Click on ‘calculate’ to get a complete breakdown of your loan repayment plan.

6. You can also get an amortization schedule that shows the amount a breakdown of the EMI in terms of the loan amount repaid every month. An education loan EMI calculator is easy to use. This tool saves you from the hassle of making mathematical errors and doing complicated calculations. Hope this article has been informative to you. All the best!

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