How an educational loan calculator can make your life easier.

1. How an educational loan calculator can make your life easier.

2. Going in for an education loan? We applaud your decision! You do not have to liquidate your assets; thereby allowing your stay invested and ensuring have ample funds at hand in case of an emergency. An education loan also makes sure that all your study-related expenses are taken care of – from the course fee to travel & living expenses! Not to mention, an education loan also gives you access to amazing tax benefits that in turn help you save a lot of money.

3. All this makes taking an education loan an extremely wise choice. However, there is no denying that getting a loan can be tricky and repaying it can be even more troublesome, especially if it is not planned properly. Well, what if we told you that all you have to do is depend on education loan calculators to make your life easier? Read on to find out how!

4. 1. Eligibility calculator to get the application right. Applying for an education loan is no walk in the park. It entails a lot of form filling and documentation. However, the fact that your loan application could be rejected and any processing you’ve paid could be lost is more alarming, that too simply because you applied for a loan amount you do not qualify for. This is why it is advised that students check the loan amount they are qualified for before they taken an education loan. They can do this by using an education loan calculatorto check the qualification, a.k.a. eligibility amount. This tool will require some simply information such as your monthly income & expenses along with the tenures and interest rate of the loan. Just feed these details in and it will tell you the loan amount you qualify for.

5. 2. The education loan EMI calculator.The next most vital part of an education loan is planning how to repay it. And to plan, you need to have some sort of idea about the EMIs you will have to pay once the loan is approved. You could check your EMI using mental maths or through spread sheet formulas or a combination of both.

6. However, it leaves you open to calculation errors and this could lead to faulty planning, you don’t want that, do you? Therefore, instead of racking your brain, just use an education loan calculator. There are numerous calculators that will help you check the EMI payable on your loan. They will tell you in a jiffy the first EMI you have to pay, the last EMI you have to pay and every EMI you have to pay between them.

7. 3. The education loan repayment calculator. While repaying the loan, you are bound to find yourself thinking, “How much more would I save if I started paying 2x instead of x”. But how do you calculate that? Again, the options are simply, mental math, spread sheets, a combination both or an education loan calculator. Not award to guess which one if the more accurate way to go about things Hope this article has been helpful and has made you understand how an education loan calculator can make your life as a student borrower way easier. Good luck and all the best!

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