How to Calculate Your EMI Using an Educational Loan Calculator.

1. How to Calculate Your EMI Using an Educational Loan Calculator. Going to a university abroad is a dream for almost every student. If they were given the chance, they would definitely pursue their further education in some posh university in the States, Canada, etc. Those students who are top of the class, have access to scholarships and other federal financial aids. However, others have to find a way to pay for the education through their own pockets. Educational loans are a gift from heaven for these students, especially those who come from middle-class families.

2. The cost of education, both international education and domestic education, has increased massively over the years, thus making it difficult for families to pay for further education even though it is basically a need in this day and age. Taking an educational loan is a major financial decision that should be researched about thoroughly. If you are a student, you need to start planning for a degree abroad at least a year before you would like to go. Research about courses, universities, cities, etc., and speak to your parents about your dream to study abroad. Try looking for universities that are within your budget prior to taking an educational loan.

3. Remember the following things: • -Quality of education of the university. • -Do not let a well-made brochure or pretty buildings dominate your decision. • -Think of the future and choose a course that will be beneficial for you, both in your own country and the country where you will be studying. • -Read the reviews about the universities. • -Send a lot of emails to all the universities you are thinking of applying to, to get a clear idea about them. • When it comes to financing the student’s education in an international university, it is important to remember that no bank or non-banking financial company (NBFC) will be willing to give you a 100 percent education loan. Thus, saving your own money is just as important.

4. The cost of education is rising rapidly and the cost of the rupee keeps becoming weaker as compared to the more developed countries. Due to these factors, education loans have become a very high-value loan. Public sector (the banks) and private sector (the non-banking financial companies) both offer educational loans with an attractive rate of interest. Once you have chosen the educational loan you want after careful research, then calculate the estimated monthly investment (EMI) with an Educational Loan Calculator. Put in the loan amount, the rate of interest, and the tenure of the loan in the educational loan calculator and you will get the estimated monthly investment (EMI) that you will have to pay. For example, if the loan amount is 25 lakhs, the rate of interest is 11 percent, and the tenure of the loan is 15 years, then the estimated monthly investment is INR 28, 414. We hope this article gave you a clear idea on how you can calculate your EMI using an educational loan calculator. Remember that an educational loan is a big responsibility, so do your research properly and thoroughly. Good luck with your further education! Related Article - Why to choose education loan over Personal loan?

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