Everything you need to know about the Education loan eligibility calculator

 An education loan helps you to learn the skills of your trade and achieve your dreams. The only thing that acts as an obstacle in your path to achieve your dream is funds. You need money to pay the tuition fee, travelling expenses and accommodation and other expenses. To help you plan the finances associated with your education, you will need the help of education loan eligibility calculator. This online tool comes in handy to quickly calculate and compare the feasibility of loan plans of various lenders.

In this article, we will tell you about the benefits of using an education loan eligibility calculator and the variables you should know to use it:

 


 

The eligibility calculator needs you to feed these variables into it:

1.     Monthly income

You will have to fill in your monthly income into it to get the results. In case, you don’t earn money, you will have to use your parent’s total monthly income.

 

2.     Monthly obligations

You will have to fill in the total money you pay to cover up your monthly expenses. These include payments like electricity bills, telephone bills, Internet bills and other expenses. It also includes the EMIs of other assets that you’ve purchased.

 

3.     Interest rate on the loan

You will have to feed the interest rate on the education loan provided by your bank or NBFC. You can use this calculator several times to compare the results of different interest rates.

 

4.     Tenure of the loan

You will have to feed the amount of time in months that you will use to pay back the Principal amount and interest of the loan. This may range from few months to almost a decade long time.

 



Now that you know the input of the eligibility calculator, we will let you know the benefits of using it:

1.     The education loan eligibility calculator will save your time and effort while calculating the amount of loan you are eligible for. All you have to do is put in the variables mentioned above into the calculator and relax while the calculator processes the variables according to the mathematical formula.

 

2.     Manual calculations are prone to mistakes at all its stages of calculation. This type of calculator will provide accurate results after the calculations are done.


3.     This calculator helps you to plan your finances according to the principal amount and the tenure of the loan. This puts you on a better pedestal than before.

So, these were some of the benefits of using an education loan eligibility calculator. Please note that the results you get change from calculator to calculator. The results also change with changes in the interest rate or other variables you use. The calculators only provide you objective results. You will have to rely on financial advisors for any advice regarding the loans.

Now you are all set to start your learning journey abroad. All the best!

Related Article - Looking at the education loan eligibility and documents

Comments

  1. Jennifer K RobertMay 14, 2021 at 8:58 AM

    Hi everyone, I saw comments from people who had already got their loan from Anderson Loan Finance. Honestly, I thought it was a scam, and then I decided to make a request based on their recommendations. A few days ago, I confirmed in my personal bank account amounting to $15,000 dollars which I applied for. This is really a good news and I am so very happy that I advise all those who need a real loan and who are sure to reimburse to apply through their email (text or call) +1 719 629 0982. There are sincere loan lenders! They are capable to lend you a loan. Contact Mr Anderson E-mail: andersonraymondloanfinance@gmail.com

    Phone: +1 719 629 0982


    E-mail: andersonraymondloanfinance@gmail.com

    Office address is (68 Fremont Ave Penrose CO, 812400).

    ReplyDelete

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