Here’s a guide to using an education loan EMI calculator while taking a study loan

 

Earlier, students applying for education loans had to carry out complicated calculations to understand the monthly instalments that they needed to pay to their lenders. With the introduction of EMI calculators, you can now calculate your monthly instalments just by filling in some information regarding your loan. In the following article, you will learn about the study loan EMI calculator in detail.

 

What is an education loan EMI calculator?

 

Education loan EMI calculator is an online tool that helps you to understand the monthly instalments that you will have to pay towards the principal and interest payment over the loan tenure. You can use the study loan EMI calculator to know how much money you will have to pay every month over a while to repay your student loan. Education loan EMI calculator also helps you to plan your monthly instalments and pay them off conveniently.

 

 



How to use an education loan EMI calculator?

Using the education loan EMI calculator is pretty easy. All you need to do is fill in some information related to your loan and you will get the resultant EMI amount. To help you, here’s how to go about the procedure.

Step 1: Decide on your loan amount

Study loans offer funds to cover almost every essential expense that are incurred during the course period. These expenses may include your college tuition fees, accommodation costs, travel expenses, study material costs, and other costs for field trips, library, laboratory equipment, examination fees, and so on. So, make a schedule of costs that include all the expenses you want your education loan to cover for you throughout the course period. Once you decide on your loan amount, you need to enter the principal amount that you need to take a loan for in the EMI calculator.

Step 2: Select the interest rates

Interest rates vary among different lenders. Hence, look for a loan provider that offers you a study loan at the most affordable interest rate. Remember, even a small difference in the interest rate can cost you more in the long run. So shop around for interest rates and choose a lender that offers loans at a low-interest rate. Once you decide on a lender, enter the interest rate that you are getting a loan for in the EMI calculator.


Step 3: Choose the loan tenure

The loan tenure is the duration that you select to repay your loan. When you use the EMI calculator, you can try different combinations by changing the tenure according to your preference. Use the stroller to change the tenure and find the one that suits you the best.

Pro tip:- Try choosing the shortest loan tenure possible according to your financial capacity. If you choose short loan tenure, your monthly payable instalment will increase but you will be able to repay your loan amount comparatively quicker. Moreover, you will also be able to save a lot of money on interest.

Step 4: Calculate

Click on the calculate button after entering all the three required details. Once you do that, the website will prompt your monthly EMI break-up of both the principal payments and the interest.

Following these steps, you will be able to calculate your EMI without stressing much about the math and algorithms. The EMI calculator gives accurate results and is very helpful in planning your study loan.

Hope this article has been informative to you. All the best!

For more details - A Look at the most effective ways of clearing your study loan

 

For more details - A Look at the most effective ways of clearing your study loan

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