While parents want their kids to pursue higher studies, affordability becomes a concern as several universities and colleges consider the entire payment. This is where an education loan comes into the picture. However, the student loan interest rates are not too easy to handle. Precisely why there is a calculator for gauging the part-payment schedule and the amount you should borrow from the lenders.
How are calculators helpful?
These calculators are handy, especially for those who are aware of the current education loan interest rate. Moreover, the interest rate calculator lets you know the precise interest you should repay and the principal amount.
How to use the calculator?
If you are keen to know how the calculator works, it comes embedded with the education loan EMI calculator, which identifies the actual interest rate charged by the lender. Once the interest gets decided, you continue paying the principal amount needed to complete the academic coursework.
The final segment is the loan tenure. This segment decides not only the EMI figure but also your interest rates. Once you are aware and added the details on all tabs, the EMI gets determined. The interest calculator then segregates the interest payable from the EMI and decides the monthly instalment for the principal amount.
What are the benefits of using the calculator?
The instrument is beneficial for those who wish to apply for the loan once done figuring out the principal amount, interest payable, and the tenure. Besides offering insights, the calculator also provides some benefits:
It is easier to obtain information concerning the EMI, interest rates, and other parameters. The online tool provides a proper EMI amount before applying for the loan. However, you should ascertain the interest rates beforehand.
These online tools are user-friendly. The calculations depend on the compound interest formula, and hence, the segregations are easy. The calculator undertakes each aspect individually. The factors included here are the principal amount, tenure, education loan interest rate in India, total interest payable, and the EMIs.
The interest calculator enables you to decide the interest charged by different lenders. The predefined interface houses the rates offered by other lenders, and the figures get displayed accordingly.
Free of cost: The best part about this instrument is they are available on the lender’s website and are free of charge, with no limitations on the usage.
More aspirants are considering the student loan to boost their academic growth, provided the parents or guardians have no required amount to pay at once. The calculators empower the applicants with adequate knowledge before applying with the concerned lender.