Uses of an educational loan calculator

Shyamoli by Shyamoli Shah

Published Mon, Dec 19th 2016, 15:34 | Education


An educational loan calculator is used before the loan repayment schedule. It is one of the most efficient and simple tool available on the internet to find out about your estimated interest rates to be paid every month. Every loan and every lender may have a different grace period. These days there are infinite sources from where a student can obtain financial backup. However, the student has to be very careful before signing an agreement with any lending body. Although, in an education loan, the repayment needs to be done after the course, it can still be a burden on the student. Below are a few facts related to an education loan that a potential borrower should be aware of. Interest rate Obtaining a loan on a lower rate of interest is something that every borrower wishes for. Not every student gets to land on a high paying job soon after his/her education, thus it reduces the burden of repayment. Interest Rate For Education Loan plays a huge role while the time of the repayment tenure. If not an interest free education loan, a loan with lower interest rates can be helpful. Down payment The student has to pay a certain amount of down payment on the loan which is applicable for all banks. Only 70 to 80 %v of the academic fees is covered by a loan and the rest has to be paid by the borrower. However, some of the private financiers also offer 100% coverage on education loans. The interest that will be charged can be calculated with the help of an educational loan calculator. In case of a 100% coverage loan, the borrower does not have to pay anything from his pocket at least till the time he finishes his education. Job placement With a high job placement study program, you can easily get rid of the difficulties of finding a relevant job after completing the course. Know the estimate of up to how much you are potential of earning after obtaining the degree. Know the worth of the degree that you are going to pursue and what it can do to your career. Your earning potential will be a huge factor in deciding whether you will be able to meet the monthly EMIs. EMIs depend on the amount of interest the bank sets on your loan. Put your negotiating skills at work. Ask the lender to give some sort of concession in the interest rates. Depending on the location where the course will be pursued and the type of course selected, the rate of interest and the borrowing limit may vary. Complex calculations can be made easy just with the help of an educational loan calculator. You can find an EMI calculator on any of the banking websites. Using the calculator is also very simple and user friendly. All you need to do is visit a banking website, search through it for the calculator. Feed in all the required details and the automated calculator will give you the accurate rate of interest that you need to pay on the availed loan amount. This helps to ease the loan availing process for the borrower. Source: http://immtweet.com/articles/article/3068/uses-of-an-educational-loan-calculator

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