Workable Budget Planning Made Possible With Education Loan Calculators

Having a loan on one’s head is never a pleasant experience. No doubt, it helps you achieve your dreams that might not have been possible due to unavailability of funds. But they are nevertheless a debt.

When you are planning to study further, education loan will provide great financial support. Many lender offer customizable loan solutions that is just perfect for students’ varying education needs. Some other benefits are attractive interest rates, flexible repayment options, score based benefits, 100% financing, doorstep service, fast application sanctions and amount disbursals, and more.

Despite these fabulous benefits, taking a loan may not reap its full advantages to the ones who have not done proper planning. We know you are in a hurry to get a loan and secure a seat in your desired college. But it is wise to wait and understand things clearly before opting for a loan scheme. Better to plan things first instead of finding yourself burdened under the weight of debt later on. Use education loan calculators to know whether you qualify for a loan amount and create a suitable budget plan for it.

There are three types of education loan calculator, each serving a different purpose:

1. The calculator for checking your eligibility

Eligibility Calculators! These help you find out whether the loan amount you are planning to take is affordable to you or no. The attributes needed to use this calculator are your monthly income, monthly obligations, interest rate, and tenure in years. The good thing is if you find that the loan you aspired to take is not within your budget, you can find out the perfect loan amount using this calculator.

2. Know what you owe the lender monthly

Another type of education loan calculator is called EMI Calculator. It helps you evaluate how much you need to pay monthly to your lender. Finding out the monthly payable sum will enable you to plan your budget accordingly and make payments smoothly without exhausting your savings for personal use. It shows you result when you put in your annual rate of interest, tenure of the loan in years, and total amount of the loan.

3. One for loan repayments

Use Loan Repayment Calculator to know what your possible loan repayment is based on the options chosen by you. To use this calculator, you will have to enter loan details such as your current balance, interest rate, and months left to pay back the loan. You will also have to select from options that include- can you afford to pay larger EMIs every month, reduce principal balance by making one extra payment, and pay off the student loan as soon as possible. You will have to select any one from the three and mention the sum in support of your option.

Use these education loan calculators to know which loan scheme is perfect for you. Use these to also plan your budget so you never face a problem when repaying the loan amount.

An personal loan would be the first financial help for your family in your absence.