3 compelling reasons to use an education loan eligibility calculator.

An education loan eligibility calculator is one of the most useful yet under-rated and seldom used tools. Only a handful of potential applicants end-up using one and taking advantage of its benefits.

So if you haven’t thought of using such a calculator or haven’t heard of them in the first place; relax, because you aren’t alone and also because the internet has brought you to exactly the right place! This article will tell you all about these tools and provide you with 3 compelling reasons to use one before you apply for your student loan.

So what is an education loan eligibility calculator?

Put simply, it’s a handy online tool that provides you with the ball-park amount a lender would be willing to sanction as a loan amount basis your monthly income, obligations and some particulars of the student loan you are looking to borrow.

All you have to do is key-in the above details in the fields provided and hit enter. Within seconds and before you have time to blink, the calculator will compute a near-accurate eligibility amount.

So why should you use one?

It aids approvals – One of the main reasons why you should an education loan eligibility calculator is because it helps you get quicker and smoother approvals. This is because, after using a calculator, you know roughly how much of a loan amount you should apply for and this should provide you a smooth application process.

It could save you a lot of money – Say you didn’t use a calculator and applied for a loan amount that’s above your eligibility. This could result in two thing; firstly you loan application would be rejected and secondly you could lose out on your processing fee.

Processing fee is a mandatory charge you have to pay while applying for the loan. It’s the cost the company has to bear in order to evaluate your loan worthiness and borrowing capacity or higher a third party to do the same.

This cost is usually 1 or 2 percent of the loan amount. Moreover, it is non-refundable; so even if your loan application is denied, you will still lose out on this amount. However, if you use an eligibility calculator before applying, the chances of your loan being rejected are very slim.

It’s free, easy and quick – If the fact that this tool is so easy to use and provides you results so fast wasn’t enough, the fact that it’s free should compel you to use one. Most lenders will have a calculator on their website that’s you can use without filling forms, providing your contact details or subscribing to a mailing list. Some aggregator sites will also have one that you can use free of cost.

In addition to education loan eligibility calculators, most lenders will also provide you with EMI & Repayment calculators as well. Using these calculators will ensure you go into the loan fully informed and prepared to handle the debt like a pro! Good luck and all the best.

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