Explained: The types of educational loan calculators & their benefits.

Educational loan calculator – they are something every student should use before applying for a study loan. However, only a handful of prospective borrowers end-up using these innovative online tools. To change this and spread awareness about these calculators, the following article will tell you about the 3 types of calculators available today and the benefits of using them.

1. Education loan EMI calculator.

Considering that a student loan is a financial decision that involves substantial amounts of money, you have to ensure you are completely informed and well prepared to handle it. This means doing your homework, researching thoroughly and getting all your calculations right. And among the many calculations you’ll have to do, computing your repayment process is one of the more important things you’ll have to do.

Not too long ago, calculating your repayment process meant setting aside at least a day’s time and testing your math & brushing up your excel skills. Calculating your repayments this way also meant that there was a margin for error and you could end-up with not-so-accurate results.

However, nowadays, you can simply use an educational loan calculator designed to compute repayment schedules. They require you only to input the details of your loan and hit enter. Before you have time to put a couple of breaths together, the calculator will display your entire repayment break-up in well-tabularized format.

2. Education loan eligibility calculator.

Another important and extremely educational loan calculator is the eligibility calculator. It tells you how much of loan is safe to apply and that your lender will approve. It take into consideration your monthly income, outgoings, the interest rate applicable on your loan and the repayment tenure to calculate your eligibility amount and require nothing but second to provide results.

Applying for a loan without knowing eligibility could result in your application being rejected and worse still, your processing fee being wasted.

3. Education loan repayment calculator.

Now that you know the loan amount you are eligible for and the repayment schedule of your loan, you can now look at ways to prepay the loan and check the possible savings of doing so. The education loan repayment calculator does exactly this – just feed it with the nature and amount of your prepayment ideas and it will tell you how much interest you can save and how much time you can cut-of your repayment tenure.

Benefits of using educational loan calculators:

i. Makes life easier: Gets all your calculations sorted with ease and in no time at all.

ii. Create full-proof plans: Better planning ensures smoother loan process and hassle-free repayment processes

iii. Sail through the application process: Knowing your eligibility amount ensures speedy approvals and safeguards you from losing your processing fees.

So as you can see, using educational loan calculators is highly beneficial. Therefore, if you are planning to apply for a student loan, it’s very important you set aside a little time to use these calculators and then apply for your loan. Doing so will do a world of good to your loan experience. Good luck and all the best!

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