Why you should use educational loan calculators.

Educational loan calculator are extremely helpful tools. Unfortunately, very few students even know about these tools, and even fewer aspirants end-up using them before applying for their study loans. Keeping this in mind, the following article will attempt to spread awareness about these calculators, and more importantly, tell you why you should use them before singing that student loan application form.

So what are education loan calculators?

They are innovative online tools that use simple algorithms to make your student loan related calculations easier. They provide quick and near accurate calculations that would otherwise take you hours of mental math to arrive at.

What are the types of educational loan calculator?

There are three commonly used education loan calculators; the eligibility calculator, the student loan EMI calculator and the education loan repayment calculator.

What does the eligibility calculator do?

As the name suggests, these calculators help you compute the loan amount you are eligible for. You have to provide the calculator with simple details such as your monthly salary and expenses, along with the interest rate and tenure of the loan. Once you’ve fed these details into the calculator, just hit enter and you should get the eligibility amount.

What does the EMI calculator do?

This is probably one of the more important calculators. It helps you calculate each and every EMI of your repayment process. In short, it provides you a complete break-up of your repayment schedule – well tabularized and without any mental effort.

And the education loan repayment calculator?

This calculator is also very useful as it helps you calculate the savings you could enjoy by making prepayments. Just select the nature of your prepayment, it could be additional payments every month or a one-shop lump-sum payment, along with the other detail of your loan. Upon submitting these details and hitting enter, the calculator will tell you how much you can save and how much faster you’ll be done with your repayment process.

Now that you know what you need to know about Educational loan calculators, here are three huge reasons why you should use them before applying for a student loan:

-The help with approvals: If you apply for an amount similar to that provide by the eligibility calculator, the chances of your student loan being approved are much higher. Without using an eligibility calculator, you could apply for a loan amount that’s too high and the lender could reject your application.

-Helps you plan repayment: How easy your repayment process is depend on well-prepared you are for it. In this regard, educational loan calculators are extremely helpful. With the EMI calculator, you are made aware of the EMIs for every month of your repayment schedule, enabling your create budgets and accommodate these payments.

-Save you money: Applying for the right loan amount insulates you from a rejected loan application and a lost processing fee. Further, you can use the repayment calculator to find ways to save money on the total interest payable.

So there you have it, all you need to know about educational loan calculators and 3 reasons why you should use them before you apply for your student loan. Good luck and all the best!

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