Advantages of using an educational loan calculator while choosing a study loan

The costs of education have increased greatly in the past few years. Thus, students are making extensive use of loans and other forms of financial assistance to fulfill their educational dreams. There are a lot of sources through which students can avail monetary assistance; banks, NBFCs (non-banking financial companies), traditional financiers, loan sharks are a few of them. However, students are mostly opting to obtain a study loan from a bank or an NBFC (non-banking financial company) and the reason is obvious- the interest rates charged by them are way lower than the one charged by traditional financiers and loan sharks. The financial institutions also offer the services of an educational loan calculator.

Thus, today in this article, we will discuss the benefits of making use of a study loan and the advantages of using an educational loan calculator. Firstly, an education loan is given out by banks and NBFCs (non-banking financial companies) for you to resolve your education-related financial worries. The different expenses covered by an education loan range from the cost of study material, college fees, tuition fees, living expenses, etc. Even the other miscellaneous expenses that you incur are covered by the education loans.

There are numbers of educational fields covered under these loans. The different fields such as science, engineering, commerce, economics, arts, mass media, journalism, hotel management, etc. are covered by these loans. Hence, you have a number of options in front of you to choose from. The repayment of these loans is done in the flexible form of installments; you can calculate these EMIs (equated monthly installments) by making use of an educational loan calculator. The banks and NBFCs (non-banking financial companies) provide these calculators on their websites and applications for free. In order to make use of these calculators, all you need is a good internet connection and a smartphone, tablet, computer, etc.

An education loan EMI calculator is a tool given out by financial institutions to help you with your loan process. This tool makes use of the latest technologies and algorithms to calculate the EMI (equated monthly installments) that you will be repaying. These installments are calculated on the basis of your principal borrowed amount, loan repayment tenure and the interest rates charged by the financial institutions. The various advantages of making use of these calculators are here as follows:

• An EMI calculator is easy to make use of; thus, you don’t have to be an intelligent being or a tech-savvy to use this tool. You can easily open the tool and calculate your installments.
• The best thing about this tool is that it is multi-variant in nature. Meaning, you can get multiple results by making use of this tool. You can change the loan amount, repayment tenure and the interest rates according to your wish. This will help you get an insight into the installments that you will have to pay.

Thus, there are numerous benefits that you can enjoy by using an educational loan calculator. Hope this article will help you take the right decision. Good luck and all the best!

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