How to use an EMI calculator for education loan planning?

Education is getting costly not only in Private institutions but at Government colleges as well. Know how to deal with these risings costs with an education loan and how to go about applying for such a loan.

Education loan has become common due to the surging cost of higher education. Several banks and financial institutions offer student loans for local and international universities. Since education loans can be expensive sometimes, you need to manage your expenses and income if you are willing to take an education loan.

Thorough planning and research can help you manage your education loan with convenience. You can take the help of an education loan EMI calculator to know your monthly instalments and the total loan amount you need to pay at the end of the loan tenure.

What is an EMI calculator for education loans?

Like any loan calculator, an education loan calculator helps you calculate your monthly EMIs, total loan cost and the interest you need to pay against your loan. The calculator tool can be found online at the banks' official websites, loan aggregators, etc. To use the education loan calculator, you need to enter the principal loan amount, the interest rate offered by the bank, and the loan tenure. It helps you find a rough estimate of your monthly EMI to plan your education loan.

However, you may contact various banks to find the best rates and most feasible education loan suiting your needs before applying for one. One of the best Education Loans today is that of IDFC FIRST Bank, covering more than 3200 universities globally with interest rates starting as low as at 9.5% per annum. You also get unsecured loans of up to Rs. 75 lakhs for over 18,000 courses with a seamless application and approval process.

How to use an education loan EMI calculator?

An EMI calculator is easy to use since it is designed and developed with the customer's convenience in mind. You must log into the bank's official portal and find the education loan section. Along with all the details of the loan, you can find a loan calculator with entries to be filled in.

Go through the information provided for the education loan and enter your desired principal loan amount, interest rates as offered by the bank and the tenure for which you need the loan. Once you have filled in all these details, you can hit the submit button to know your monthly EMIs, the total interest you pay over the tenure, and the total loan cost you incur.

Benefits of using an education loan EMI calculator

Determining the EMI involves intricate calculations, which can be cumbersome for most individuals. However, with a loan EMI calculator, you can conveniently find your monthly EMIs and interest to be paid conveniently. Here are some benefits of using a study loan EMI calculator.
  • It makes your calculation easy and hassle-free.
  • You can manage your loans efficiently when you know your monthly EMIs.
  • It helps you get a precise estimate of your study loan cost to plan your loan without any hassles.
  • Using a loan calculator can help you research the best education loan in India and find the most affordable option.

Education loan calculators are easy to use and help you plan your loan. You can find the study loan calculator on various banks' websites and online loan aggregators. With a loan calculator, you can save time and effort in finding the best education loan that suits your requirements.


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