The costs of acquiring quality education have increased tremendously in recent years. Thus, there are a lot of students who find it difficult to fund their own education. In such times, parents often exhaust their own wealth and resources to provide financial assistance to their young ones. However, thanks to the education loans provided by banks and NBFCs (non-banking financial companies) students can breathe with a sigh of relief. These education loans are offered by financial institutions at lower interest rates when compared with the interest rates of traditional financiers and loan sharks. You can even calculate these interest rates by making use of an Education Loan EMI calculator. These calculators are available on the online websites of the financial institutions. The financial institutions also provide special discounts on interest rates for meritorious students and women- to encourage them to attain a quality education.
Why students are making use of an education loan?
An education loan will help reduce your financial burden by providing complete assistance for your educational course. Education loans cover all of the expenses that you incur while completing your study course. The various expenses covered by education loans range from the cost of college fees, tuition fees, living expenses, travel expenses, etc. They even cover other miscellaneous costs that you incur while completing your educational course. The financial institutions even provide an Educational Loan Calculator for free. The repayment of these loans is done in the flexible form of installments; thus, you can plan out your repayments in advance and make sure that you never default on a repayment.
There are a number of courses covered by the education loans. The different courses amongst which you can choose range from arts, science, commerce, mass media, architecture, hotel management, etc. Thus, you can choose the field of your choice and pursue higher education.
What is an EMI calculator?
The banks and NBFCs (non-banking financial companies) provide education loan EMI calculator to ease your repayment process. As mentioned earlier, an EMI calculator helps you calculate the installments which you will have to repay to the financial institutions. These installments are calculated on the basis of your principal amount, interest rates and loan repayment tenure. There are a lot of advantages of making use of an EMI calculator. A few of them are as follows:
- Comparison: This tool will help you adjust and calculate interest rates on the basis of the principal amount and loan repayment tenure you choose. Thus, it will help you compare and choose the best financial institution to opt an education loan from.
- Easy to use: An education loan EMI calculator is really simple and easy to use. You don’t have to be technologically superior or smart to make use of an EMI calculator. The scale of an EMI calculator is adjustable and has a changeable annual rate of interest, repayment tenure and principal amount.
- Multiple results: You can obtain multiple results by making use of an EMI calculator. You can change the interest rates, principal amount and repayment tenure for the loan amount.Hope that this article helps you understand the benefits of making use of an EMI calculator.
Good luck and all the best!