education loan EMI calculator


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3 important reasons to use an education loan EMI calculator.

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Using an  education loan EMI calculator  is right up there when it comes to important things to do before applying for a student loan. However, even though these tools don’t cost a thing and are so easy to use, many students don’t even know they exist. To tackle this lack of awareness, this article will tell you all about these innovative and useful tools whilst also highlighting 3 very important reasons why you should one of these calculators before you leave your signature on the application form.    First things first – what’s an  educational loan EMI calculator ?   As the name suggests, these calculators help you compute each and every EMI of your repayment process. Right from the first EMI you’d have to pay to the very last EMI before closing the loan – it will be calculated in seconds!  All you have to do is type in a few very basic details about your loan such as the amount, the tenures and the rate of interest applicable. Once you’ve done that, simply hit enter and sit back. The calculator will provide you the entire repayment schedule before you in a tabled manner. 

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So why should you use an education loan EMI calculator?

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i . To plan your repayment strategy – It’s very important that you take the student loan dive only after fully preparing yourself. You need to have the right financial plans in place to tackle your repayment process successfully and this is where using a calculator will make your life much easier. Knowing the EMI for every month of your repayment process can help you create budgets for monthly expenditure.    ii. Checking your affordability – If the EMI that’s computed is too high and you cannot afford to pay is every month it means the loan amount you are planning to borrow is not plausible for you. You can keep reducing the loan amount in the calculator until the EMI amount computed is something you can afford to pay . iii. Aids quick approvals –  Without using an education loan EMI calculator, there is always a chance that you may apply for a loan amount that’s too high. The lender, after evaluation your financial capability, will decide that you cannot afford to borrow such a loan amount and therefore reject your application. Not only is this a setback your plans, but it could also result in a loss of your processing fee, which could be as much as 1 or 2 percent of the loan amount!

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If you want to back-up the calculations provided by this innovative tool, you can also use an education loan repayment calculator. Because , where an EMI calculator will provide you the normal repayment process, a repayment calculator will help you understand how much money and time you could save by increasing your monthly EMI or by making lump-sum payments before the tenure of loan comes to an end.   We hope you will have found this article help and use an education loan EMI calculator after reading it. We wish you all the best with your loan and studies !

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