Benefits of using education loan calculator?

With the rise in the number of students pursuing higher education, there has also been a rise in the number of students who are applying for study loans to help them cover the tuition fees. The many banks and NBFCs also make sure to provide financial assistance to those who need it. While these education loans are quite helpful, there is a fair share of students who get confused about their loan amount and interest rate during their repayment period. And so, lenders always suggest that applicants use the education loan calculator to understand their loan structure before they apply for the loan. Some benefits of using an education loan calculator are:

You don’t have to spend manual labour

When you are trying to understand your education loan, there are three different loan calculators that you can use: the loan eligibility calculator, EMI calculator and, loan repayment calculator. The loan eligibility calculator will help you find out how much loan you are eligible to apply for. The EMI calculator helps you understand the estimated instalments that you pay during the loan tenure. And the repayment calculator helps when and if you plan on paying early instalments. With the three calculators, you will not have to spend too long calculating with the different formulae.

You can try variations before you apply

When you are calculating your loan, you need to try out different variations. In an EMI calculator, you have to input information like your loan amount, tenure and interest rate. To find the loan that fits you, you have to try out different variations of your loan amount and tenure. This will help you structure the loan better. The service of the online education loan calculator is free so there is no cap on how many times you can use the calculators. This way you get precise calculations quickly.

Personalise your loan

When it comes to educational loans, both banks and NBFCs are lenient and also flexible depending on the needs of the student. Which means you can have more than just your tuition fees covered under your loan. When you have the preference of trying out the different variations, you can then take enough time deciding and planning how much loan you apply for and for how long the tenure will last. With the multiple tries, you have a better perspective. If you find it tough to make a decision, you can mark your different options to then consult your lender.

Easier to keep track of your repayment

Multiple online education loan calculators will give you a precise amortization chart that will make it better for you to keep track of your instalments. Multiple online sites can help you with this. But make sure that whichever site you use, it is from a trusted source. If you want to make sure, you can stick to using the education loan calculator that is available on the site of your lender.

Seeing the service is free, do not shy away from making the most of it, especially, when it is you who will be benefitting the most.