Education is one of
the most important tools for individual progress. It helps you compete well in
the verticals of your choice so that you attain peak position and thereby live
a successful life ahead. It plays a vital role in shaping the society to
prosper socially and economically. It is important for us to study to stand in
society but some of us cannot afford for higher education. Seeing this,
government banks and private finance firms offer educational loans with an easy
procedure and affordable interest rates. These loans are offered on fixed or
variable interest rate applied on the principal amount. While the money is used
for taking care of your higher studies need, it also needs to be repaid within
a certain period of time.
 | |
|
However, the biggest
concern student face nowadays is: What will be the amount that they need to
take for higher studies, what is the interest rate charged, monthly
installment, repayment options, things on which they can save the costs etc.
Therefore, most of the banks and private finance firms have introduced
education loan interest calculator that will help you determine the exact rate
of interest applied, added to your principal amount and the monthly installment
that has to be paid by the students.
As long as interest
rates are fixed individual can still work upon rough calculations but when it
comes variable rate of interest students and parents stay slightly worried. Due
to the escalating demand for education loans in India there has been lot of
education lending groups and financing companies that have been established. As
such, there is no guarantee on low interest rates – the chance of higher rates
is always a possibility. Students have to take this into account when they
apply for loans - financial markets in India and the world are in flux. This
has to be accounted for when applying for education loans to get money for
college.
Thus, with education
loan interest calculators you can stay relaxed and know the right calculations
on repaying the loans. The EMI of your education loan entirely depends on the
principal amount and the interest rate decided at the time of availing the
loan. Borrowers need to know their risk appetite, loan amount required and the
income sources before taking a loan. They then have to plan how much they can
afford to pay towards the study loan lender. Consider all the factors such as
monthly savings, income and additional income will have to be used when
calculating EMI. Depending on the repayment capacity, one can choose a high or
low EMI. If one wants to pay off, lower EMIs then extend the tenure period or
else decrease the tenure for higher EMI. Check out the latest and most up to
date information about the interest rates to apply for loans in India.
The benefits of Education loan Calculators:
An educational loan
interest calculator will help you figure out the exact and accurate monthly
payments based on the principal amount, duration of loan and the interest
rates.
•It lets you understand
the total interest and loan amount paid monthly and yearly
•It gives student an
idea on their monthly budget and how much money they can afford to pay off an
education loan every month.
•It makes individual
plan monthly expenses and savings for repay of loan
•It displays various
flexible option of loan repayment
•Education
loan interest calculators give a sense of peace and
better approach towards loan procedure
Source: https://educationloancalculator.wordpress.com/2016/06/24/are-you-worried-about-the-interests-on-education-finances/
