The numbers of students opting for higher education have increased greatly in today’s times. The reason for this can be attributed to the fact that the MNCs and big corporations have set academic credentials from a premium institution as their benchmark. However, the costs of educational fees and other expenses have grown greatly due to which students are unable to procure education in their desired field of choice. But now the students can opt for an education loan through a bank or a NBFC (non-banking financial company) to fulfill their study dreams.
An education loan offered by the financial institution takes care of a number of different expenses such as your college fees, tuition fees, living expenses, etc. Further, these loans are offered by the new-age financial institutions at way lower interest rates than the ones given out by traditional financiers and loan sharks. There is also a discount of 0.5% on the interest rates for women borrowers and meritorious students. Other than that, the financial institutions also provide you with an Education Loan Calculator however, many of us are not aware of the benefits of this tool. Thus, let us take a look at this tool in-depth and study about its benefits.
What is an education loan EMI calculator?
An education loan calculator is an online tool that is available on the financial institution’s websites for free-of-cost; thus, you don’t have to burn a hole in your pocket to make use of it. However, you need to have a sturdy internet connection and an appropriate electronic device to make use of this calculator. Further, the interface of this application is extremely user-friendly in nature; meaning any person can easily make use of this tool without having any sort of prior knowledge of its functioning’s.
Why make use of this tool?
The biggest reason why you should make use of an Education Loan Emi Calculator -is because it helps you to compute your installments on the basis of the principal amount, interest rates and repayment tenure. Also, this tool is multi-variant in nature; meaning, you can obtain multiple results by changing different information. Thus, you can not only calculate the different types of loan options from a single lender but also amongst the different lenders available in the market.
What are the different features of an education loan EMI calculator?
There are a number of benefits of opting to make use of an education loan calculator, and a few of them are here as follows:
- Hassle-free: Unlike the earlier times, when you would have to make multiple visits to the financial institution’s to obtain quotes; now you can do the same, without any hassles. By making use of this tool, you can skip those endless queues and exhausting hours that you usually put into the manual traditional process for obtaining a quote.
- Manage your finances: Financial management and wellness are one of the most crucial things in today’s times, and this tool helps you to attain just that. An online calculator helps you to plan out and repay all of your impending installments on time; thus, helping you to improve your credit score.