An education loan offered by the new-age financial institution is great; because it not only covers your complete cost of education but is also available at way lower interest rates than those given out by the traditional financiers. The different study-related costs covered by an education loan range from the cost of tuition fees, living expenses, travel expenses, college fees, etc. Other than that, there is also a discount of 0.5% on processing fees and interest rates for women borrowers and co-applicants. Further, a study loan covers a number of study courses in a varied number of fields such as science, commerce, arts, engineering, medicine, architecture, etc.
The financial institutions also provide you with an educational loan interest calculator, in order to make your borrowing process easier. Further, there are a number of benefits of making use of this tool; thus, let’s discuss an EMI calculator in detail.
Where can I find this calculator?
An educational loan interest calculator is available on the online websites of the financial institutions’ and aggregator sites. A sturdy internet connection and an appropriate electronic device are the only things that you need to make use of this tool. You can make use of this tool from the comfort of your home or office- this tool is available online.
Why make use of this tool?
In the earlier days, before the technological advancements, you would have to make endless visits to the financial institutions and spend countless hours just to obtain quotes. However, now thanks to the digital revolution, you can easily do the same by making use of an educational loan interest calculator. This tool helps you to calculate your installments on the basis of the principal borrowed amount, interest rates charged by the financial institutions, and the repayment tenure opted by you. Further, it computes your installments by making use of a complex mathematical algorithm; thus, not only your information is safe and secure but you also obtain the results within minutes.
Do I have to pay money to make use of this calculator?
An educational loan interest calculator is available for free-of-cost; thus, you don’t have to shell out a single penny from your wallet to make use of it. The reason why the financial institutions offer this tool for free is to make the borrower’s life easier. They provide their services for you to plan out and repay the installments without defaulting on them; so that you can maintain a good credit score and manage your money to attain financial wellness.
How does this tool help me?
An educational loan interest calculator has an easy interface that can be used by anyone, without having any sort of prior knowledge related to it. This tool has a multi-variant interface; meaning, you can change the information such as interest rates, principal amount, and repayment tenure to obtain different results in the form of installments. Thus, an EMI calculator also helps you to compare the educational loans amongst the different lenders; therefore, helping you to find a study loan that suits your needs the best.