The educational loan EMI calculator: A gem that few students use!

Ask students applying for an education loan if they’ve heard of an educational loan EMI calculator, and you’ll find that many applicants have no clue what these tools. Well, this is quite unfortunate as these online tools hold significant advantages for applicants. Let’s have a look at what an EMI calculator is and the benefits of using one prior to your application process.

Right, the name is quite self-explanatory!

An educational loan EMI calculator helps you calculate the installments payable on your loan. It will neatly tabularize every EMI payment and also show the break-up of the EMI (interest component & principal repayment) along with the outstanding balance after each EMI payment.

  Ok, so why should I use this tool? 

1. It tells you if you afford the loan: No brainer, if the EMI amount calculated send alarm bell ringing in your mind, then you cannot afford to borrow the loan amount. You can also find a loan amount within your financial reach by reducing the loan amount entered into the education EMI calculator until it provides EMI you are comfortable with.

2. It helps you get a head start on the repayment: Knowing the EMIs beforehand helps you sort out your expenses and create financial legroom to comfortably accommodate your monthly installments. If the EMIs are on the higher side, you can figure out the expenses you can cut back on to & free up money to cover this new monthly cost.

3. Error-free: Of course, these calculations can be done mentally or by using Excel as well. But, it would suffice to say that both these methods are open to human error. One wrong calculation or using the wrong formula and your calculations will go for a toss! The last thing you want is to lay your planning and preparation on a faulty foundation.

4. Quick results: Even if you managed to get the calculations right, it will take a good amount of time to go through all that math. Why waste your time when you can get the same calculation in a few clicks and mere seconds!

5. Free and easily available: Finding & using these tools is also extremely easy and will cost you nothing. Every lender should have an educational loan EMI calculator on their website as will most aggregator sites.

These aren’t the only calculators!

Besides an educational loan calculator, you can also use an eligibility and repayment calculator. The eligibility calculator, as the name suggests, will help you find your eligibility amount. The repayment calculator will help you calculate the savings and time you can cut short form you repayment tenure through prepayments. In combination, these 3 calculators can help you streamline your application & repayment processes and ensure it is easier to handle education loans! 

We hope that, after reading this article, applicants find reason & merit in using these helpful tools. Good luck and all the best, remember to study hard!

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