As the second wave of the Corona pandemic appeared in the world, everyone faced unforeseen and struggling challenges when planning for higher studies in India or abroad. One of the best ways to eliminate funding problems is the education loan. Education loans provide support to the students in their higher studies.
But one thing to ensure the students before applying for an education loan is to check the monthly EMI status and then take the loan for their higher studies. This article gives you clear insights on the EMI calculator of the education loan and the benefits of taking the student loan. Let’s start to deliver complete detail on the same topic.
What do you mean by EMI, and how does the education loan calculator works?
EMI is known as the Equated Monthly installment. The Loan EMI includes the two components as the principal portion and the interest portion of the loan. Here the borrower who wants to take the loan must repay the EMI based on the monthly tenure loan.
If the student wishes to go for the fixed interest rate on the EMI, then the EMI remains the same for the repayment tenure. EMI of the loan will be based upon the three prime factors given below.
- Loan amount: the principal amount borrowed by the individual.
- Interest rate: Rate of the applicable interest on the borrowed money
- Loan tenure is a loan frame where the borrower has to repay the loan amount and the full interest.
Benefits of education loan EMI calculator
Here read the following benefits made by the education loan EMI calculator.
- Swift and simple: You must know that the education loan EMI calculator is not rocket science. It is a very simple way and easy to use this EMI calculator. You do not need to exhaust much time on it because it delivers instant and accurate results.
- Understand the right amount you have to pay to the lender: With the use of the education loan EMI calculator, students can understand the EMI they need to pay after a certain period.
- Try different figures: This interest rate calculator permits you to try the different combinations of the figures under the circumstance of the loan amount, repayment tenure, and the interest.
- Customize your interest calculator: When students opt for education loan, they get the ability to customize the interest rate details. Enter the details in the education loan calculator. It will permit you to find multiple ways and choose the best option for you.
- Accurate results: One of the benefits of the education loan EMI calculator is that it provides accurate and instant results. In this way, you save your time and save yourself from being caught in the troubles of complicated calculations.
In this article, we tell you about the benefits of the education loan EMI calculator that the students use for their higher studies.
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