Education seems to be a costly affair with the inflating economy & advanced education amenities, rising competition and hi-end living sense. Because of this many students opt for education loan to bridge up their finances to perceive higher studies in India or abroad. Today, various nationalized banks and private finance firms offer study loans for students. However, when parents or students apply for study loans they often have to enquire about interest rates, tax benefits, schemes of repayment, processing fees, expenses covered etc. But when it comes to decide on these factors it's a big dilemma because they often stuck in lot of pros and cons and are mostly unable to figure the exact amount sufficient to meet their requirements especially for higher studies abroad. Another big concern that runs through the mind is the repayment modes and flexibility options available to clear off the debt at optimum costs with maximum term in hand to repay it. With education loan calculator you can easily estimate your monthly loan payments amount within few minutes on your computer screen. These loan calculators help to lower the repayment burden as well.
The article simplifies things for you: Education loans are given to students either on fixed or variable interest rate basis against the principal amount. The money is used for the purpose of higher studies. It has to be repaid within a dedicated timeframe which is predetermined by both the financing company and the student/parents who will sign off on the terms and conditions and return the amount through monthly installments.
Private finance firms and government has taken concrete steps to provide better education facilities at cost effective rates to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, various banks and private finance firms in India have come up with state-of-the-art facilities for educational loan scheme. Many leading private firms are offering these loans at interest rate as low as 12.75% at no margin money costs. The processing fee is mere 1-2% of the loan amount being calculated on a case-to-case basis. They design study loans without setting any cap on finance and provide 100% coverage of education costs, making such young talents of India free from unnecessary burdens.
Benefits of Education Loan Calculator
* An educational loan Calculator will figure out the exact and accurate monthly payments based on the principal amount, duration of loan and the interest rates of an individual student loan.
* It is used to find out the total interests applicable along with principal amount clearance within the given timeframe for repayments.
* These acts as perfect stress busters for parents & students as they get a clear picture on the monthly budget and how much money they can afford to pay off an education loan in India every month.
* With the use of education loan calculator a person can access to the easiest repayment methods based on his or her parents or individual's financial situation.
* With proper comparison on interest rates you can look for the best deals at cheaper costs offered by various education loan providers.
You can use an Education loan calculator to input your loan amount, loan term, interest rate, and loan start date--and see how much you need to pay each month. These calculators propose several repayment strategies as well which can be adopted to help pay off your student loans faster. Seeing how pre-payment can help reduce your total interest paid is one method that should be explored while calculating your loan amount. Education loan calculators not only help you save your time or energy in visiting banks or private finance firms but also give more transparent, sorted and simplified solutions for your education loans.