Types of educational loan calculators, how & why to use them.

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Ever herd of an education loan calculator? If not, fret-not because you are in the company of thousands of student borrowers who never heard or used these online and extremely innovative tools. This is mostly because there is simply no awareness regarding these tools and very few lenders advocate/promote the use of the calculators.

However, this article will attempt to change that by telling you all need to know about them so you can go into your borrowing decision better informed and well-prepared.

So what is an educational loan calculator?

Well, it’s an online tool that uses complex algorithms to make your student loan related calculation simple. You just have to feed it with the particular of your loan and it will give you the results in seconds. There are 3 types of education loan calculators, they are:

1. Education Loan EMI Calculator: This is probably one of the more common and known educational loan calculators. As the name suggests, this calculator makes it super easy to calculate all your monthly payments. This enables you to plan your repayment better.

2. Education loan eligibility calculator: This is another extremely useful calculator. It helps you find out the loan amount a lender will be willing to provide you based on your financial backing. Just feed it with the required details and hit enter, within seconds you will have a safe amount you can apply for without worrying about your application being rejected.

3. Education loan repayment calculator: Once you know that loan amount you are eligible for and the applicable EMIs for the same, you can use this educational loan calculator to find out how to prepay the loan and how much you can save by doing so. Using this tool, you can create smart strategies to cut short the tenure of your loan and pay less interest.

Why use such calculators?

Simple, to be prepared and be a more efficient borrower. When you use an eligibility calculator, you ensure you loan will be approved and that your processing fee is utilized and not wasted. When you use the EMI calculator, you can make plans to confidently repay the loan and avoid and financial turbulence during the repayment process. When you use the repayment calculator, you can work out ways to get down with your debt quickly and save money in the process.

They are also very simple to use and provide results in seconds. Moreover, these tools are available to you at no cost, you don’t even need to give your details or subscribe for pesky newsletters. They are also easy available on lender websites and aggregator sites. So finding them shouldn’t be a problem. But above everything, they provide you with accurate results you can literally bank-upon.

So, there you have it, the low-down on educational loan calculators. We hope this article will push you to use one, if not all of the calculators, before applying for your student loan. Good luck and all the best!

7 Most Common Questions Asked in Job Interviews

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Are you nervous about your first job interview?

Honestly, everyone has this situation when it is their first try for their job. People lose confidence even before trying. This is common because we don’t know what is going to happen in the interview. The only thing to get rid of this nervousness is to practice properly for the interview. The best you can do is preparing answers for the most commonly asked questions. These questions are asked to analyze you and your abilities. Good and prepared answers never fail.

Here are 7 common questions asked in a job interview:

  1. Can you tell me a little about yourself?

This question matters a lot and it is necessary to answer it perfectly. You have to give a little introduction about yourself. It might look like a simple question, but sometimes people cannot say the words properly. If you don’t want to be included in those people, then you should remember some things. First is that never make it long, just a few lines can work. Speak about your education, skills, and achievements.

  1. Why do you want to work here?

Questions like this are tricky and can puzzle you easily. Answer this positive words, like you want to grow your abilities. Don’t say that you just jobs in delhi so you applied to them. Speak the similarities between the job responsibilities and your skills.

  1. What are your weaknesses?

“I can’t cook” is not a good answer to this question. Handle it smartly by showing your strengths instead of your weaknesses.

  1. What are your goals?

We all have goals. They are the main ingredients of our recipe for a better future. But, do not count your wishes as goals. “What are your goals” is a question, which demands a professional answer. You can give it in two parts first tell your short-term goals and then your long-term goals.

  1. Where do you see yourself in five years?

This is one of the most perplexing questions asked in any job interview. It should be well prepared. Think about your future goals, what you want to do in your life, note down all your answers, and select the best one. When asked, give a realistic and honest answer.

  1. What salary are you seeking?

The most important question for you because it matters to you. But, don’t speak like you are in a casino. When the recruiters do jobs search on jobs in jaipur, they also mention salary range so there are chances that you already know the salary. Just confirm the range or say that you should be paid according to your performance and job roles.

  1. Why did you leave your previous job?

You might think that saying negative things will work out, but you are very wrong. No matter how bad your experience was with your past job, never say negative things about it. You can answer it with a good choice of words. Say that you are looking for better opportunities.

Listen smartly and answer smartly! It will definitely work out in the way you want.

Protect your funds by utilizing suitable techniques for investment

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The prime need for maintaining a good lifestyle is money. If money is not present, then it will become very difficult to lead a comfortable life. His/her income sources determine the amount of money a person earns. If the earned amount is quite substantial, then it might be easy to make expenses for luxury purposes, but for people who have limited means of income, it is not possible to make opulent spending. Hence depending upon the financial status of a person the expenses are made.

But whatever is the source of income the amount which is saved every month should be properly saved through investment. It is well known that when money is invested it accrues interest over time and this interest is the surplus income which a person can make from their savings. Hence, the savings which are made from one’s income can become a source of interest income. Therefore, knowing about the avenues of investment is of huge importance for utilizing savings for creating an income source.

The investment pathways present for the public

There are numerous paths for turning the savings into something bigger. All savings should be invested immediately. It a common practice of people to save small amounts and then when the amount has quite lumped the action of investing is taken into consideration. But there are numerous options for small savings present in both the local banks and also in the stock market. Apparently small savings on a monthly basis can be invested in a suitable investment program that allows the accumulation of money through small savings. Stock markets also have monthly investment plans, and there are more options for building the money tree. But care should be taken so that only legit organizations are chosen as an investment.

The progress of the world has also seen the development of agencies that are present to provide investment tools to individuals apparently but are actually false companies that will disappear into thin air once a lump sum of investment has been acquired from multiple customers. These organizations especially target those people who want to increase their money within a short span of time but taking such a wrong investment decision will only lead to loss of funds.

The necessity of financial support in different avenues

Funding is a process by which an individual acquires some amount of support in terms of money. Funding can be required for a variety of purposes. Some of these are discussed below:

  • Financial backing for educational reasons

For doing an educational course which is quite a costly one might need to take some support from student loans. These loans are present so that individuals who want to study a particular course are not deterred due to the lack of funds. There are many educational curricula for which a person cannot enroll due to the shortage of money because everyone is not rich enough to self-finance such courses. Hence loans for students are present, and a particular person can visit the nearby bank for gaining information regarding the criteria for student loans.

  • Financial backing for spearheading trade

In the case of many businesses, the requisite amount needed for starting the business might not be present, and hence loans can be taken for business purposes too. For acquiring such loans, the applicant has to describe the business prospect fully and only if the authorities are satisfied then only the loan will be passed. There are alternatives in case of business loans and if a person has a robust business idea then acquiring funding won’t be a problem.

The initiation of problems that arise from unpaid loans

If the loans are paid as per the payment directions are given in the loan agreement then it is alright, but if due to one or many reasons the loans have remained unpaid then debts have already formed. Going through debt consolidation reviews might give the debtor some idea about dealing with the debt. The situation of debt doesn’t appear financially promising as it shows that loans have not been paid on time due to the dearth of capital. This will definitely reflect poorly on the credit score of the person who has taken the loans. But that doesn’t imply that there is no scope of improvement for a person who has fallen into debts.

If the individual wants to resolve the debts on their own, then there are a few ways for doing that, these are given below:

  • Restricting or stopping the use of credit cards: usually, people have the tenacity to use credit cards often. In case of debts it is better to stop using credit cards because it can become the source of a new debt but if it is extremely important to use the credit card then using the one which has the lowest interest rate is the only option.
  • Plugging all kinds of non-essential and unimportant expenses: while meticulously looking through the spending made an individual will surely find one or more avenues where money is spent which are not immediately necessary. All such expenses should be corked shut so that no funds are wasted in any manner.
  • Building a suitable plan for debt removal: when there is more than one debt, then a bit of planning is required to categorize the payment of the debts. Starting with the smallest amount of unpaid loan is considered by many as the choicest way to deal with debts. However, the most important thing is to keep the plan practical and achievable. If an impractical plan is made, then it will cause more harm than good.
  • Objectively understanding the gravity of the situation: when the person is muddled with debts then losing focus and objectivity is normal, but if the situation is not evaluated by keeping an objective distance then it will become an overwhelming condition which will only agitate the debtor further.

Hence, there are many ways for securing funds through investment and avenues for acquiring funds for progress, but the most important thing is to keep the usage of funds under scrutiny, so that debt conditions are not created.

Author Bio:                                                                                                                                   

Amy Walsh is an experienced and skilled business consultant and Financial Adviser. She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance, Marketing, Social Media. she loves to share his knowledge and Experts tips with her readers.