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!