Are you planning to take an educational loan to cover the cost of your higher studies? If yes, you need to carefully plan how much money you need. Also, you may not know how much money you will have to pay gradually for repaying your loan after you begin working. Lenders understand this and so, they offer some services that help you quantify the loan you are eligible to take and the EMI you would have to pay to repay it. These services are formally called educational loan calculators. Let us look at this type of calculator and its 4 benefits. Educational loan calculator Do you want to know how much you how much money you have to pay to repay your for your study abroad loan? A loan EMI calculator will help you. It has 3 fields in it. They are: 1. Education loan amount You have to put the total amount of money you borrowed or want to borrow in this field. That value should be in Indian Rupees. 2. The annual rate of interest You have to put the annual rate of interest the lender has charged or will charge on your education loan in this field. That value should be in percent per annum. 3. Repayment tenure You have to put the repayment tenure of your education loan in this field. That value should be in either number of years or months. This tenure can extend up to 15 years only. Once you put valid information in this field and press the submit button, you will get an EMI value in the results section. Note that that value will be speculative in nature. Now that you know what this calculator does, let us tell you the benefits of using it. Benefits of using an educational loan calculator The 4 benefits are: 1. Simple to use This calculator is easy to use. You do not need to use paper and pencil to keep track of the calculation. All you have to do is enter valid values in its fields and you will get the EMI in the result section. 2. Quick and accurate results This calculator gives accurate results quickly. If you were to calculate loan EMI mentally, you may make errors in calculation. When you use this educational loan calculator, you will get accurate results swiftly provided you enter valid numbers in its 3 fields. 3. Freely available Lenders provide this calculator on their websites for free. They do not expect you to pay money for using this calculator. And you can use it as many times as you want. 4. Helps in strategising your loan repayment plan The indirect benefit of this freely available calculator is that it helps you to arrive at the combination of values that are the most suitable for your case. In other words, it helps you to strategies your repayment plan such that you repay your loan fast. Now you know how to calculate the EMI of your educational loan. Please use the loan values your lender quotes to you in their loan EMI calculator only. Have a nice day!
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Education loans help students who have the capability to study beyond schooling years but need money to cover the costs of their higher education. The USA has some of the best universities for higher studies. While education loans for the USA are easily available, many studies tend to make certain mistakes while applying for these loans. To help you avoid a similar situation, we have listed down 4 mistakes you must avoid while applying for an educational loan to study in USA. Let’s get started - 1. Incorrect estimation of costs and finances There is no point in searching for an educational loan if you do not know how much money you need to cover the costs of your higher studies in the USA? For instance, you want to study at a university in Texas. You will have to prepare for competitive exams to get a seat at a university there. That brings with it, the money to pay the exam fees and fees of prep classes. Once you get a seat at a university, you need money to pay the course tuition fees, library fees, cost of books, stationery and a laptop. And the most important thing: you will have to live in Texas for the duration of your course and pay for your accommodation. Estimate these potential costs before you apply for an education loan. 2. Not reading the loan agreement carefully When you are about to sign the loan agreement, read its terms and conditions carefully. Check if the details of the loan that you negotiated with the lender are exactly what both parties mutually agreed upon. Read the constraints that allow you to enjoy the benefits of the loan and the conditions that bar you from the same. Once you have a thorough idea of what you are dealing with when you take an education loan, sign on the loan agreement. 3. Filling incorrect information in the loan application Many students, in the haste of filling various university applications, writing essays, and getting transcripts, make unanticipated mistakes while filling the application for an educational loan for abroad studies. This should be a strict no-no. When you are filling a loan application, ensure that you double-check the authenticity of the information you fill in it. It will improve the odds of your application’s approval. 4. Not submitting relevant documents The other mistake that students make is not providing relevant documents or providing an incomplete set of documents. Avoid this mistake as well. Talk with your lender and get to know the documents they need to give you a loan. Ensure that you provide those documents. And please avoid somebody who says that you can forge fake documents to get a loan. When you submit the right set of documents, you improve the odds of your loan application’s approval. Now you know how to avoid mistakes that can lead to educational loan application rejection. Have a nice day! |