Use These 3 Education Loan Calculators Before Applying For Your Loan.

Education loancalculator are a must use for anyone thinking of applying for a student loan. They ensure you are better prepared to handle the debt and help you create plans to successfully repay the loan, even before you apply. So if you are thinking of going in for a student loan, you must try using these 3 student loan calculators before you sign your name on the application form.

1. Education loan EMI calculator.

This is one of the most useful education loan calculator. They provide you with estimate of your repayment schedule, right from the very first EMI to the very last one and knowing your EMI can help you in many ways. Firstly, you can help create better financial plans to cover this cost. You can adjust your monthly obligations to accommodate this cost.

Secondly, you can tell if the loan amount you are planning to borrow is within you financial capacity. If the EMI is too high, you cannot afford to borrow the loan amount. The calculator can then help you find out the right loan amount too, just keep reducing the loan amount entered until the EMI amount is something you can handle.

2. Education loan calculators that determine eligibility.

Better known as education loan eligibility calculators, these calculators help you apply for the right loan amount and ensure your loans are approved quickly. All this calculator needs is your monthly income, obligations, the interest rate and tenure of the loan. After you’ve entered in these details, just hit enter and within seconds the calculator will compute a rough eligibility amount. You can then apply for the loan accordingly.

Not using this calculator could result in you applying for the wrong loan amount and your loan application being rejected. This could cost you dearly as the processing fee for student loans can be as much as 2% of the loan amount and if your application is rejected, this amount is not refunded to you.

3. Loan repayment calculators.

Another very handy education calculator is the loan repayment calculator. This will help you compute the savings in hypothetical situations and give you a better idea of you can prepay you student loan. You’ll have to start by inputting the basic details of your student loan such as the current balance of your loan, the interest rate and the months you have to repay the loan.

Next you can choose to calculate the savings and repayment times if you decide to pay an additional amount every month or with one large extra payment. You can also see how much your EMI amount would be if you want to shorten your loan tenure by a certain amount of months.

These education loan calculators are free to use, super simple to operate and take nothing more than a few minutes to find, use and get results. So if you’ve got an education loan on your mind, make sure you try these simple online tools before taking any further steps.

Good luck, all the best and study hard!