Education loan eligibility calculators are a blessing, here’s why!

Ever heard of an education loan eligibility calculator? If you haven’t, it’s nothing to worry about – a majority of students applying for education loans have not even heard of an eligibility calculator. However, these tools are extremely helpful and every student should use one before they apply for their loans. Keeping this in mind and to increase awareness about these innovative & amazing online tools, the following article will tell you everything you need to know about an eligibility calculator and why you should use one.

The 101 of Education loan eligibility calculators.

The name is quite self-explanatory. These online tools help you find the loan amount you are eligible for. They take into consideration your monthly salary and expenses along with other loan-related details such as the interest rate applicable to provide you a ball-park eligibility amount.

Where do I find such calculators?

Most lenders have an education loan eligibility calculator on their website. Student loan aggregator sites also have eligibility calculators that you can use. You could also just access your internet and type student loan eligibility calculator – you should find a number of calculators to choose from.

Do you have to pay to use such calculators?

No! This is probably the best thing about such calculators – you do not have to pay even a single rupee to use one. Most calculators won’t even require you to fill annoying subscription forms or submit any of your contact details to use them.

How long does it take?

It’s instantaneous. Just enter your details and hit enter – algorithms do all the hard work for you and provide calculation in mere seconds. In fact, before you have time to blink, the calculator would have already provided you the results.

Why should you use these calculators?

 If the above reasons haven’t already convinced you to use one of these tools, let’s get to the biggest reason why you should an education loan eligibility calculator. When you apply for a student loan, you pay a processing fee. This could be up to 2% of the loan amount you need.

Say you do not use an eligibility calculator and apply for a loan amount way above your eligible loan amount. Seeing this, your lender might reject your application. Not only is this disappointing and waste of time - but it also means that your processing fee has been wasted. This is because processing fees on any loan is non-refundable – so you lose it even if your application is rejected.

Basically, sparing two minutes to use an education loan eligibility calculator will have you save thousands. And like we mentioned earlier, it doesn’t cost you anything to use one! So if you are thinking of applying for a student loan, make sure you go ahead and try using an eligibility calculator before filling out that application form. It could be the difference between an approved application and costly rejection!

We hope this article has been helpful, good luck and all the best. Study hard!