The various features of education loan EMI calculator

The numbers of students pursuing higher studies have increased greatly in the recent years; however, even the cost of education has increased. Thus, there are many meritorious students who are unable to obtain an education of their choice. But, now there are a lot of banks and NBFCs (non-banking financial companies) which have started providing education loans to students. The students can make use of these loans in order to apply for a course of their choice.

The various reasons why students are opting for education loans are as follows:

• The banks and NBFCs (non-banking financial companies) charge lower interest rates than that of traditional financiers. These financial institutions also provide tools such as an Education Loan Emi Calculator to simplify the consumer’s lives.
• All the study related expenses are covered by education loans. The various expenses covered by the education loans are the cost of study material, college fees, tuition fees, travel expenses, etc. Even, all the other miscellaneous expenses incurred by students, while pursuing their studies are included under the study loans.
• There are numerous courses included under the study loans. The different types of courses included are arts, science, commerce, engineering, medicine, etc.

However, sooner or later, one has to repay the loan amount to the lenders. An Educational Loan Calculator helps soothe the overall process for the consumers. It is the tool provided by most of the financial institutions on their online websites. The only catch is that you need to have a few details with you in order to make use of this tool. You have to put in details such as the tenure you to wish opt for along with your loan amount. In return, it will give out the interest rates, as well as, the monthly installments you will be paying to the banks and financial institutions. Thus, it helps you to plan out all of your future repayments in advance. This not only helps you to maintain a good credit history but also ensures that you never default on your repayment.

The features of an education loan EMI calculator are as follows:

• In order to make use of these calculators, all you need to have is a good internet connection and a feasible electronic device. The tools are available to students of every corner of our country. Thus, you can use these calculators in your spare time or even when you are busy.
• The biggest advantage of an EMI calculator is the fact that it is completely free of cost. You can make use of these calculators by simply visiting the company website or by making use of the various applications provided by banks and NBFCs (non-banking financial companies).
• An education loan EMI calculator helps you gain an insight into the overall loan procedure. Thus, you can make use of these tools, in order to compare the principal amount, tenure, and interest rates of multiple financial institutions.
• These tools are user-friendly and available with multiple options. Thus, you can calculate and get different outputs for different data inputs.

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