Here’s a look at the workings of an education loan EMI calculator

1. Here’s a look at the workings of an education loan EMI calculator

2. Repaying student loans is no cakewalk. It needs meticulous planning and preparation and also, a lot of calculations. A few years ago, this would mean that you needed to either know good math or get professional help. But now, thanks to education loan EMI calculators, you don’t need to worry about doing these calculations on your own anymore nor do you need to depend on anyone else. An education loan EMI calculator is an easy-to-operate online tool that helps you estimate the EMIs payable on your student loan. These calculators generate their results based on simple inputs such as the principal loan amount, tenure, and the interest rate. All you have to do is enter these basic details into this calculator tool and click on calculate. Then the calculator will prepare an amortization table for you that will help you understand the cost breakdown of your loan. The following article explains the steps of how you can use an education loan EMI calculator in detail.

3. Steps to follow for using an education loan EMI calculator The online education loan EMI calculator lets you estimate the monthly instalments that you need to pay your lender on your student loan. This tool requires three main inputs based on which it analyses the amount of your EMI. These are the principal amount, interest rate, and tenure of your loan. Here’s how to get an estimated EMI calculation using the education loan EMI calculator in 3 simple steps. Step 1 : Choose the principal amount that you will need from your bank to finance your entire study period. Once you do that, you will have to feed the loan amount into the calculator. Step 2 : Put in the interest rate at which your bank is providing you the loan. Step 3 : Select an approximate repayment tenure period to get an idea of the EMI you will have to pay your bank. You can now also use the slider to understand the variations in the EMI amount for different loan tenures. Use the results of the calculator to decide on the loan tenure that suits you based on the EMI you can afford.

4. What are the advantages of using a student loan calculator online? Student loan calculators are efficient online tools that are easily available on the websites of most major banks and financial institutions. You can use these tools to calculate your EMIs quickly and efficiently from anywhere. Best of all, you can make the calculations independently without having to ask anyone else for help. These tools are also free of cost.

5. Some points to remember Do keep these points in mind when using aneducation loan EMI calculator. 1. The education loan EMI calculator is a general self-helping online tool 2. The calculations predict an estimated value of your EMI; hence use EMI calculators only for planning and not for the final figure you need to pay the lender 3. It is recommended that you talk to a qualified bank representative to help you get the exact amount of your EMI and overall repayment cost upon selection of your loan We hope this article helps you get a better understanding about education loan EMI calculators. • Good luck!

6. We hope this article was helpful to you.

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