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education loan calculator

Education loan repayment is one of the greatest concerns that bothers higher education aspirants when they think about funding their higher studies with the help of an education loan.

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education loan calculator

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  1. Education Loan EMI Calculator

  2. Education Loan EMI Calculator

  3. Further important details you must consider for the “No” payment option during Moratorium You have chosen the option of “No payments” during the Moratorium period. This option is only offered by the Public sector banks like SBI, Bank of Baroda, Punjab National Bank, etc. Govt. Banks charge you simple interest for the moratorium period, hence that is considered for the calculations. With this provision of simple interest and the least rate of interest. Govt. banks are the best option for the education loan.

  4. You can also find the due amount at the end of each semester, this shall help you to understand the due at each stage and plan the repayment accordingly.

  5. What makes it the most accurate Education loan calculator? Moratorium period: Education loan is very different from home loan, personal loan, auto loan or any other retail loans, because in all other loans EMI payments start from the next month of taking the loan. • Compound and Simple interest:All banks have a different way of calculating the interest during the moratorium period. Some banks add the accrued interest to the principal every month making it monthly compounding, others add it every year, making it annual compounding and some banks do not compound the interest portion at all. In this Education loan EMI calculator, we have taken that into consideration. • Semester-wise breakdown: Unlike a home loan, personal loan, or Car loan, you do not borrow the entire principal amount in one go in an education loan, instead the amount is taken semester-wise or year-wise. The usual EMI calculator will only allow you to enter one lump-sum principal amount but in this particular EMI calculator, Amount can be entered semester-wise, to get the most accurate result. • Grace period: Some of the banks in India offers 6 months after the completion of course as grace period, others offer 12 months. In many of the cases, students do not need a grace period and they wish to start the repayment as soon as the course is over. This Education loan EMI calculator offers you the flexibility to choose it and get the most accurate result. •

  6. Education Loan Calculator Education loan repayment is one of the greatest concerns that bothers higher education aspirants when they think about funding their higher studies with the help of an education loan. When aspirants think of borrowing an education loan to fund their studies, the very first factor that is taken into account is the amortization schedule of the lender whom they plan on approaching. So how do you go about it? This online education loan EMI calculator has been developed by the financial team of WeMakeScholars to help such applicants plan their education loan repayment schedule in a systematic manner. • This particular education loan EMI calculator has a very simple interface, thus making it easy for both loan applicants (students), as well as their co-applicants (parents/other family members) to calculate their monthly education loan repayment amount. Apart from that, it also enables students to customize their calculations by helping them to factor in their grace period, education loan moratorium period, partial education loan interest payment, full education loan interest payment, flexible disbursals of the education loan, etc. •

  7. About WeMakeScholars • Convenient Process • Lesser processing time • Knowledgeable due to huge volumes • Best customer service/support • Cashback offered • Multicity cases can be tackled easily

  8. Conclusion Also, if you are still only thinking about borrowing an education loan and wish to get an estimate of the amortization schedule you may have to follow, this education loan EMI calculator will also help you get an idea of what can be expected during your education loan repayment period on the basis of your course duration, grace period, as well as the moratorium period. Students can get an estimate of the amortization schedule of both, secured education loans from government banks, as well as unsecured education loans from private banks.

  9. WeMakeScholars is a BITS Pilani startup funded and supported by the Ministry of Electronics and Information Technology, Government of India under the Digital India campaign. We help study abroad aspirants in arranging their financials on time, without any hassles.

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