The internet has made education loans extremely accessible. Now students can compare options, send in their applications and avail transfers within two days - all from the comfort of their home and using nothing but a laptop or phone. However, besides this easy access, another benefit the internet has provided students is the facility of an education loan EMI calculator. However, many students fail to use this tool in the build-up to their application process. They figure that these tools won’t be of any real use. However, we have highlighted some of the things you could be missing out on if you choose to follow suit & ignore these calculators during your application process.
But first, let’s tell you what education loan EMI calculators are!
The name kind of gives it away actually; they are simple online calculators that compute the EMIs applicable on your education loan. Just feed these little tools with the amount, tenure and interest rate of your loan and hit enter – before you have time to take a breath, the calculator will display your entire repayment schedule, beginning from the very first EMI right till the very last EMI. Now that you know what these tools do, let’s find out what you’re missing out on if you do not use one of these nifty tools before applying for your education loan.
1. No proper planning.
Without using an education loan EMI calculator, you would not be able to plan your repayments accurately. You would have to base your budgeting and preparations on guesswork. This is the last thing you want to do when your repayment process hangs in the balance. If you rough calculations go wrong, you could run into difficulties repaying your loan which could result in late payments and the charges they come with.
2. Borrowing more than you can afford.
Without using an education loan EMI calculator, you’d probably have no idea of your monthly installments and whether or not you can afford to pay them. This is could be a huge problem if the EMIs turn out to be too high! However, with the calculator, you can check the EMIs and even reduce the loan amounts entered until the EMI amount is within your financial reach.
Considering that these calculators are free to use and take nothing more than a few seconds to provide results, it would be a pity to miss out on these benefits. Moreover, most students ignore eligibility & repayment calculators as well. These tools are also very beneficial and can significantly help your application & repayment process. We suggest you visit your lender’s website and use one of these tools today if you are thinking about taking an education loan. They will ensure you enter into debt fully prepared & make the experience enjoyable. Most students who do not use these tools end-up regretting the fact.
We hope this article has been helpful. Good luck and all the best! Study hard!
But first, let’s tell you what education loan EMI calculators are!
The name kind of gives it away actually; they are simple online calculators that compute the EMIs applicable on your education loan. Just feed these little tools with the amount, tenure and interest rate of your loan and hit enter – before you have time to take a breath, the calculator will display your entire repayment schedule, beginning from the very first EMI right till the very last EMI. Now that you know what these tools do, let’s find out what you’re missing out on if you do not use one of these nifty tools before applying for your education loan.
1. No proper planning.
Without using an education loan EMI calculator, you would not be able to plan your repayments accurately. You would have to base your budgeting and preparations on guesswork. This is the last thing you want to do when your repayment process hangs in the balance. If you rough calculations go wrong, you could run into difficulties repaying your loan which could result in late payments and the charges they come with.
2. Borrowing more than you can afford.
Without using an education loan EMI calculator, you’d probably have no idea of your monthly installments and whether or not you can afford to pay them. This is could be a huge problem if the EMIs turn out to be too high! However, with the calculator, you can check the EMIs and even reduce the loan amounts entered until the EMI amount is within your financial reach.
Considering that these calculators are free to use and take nothing more than a few seconds to provide results, it would be a pity to miss out on these benefits. Moreover, most students ignore eligibility & repayment calculators as well. These tools are also very beneficial and can significantly help your application & repayment process. We suggest you visit your lender’s website and use one of these tools today if you are thinking about taking an education loan. They will ensure you enter into debt fully prepared & make the experience enjoyable. Most students who do not use these tools end-up regretting the fact.
We hope this article has been helpful. Good luck and all the best! Study hard!