The Importance of an Educational Loan EMI Calculator (Auxilo)

Posted by raviroy on September 17th, 2019

The Importance of an Educational Loan EMI Calculator (Auxilo)

Most students dream of going abroad, learning about a different culture, and completing their higher education in a reputed international university. If given the chance, 90 percent of the students would want to go to Canada, the United States, or the United Kingdom to pursue their graduation or post-graduation degree. Students who are among the top of their class have the option of applying for and getting financial aid or scholarships.

However, what about the students who are not eligible for scholarships? They have to find a way to pay for their own education out of their pocket. For these students, educational loans are a godsend! Especially for the students who come from middle-class families. The cost of education, whether a reputed domestic institution or an international institution, is increasing yearly. Taking an educational loan is a big responsibility that should be thought over properly and should be researched about thoroughly.

 If you are a student applying for an educational loan, start thinking about colleges at least a year to a year and a half prior. Research about the cities, the courses, etc. and communicate with your parents or a guidance counsellor. Before you take an educational loan, look for universities that fit your budget. Remember to take into account the following things:

-         Choose a course that will not only benefit you in a foreign country, but also in your own country.

-         Choose a course that will provide high-salaried employment after the completion, making it easier for you to repay your educational loan.

-         Scour through the reviews about the university you want to go to.

-         Do not let a pamphlet or a pretty brochure dominate your decision.

-         Talk to your guidance counselor and communicate with the representatives of the universities to clear your doubts.

-         Check the quality of education and surrounding areas.

Saving your own money should also be your top priority. Do not rely solely on educational loans because banks and non-banking financial companies (NBFCs) do not provide a 100 percent educational loan. Both the private sector, which are private banks and non-banking financial companies, and the public sector, which are government banks, offer educational loans at attractive interest rates. However, educational loans are high-value loans.

 Therefore, after you have picked the educational loan you want, it is important to calculate what your estimated monthly investment (EMI) might be through the educational loan EMI calculator that most banks and non-banking financial companies (NBFCs) have on their websites. Put in the loan amount, the rate of interest that the bank or NBFC is offering, and the tenure of the loan into the educational loan EMI calculator and you will receive the estimated monthly investment (EMI) that you will need to pay. For example, if your educational loan amount is 30 lakhs, the rate of interest is 12 percent, and the tenure of the loan is 20 years, then the estimated monthly investment as according to theeducational loan EMI calculator would be INR 33,032.

We hope this article was insightful in terms of the educational loan EMI calculator. As we mentioned previously, an educational loan is a huge responsibility. So, please do the adequate research and do not make hasty decisions. Good luck with your education!

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