Education loan interest calculator for accurate EMI calculation
Posted by shyamolishah1 on September 12th, 2016
Education loan interest calculator is a tool used by millions of people to figure out the amount (EMIs) that they need to pay after adding up the interest rate offered by the lender. In a matter of a few seconds, you can calculate the interest rate for months and years. This helps you from visiting a bank and meeting an expert adviser. These days, not just government banks, but a lot of non-government lenders have emerged in the financial market that offer flexible repayment options along with low interest rates. As compared to any other type of loans, an educational loan has the lowest interest rates.Each banking website has their own interest calculator tool which helps borrowers find out more about various loan amounts and their interest rates. These tools are available for independent use and their accuracy may vary depending on your circumstances. Along with doing the online calculation, it is advisable to consult a financial expert for better understanding of the market structure.
Let’s assume you have decided to avail an education loan. The first step to this is not applying for the loan, but to actually sit down and calculate how much it is going to cost you. These costs are termed as EMIs (Equated Monthly Installments) which are calculated in terms of monthly payments with the help of an Educational Loan Interest Rate. You need to take into consideration three things, the amount to be borrowed, the interest rate and processing fee that you will have to pay. Once all this information is gathered, you can calculate the amount of EMIs as per the chosen repayment tenure. Previously, where borrowers were required to sit with a pen and paper to calculate the interest rate manually, now they can easily take the aid of interest calculator tools.
If you find out that the EMIs are too much and you need to reduce them, you will have to adjust either the loan tenure or the amount of loan that you wish to borrow. Just reading the entire process is so tedious that you would wish there was a simpler way to figure out things. This is when an education loan interest calculator comes into the picture. With every passing year, the interest rate may go up or down depending on the type of interest rate you have opted for. Basically, there are two types of interest rates-fixed and floating. In a fixed interest rate loan, the amount of EMIs remains constant till the end of the repayment tenure, while in a floating interest rate concept, the amount that you need to pay in the form of EMIs may fluctuate depending on the market dynamics, currency exchange rate (applicable for abroad loans) and many other factors. Floating interest rate is also referred as variable interest rate because of the simple reason that the EMIs keep on varying during the duration of the debt repayment. Nowadays, borrowers can enjoy the privilege of transferring their outstanding balance from one bank to another at competitive interest rates.
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