Clear your education loan fast

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Education Loan Interest Calculator
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Clear your education loan fast
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Taking charge of your finances 

• For others, proper, meticulous planning is the
  only solution. "As part of your repayment
  strategy, prepayment of the loan should be the
  top priority. But, at the same time, the student
  should get into a compulsory savings mode in any
  secured savings instrument so that she
  accumulates a corpus every year to settle the
  loan faster,"Assuming the loan is for 7 years
  and interest rate is 12 p.a., the EMI on the
  education loan would be around Rs 17,650. "If the
  individual earns a take home salary of Rs 50,000,
  the balance Rs 32,350 can be used for buying a
  term cover and investments,"
• "The premium for term insurance with a risk
  cover of RS 1 corer is likely to be Rs 17,000.
  After accounting for annual expenses of Rs
  2,40,000 .. 

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 Should you prepay? 

• From the year I took a loan to date, the interest
  rate has gone up by 75 basis points, increasing
  my EMI burden, That is why her top priority is
  to clear the dues. Education Loan Interest
  Calculator rates from banks/institutions are
  currently in the region of 12-14 p.a. 
• However, the interest paid on an education loan
  is eligible for deduction u/s 80E of the Income
  Tax Act. "In case of pre-payment, this
  benef ..would get reduced. Therefore, students
  will have to calculate the trade-off between the
  net effect of continuing to pay interest on
  education loan less the benefits received u/s
  80E, vis-a-vis investing their money in other
  investments,"
• This trade-off could determine whether or not to
  prepay the education loan. But if you are paying
  anything more than 50 of the take home salary
  towards the loan, you have to reduce the burden
  at the earliest possible opportunity. You can
  partly prepay the loan from your bonus or
  variable pay linked to your performance. 

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Here are a few steps that can take you towards
financial stability, even in a tough phase 
Don't wait for the right job These are not the
best years for working professionals. Students
are struggling to find "suitable" jobs and
working professionals are facing the problem of
shrinking salaries. Undoubtedly, for students,
the initial job would to a great extent lay the
foundation of a career. "However, having a job is
better than not having one, especially when there
is a loan to repay. If the student is good
enough, s/he can always search for a suitable
job.
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Loan repayment not the only priority 

• You have to invest some money for lifestyle
  expenses and future goals. "Singles have the
  liberty to live on a shoestring budget. Once
  commitments and the size of the family increase,
  there is always the pressure to take a housing
  loan, car loan, retirement planning, etc. Hence
  make sure you save and invest at least 20 of
  your salary for future goals.
• Also, you should build a corpus to partly prepay
  the loan, especially if you have taken a
  long-tenure loan, say for 5 or 7 years. 
• Source http//economictimes.indiatimes.com/perso
  nal-finance/loan-centre/personal-loans/analysis/cl
  ear-your-education-loan-fast/articleshow/13422873.
  cms

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