Looking at an educational loan EMI calculator (1)

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Looking at an educational loan EMI
calculator Higher education has
helped a lot of students gain skills in their
choice of courses and thus serve the society
through their professions. But higher education
is expensive many students have to opt for
education loans to pay their higher education
fees. Once the course is completed, the student
is supposed to repay his or her education loan.
Many financial lenders offer an educational loan
EMI calculator to help students make a plan to
repay their education loans. In this article, we
will look at this calculator. This calculator
helps you estimate the value of the EMI you would
have to pay to the lender to gradually clear off
your education loan. It has 3 fields in it. They
are 1.Principal amount In this field, you have
to put the education loan amount you are eligible
for or the loan amount you have borrowed. The
amount has to be in Indian Rupees. It constitutes
the principal amount of the loan along with other
charges like service charge, processing fees and
so on.
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2.Interest rate In this field, you have to put
the value of interest rate your lender levied or
has offered to levy on your education loan. It
should be in percentage. The interest rate levied
on education loans in India usually lies between
9 to 14 percent. 3.Tenure of repayment In this
field, you have to put the number of months you
wish to use to pay back your education loan. The
number of months can range from a few tens to
around a hundred. Some lenders may ask you to put
the time in the number of years. After putting
the appropriate information in the calculator,
and pressing the calculate button, you would get
the EMI value of your education loan repayment
tenure. Remember that this value is speculative.
This was an overview of an educational loan EMI
calculator. No let us tell you some of the
benefits of using this calculator 1.Is
available for free All financial lenders provide
an educational loan EMI calculator on their
websites for free. 2.Is reusable These
calculators can be used as many times as students
intend to. There is no upper limit on the number
of times a student can use this calculator.

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3. Is simple to use All the student has to do
is put in appropriate information in the required
fields and press the calculate button. If the
student was to use a pen and paper to calculate
the EMI amount, he or she would have to know a
complex mathematical formula to calculate the EMI
value and use it properly. 4.Provides accurate
and quick results Calculating the education loan
EMI value using a pen and paper is cumbersome. It
takes a huge amount of time and even after that
the results may come out wrong due to human
errors in the calculation process. On the
contrary, the education loan EMI calculator
provides quick and accurate results. So, these
are the benefits of using an educational loan EMI
calculator. We hope that now you can use this
calculator in a better way. All the best!