Education is an important aspect of an individual’s life and in today’s knowledge-oriented economy, it plays an even greater role. Having a good education increases career prospects, leads to a better lifestyle and sustains a respectable life. However, education in today’s fast-paced world does not come cheap.
Instant Education loans would help parents in funding their children’s education efficiently, helping them realize their dreams and have a secured future.
While deciding on an education loan, apart from the amount of loan, the rate of interest and the tenure of the loan applied are key factors that determine the loan EMI.
In short, EMI equals the principal loan amount and the rate of interest. It is normally fixed for the entire loan tenure with monthly repayments to be made over this fixed tenure. In the initial years of your education loan, you need to pay more towards interest, and over time, a greater proportion gets adjusted towards the loan principal.
EMI gets calculated based on the below formula.
EMI = P*R*
(1+R) n ((1+R)
n-1)
P = principal loan amount
R = rate of interest
n = number of monthly instalments
The tenure of the loan has an inverse relationship with the EMIs to be paid. This means a short loan repayment period has higher EMIs to be paid and vice-versa.
Calculating the amount of EMIs can be tedious for a borrower. Even putting the details in Excel could take time. To help calculate your eligible loan amount in a matter of seconds, thus eliminating the need for long manual education loan calculations, now many lenders offer an online EMI calculator. This will help students and parents in deciding the loan amount and tenure, thus aiding sound financial plans. Also, the education loan EMI calculator will help to decide on the EMI amount to be repaid every month.
Let us then explore the various benefits of an Education Loan EMI calculator.
Benefits of Education Loan EMI Calculator
Time-Saving
The HeroFinCorp app provides a Personal loan EMI calculator to get customized loans, helping borrowers with a seamless and enriching experience. This aids the potential borrower in deciding on the amount of loan to be obtained and the tenure based on the interest rate. Also, it helps them to decide on the EMI that needs to be paid.
Compare Different Education Loans
The EMI calculator also helps in comparing education loans from different lenders and the available loan terms. Thus, a borrower gets to evaluate the best education loan available as per their need basis, budget, and repayment capability.
How to use an Education Loan EMI Calculator?
- Key in the loan amount needed
- Key in the interest rate
- Key in the loan tenure, longer tenure has low EMI and vice versa
- Compare various loans
- Select the best-suited loan to fund education requirements
Hero FinCorp Instant Personal Loan App is an innovative is an innovative and user-friendly fully digitized personal loan online app, that provides education loans up to Rs. 1.5 lakhs at an affordable rate of interest. To make it easier and quicker for the borrower, the HeroFinCorp app provides a loan EMI calculator to get customized loans, helping borrowers with a seamless and enriching experience.
