nikkis2108 (1)

1
All You Need To Know About an Education Loan
Calculator

• Education is the extra edge that one can get in a
  world filled with cut-throat competitive world.
  Regardless, a better quality of education is
  something that people are pursuing actively in
  hopes of better opportunities. In that spirit,
  parents that want their children to have the best
  education possible look for different ways to pay
  for it.
• While the first instinct is to use their savings,
  the more prominent option in this case is that of
  taking an education loan. While taking a loan is
  essentially borrowing money that you have to
  return, the education you pay for with it is the
  reward that you gain. Moreover, due to the rising
  cost of education, it is likely that your savings
  are just not enough to cover your childs
  education, especially in a reputed institution.
  Hence, taking an education loan is a viable
  option for you. However, you need to know exactly
  how much to borrow.

2

• Education loan calculator
• While, you may know how much money you need to
  pay for your childs education, how much you can
  afford to borrow is an entire different story. To
  get help with that, you can use an online
  education loan calculator. It is an algorithm
  that uses information provided by you to
  calculate the EMI for your education loan.
  Basically, if you know the amount you need to pay
  every month, you get an idea of whether you are
  borrowing the right amount. If the EMI calculated
  by the education loan calculator is higher than
  what you can afford to pay in a month, then you
  need to change some part of the deal you are
  getting for an education loan.

3

• How to use it
• Your EMI for your education loan repayment
  depends on the amount you borrow, rate of
  interest, and your loans tenure. Hence, you need
  to put the amount your wish to borrow and the
  tenure you prefer. The interest rate for the loan
  differs across different lenders. Hence, the
  interest rate will be fixed in the calculator
  available on the lenders website. Even if you
  are using an external education loan calculator,
  make sure you know the interest rate offered by
  your lender.
• Results
• As mentioned above, the results will show the EMI
  you need to pay each month as repayment based on
  the loan amount and the tenure set by you. Most
  calculators also show an amortisation schedule.
  This is the break-up of your monthly EMI into the
  principal amount and interest amount. It also
  provides you the progress of repayment across the
  tenure of your loan.

4

• Moreover, you can calculate the total amount of
  interest you have to pay for the loans tenure
  through the amortisation schedule. The reason
  that an education loan calculator has this
  feature is to allow you to compare how much the
  loan will cost you in the end. The total amount
  of interest will be higher if your rate of
  interest is higher. This means that either you
  have to reduce the loan amount you wish to borrow
  or look for a better deal with a lower interest
  rate.

5

• You can find more interesting things on these
  sites mentioned below -
• Website https//www.auxilo.com/education-loan-ca
  lculators/
• Facebook https//www.facebook.com/AuxiloFinserve
  /
• Twitter https//twitter.com/AuxiloFinserve
• Youtube https//www.youtube.com/channel/UClc_BEI
  N262Fm5eY_8sPA5w?view_assubscriber
• Instagram https//www.instagram.com/auxilofinserv
  e/