II. Decide on the loan amount.
III. Look for the best interest rate.
IV. 3 Steps for using a student loan EMI
V. Social Links.
Pursuing higher education helps a student have a bright
career ahead. That is why many opt for education loans
to study further. But before taking any big step in
borrowing money, it is always advisable to do proper
planning. And the best way to plan your education loan is
by using an education loan EMI calculator.
A student loan EMI calculator is a simple online tool that
generates the approximate value of the EMIs that you will
have to pay on the money you borrow. This tool is quick
and easy to use and provides an insight into important
information that you will require before you take an
First, you will have to decide the amount of money you will
require throughout your course period. Your expenses will
generally include tuition fees, study materials, food,
accommodation, travel, and so on.
Then, you will have to analyze how much money you can pay
from your savings account towards these expenses. This will
help you figure out how much money you will need to borrow
from the financial institution or bank.
It is advisable to compare lenders based on the interest
rates they offer on an education loan. Even minor
changes in these rates will have a huge impact on the
EMI payable towards your student loan after you finish
your course. So, settle on the lowest interest rate
Now, after you have noted down the amount of money you
will need for your course and the interest rate at which you
will get a loan on here is how to use the student loan EMI
Step 1: Type “student loan EMI calculator” on Google
search and you will get a list of links to choose from. Click
on the one you prefer and you will be directed to the
education loan EMI calculator page.
Step 2: Now, you will have to enter the principal amount
and the rate of interest in the respective spaces provided
on the calculator.