While it’s no secret that pursuing higher studies in India or abroad has grown more expensive in recent years, the numbers are nonetheless surprising. The cost of tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. has grown significantly over past few years. The only way to stay atop the rising tide of expenses would be taking a suitable student loan.
However, when it comes to education loan there is a set of pros and cons that constantly hinder the minds of parents and students. Many of them stay concerned on matters like loan interest rates, payment duration, ways to repay etc. before getting into the serious business of education loan. However, in India more and more companies emphasize on offering customer friendly solutions for those needy students who wish to take an education loan. They believe “The more is the transparency better is the relationship between the banks or private finance firm and customers (parents and students).” Therefore, most of the leading banks & private finance firms have come up with Education loan calculator India which helps you compare the costs of pursuing studies at different universities or institutes, the interest rates applicable, the processing fees, administration costs, payment duration and the flexible options to repay the loan.
Variables like your marital status, age and how long you will be attending come into the equation. Then with some financial information like how much you will be able to contribute each year and what scholarships or gifts you’ve already secured, the student loan calculator India can tell you what amount of debt you can expect to take on and what your costs will be after you pursue your higher studies to be repaid.
Monthly Payments
Incase you think you’ll be using one or more of these loan programs to pay for your higher studies, it’s a good idea to determine ahead of time approximately what your payments will be after you graduate. A Education loan calculator India helps you gauge the size of your monthly payments. Remember the size will vary depending on what types of financial aid you are eligible for and what university or institute you attend.
Amortization
Besides understanding what the monthly student loan payments look like a Education loan calculator India tool also helps you understand how your loans will amortize (be paid off) over time. First you calculate the monthly payment for each of your respective loans individually, taking into account the loan amount, interest rate, loan term and prepayment. Then add up the monthly payment for each of the loans to determine how much you will pay in total each month. The amortization of the loans over time is calculated by reducing the amount being paid towards the principal each month from your loan balances. The principal portion of the monthly payments will go down by the end of each loan term.
While calculating your student loan is not a fun story at all but you don’t have to get discouraged as well. Every student has its own experience on student loan like high debt or low job prospects but Education loan Interest makes these debt more manageable, and, in the long run, worthwhile. It helps students and parents stay mentally prepared with the loan structure, their outstanding balances from time to time and flexible options available to clear off the debt. It brings peace of mind for them and helps them build a concrete approach for the student loan.
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