The first step to taking an Education Loan is planning it well. So, if you're looking for the perfect loan or are refinancing an already existing loan, it's important to figure out how to restructure your education loan repayment. Find out how much a loan will cost you monthly, check if you are eligible for a loan and calculate what your loan repayments will be based on the type of loan you choose.
This is where our tools and calculators come in to make life easier for you. They provide essential approximate estimates that are intended to serve you as a planning guide, so you can plan your finances efficiently and reach for your dreams with ease.
The amount of time it takes to repay an education loan depends on the size of the loan, the interest rate, and the repayment terms. Generally, education loans can be paid off over ten years.
Calculate your average monthly payments on your Education Loan and plan your finances well in advance.
This simple tool calculates your loan eligibility status and the amount of loan that you are eligible for.
Calculate the amount you will owe monthly based on the repayment period you choose and your borrowing plans.
Finding out what amount is right to borrow can feel overwhelming, most students choose to take the maximum amount possible
EMI stands for "Equated Monthly Installment." It is a fixed amount of money that you need to pay to your lender each month to pay off a loan. The EMI includes both the interest and the principal amount of the loan. The amount of the EMI is determined by the loan amount, the interest rate, and the loan tenure (the number of months you have to repay the loan). Your lender will provide you with a schedule of EMIs that you need to pay each month until the loan is fully paid off.
A student loan can have a significant impact on your credit score. It can improve your credit score if you make your monthly payments on time and, on the whole, show potential lenders that you are responsible for your money. On the other hand, if you miss payments, your score will suffer. Missed payments, late payments, and defaulting on your loan can negatively impact your credit score, making it harder to qualify for loans or other credit products in the future.
You can use an education loan EMI calculator as many times as you need to. It is a useful tool that can help you plan your finances and estimate your monthly payments. You can use it to compare different education loan options and determine which one is the best for you. It is also helpful to use the calculator multiple times as you may need to adjust your education loan amount, interest rate, or repayment period based on your financial situation.
The repayment method of an education loan typically depends on the lender. Most lenders offer various repayment options, including fixed monthly payments, interest-only payments, and deferred payments. Some lenders may also offer income-based repayment plans, which allow borrowers to make payments based on their income.
The different factors that are considered when lenders provide an education loan are the student's academic background, the co-borrowers job profile, the type of collateral that is being provided, and the university where the individual has secured admission.
