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24 March 2021

Advantages of Using an Education Loan Calculator

Education loan disbursal declined by 3.8% year-on-year between June 2019 and June 2020, according to reports. This amounts to a slump of around Rs.2583 crore. This is attributed to the present economic slowdown, along with a host of other factors. Still, borrowers in need of funding costly higher education prospects need to rely on such debt.

An education loan calculator is one of the most crucial aspects that any borrower must understand before opting for such loans. This online tool enables a borrower to compute his exact liabilities based on the terms quoted by a particular financial lender. Thus, one can take an informed decision regarding the same.
Education loan EMI calculator- As per RBI stats 2020-21: Student loan  calculator

What are the advantages of an education loan calculator?

Listed below are some of the reasons why such calculators are widely popular with potential study loan borrowers. 

  • Fast calculations – While calculating the EMIs for an education loan manually is possible, it involves a tedious process and a complicated formula. An education loan calculator is simply faster.
  • Easy to find – Most financial institutions today provide such calculators on their online portals. Apart from study loan calculators, loan against property calculator and home loan calculators are also commonly used tools.
  • Accurate calculations – Manual computation of EMIs for your education loan can be erroneous, which will sabotage your understanding of monthly liabilities. A calculator eliminates such risks, as the borrower only needs to enter specific details of his/her loan to acquire the results.

Even though using an education loan calculator is simple, acquiring such credit can be difficult. The stringent eligibility norms, combined with the tedious documentation process, may disqualify a potential borrower from availing of such funds.

A mortgage loan can be an alternative to typical study loans. These lines of credits are easier to avail with minimal formalities and documentation process.

What is a mortgage loan?

A mortgage loan is a type of loan where the underlying collateral is an immovable property. Loan against property is a type of mortgage loan available to homeowners. In it, the financial institution provides a certain quantum to you after you pledge your property to them. This principal amount depends on your eligibility and the price of the property in question.

Since such LAP loans are end-use free, one can easily use the proceeds to finance education expenses. Nevertheless, knowing everything about loan against property for education beforehand is important.

What to know about LAP for education

When it comes to things to know before applying for a loan against property for education, here are some important factors to consider –

● Maximum quantum – Even though the exact limitations differ from one HFC to another, the maximum principal is significantly higher when compared to unsecured education loan.

● Interest rates – Mortgage loan interest rates are always more affordable than their unsecured counterparts are, thanks to the underlying collateral or security. It reduces risk to lenders significantly, allowing a borrower to service limited interest.

● Tenor – Repayment terms for such loans tend to extend to up to 20 years, providing immense flexibility to borrowers.

Additionally, existing customers of select financial institutions can also avail pre-approved offers on loans against property and housing loans, ensuring simple and fast loan disbursals. You can check your pre-approved offer by providing just a few details.

To avail of the best property loan interest rates, one should maintain a decent repayment history and credit score. Also, one can negotiate with lending institutions to acquire such attractive terms on their loans. With such options, funding higher education has become so much simpler.

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