Your ultimate guide to the education loan eligibility calculator.

 These days, an increasingly large number of students aim to pursue higher studies to build a strong career and live a better life. But studying at a premium institution, whether in India or abroad comes at quite a cost. Fortunately, an education loan can step in to save the day by helping you with the funds you need to pay for your university fees.

Now, if you have decided to apply for an education loan, you will want to know how much funding you are likely to get from the lender. The loan amount will depend on various factors, such as your current income. To make things easy, many financial institutions have started providing online education loan eligibility calculators that help you understand how much loan you can avail of. 

The following article explains the education loan eligibility calculator in detail.

How to use an online education loan eligibility calculator?

The online education loan eligibility calculator helps you understand the amount of money you can get in your student loan. This calculator requires you to fill in a few details such as your monthly expenses and monthly income.

You also need to fill in your loan tenure and the rate of interest of your loan to calculate the approximate amount you qualify for.  Once you fill in all these details, the education loan eligibility calculator will arrive at an approximate figure that you can expect to receive when you apply for a student loan.

Quick tip - Different banks and financial institutions offer student loans at varying interest rates. Even a slight dip in the interest rate can reduce your burden during repayment. So, select the lender that offers the most affordable interest rate.

Benefits of using an education loan eligibility calculator

Here are some of the pros of using the education loan eligibility calculator.

1. It is user-friendly and suitable even if you are not tech-savvy.

2. It is absolutely free to use multiple times.

3. You can get the results within a matter of seconds.

4. You receive an approximate idea about the loan amount you can expect to qualify for.

5. You can modify the details and make repeat calculations to arrive at the perfect loan specifics that match your financial capacity.

Few points to keep in mind -

Do keep the following points in mind when you use the education loan eligibility calculator.

1. The education loan eligibility calculator is an online tool that helps in check your approximate eligibility for education loans.

2. The calculations only give estimated results; hence, it is advisable to use education loan eligibility calculators only for planning.

3. To get the final detail on loan eligibility, do consult with a qualified representative from the bank or financial institution as they will help you with further calculations.

We hope this article helps you get a better understanding about the education loan eligibility calculator. This tool can prove to be quite handy in your search for student loans so, do make sure to use it well. 

All the best!

Comments

  1. AnonymousDecember 11, 2020 at 11:56 PM

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    Thanks, Busarakham.

    ReplyDelete

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