Studying overseas entails a considerable financial investment. To meet such hefty monetary needs, most students opt for abroad education loans. The procedure of getting a study abroad loan incorporates connecting with quite a few lenders and deciding on a suitable loan product.
You must have a crystal-clear idea of the payments that are going to incur after your studies. Equated Monthly Instalment (EMI) is a fixed sum you will have to recompense to the lender on a monthly basis. EMI comprises two components- the principal amount and the interest amount charged on that principal.
Being cognizant of your EMIs is a key element of financial planning concerning education loan repayment. If you strategize well and ahead, you can save a substantial amount of money. One method to know your EMIs in advance is by using online EMI calculators.
Calculating the EMI is critical in forecasting the financial liabilities in the future. EMI calculation is generally done by using the intricate formula that comprises the principal sum, rate of interest, and loan tenure.
Online EMI Calculators
Online study loan EMI calculators can help you plan your future monthly installment expenditures and make the calculations in a hassle-free way. These EMI calculators are obtainable online and allow you to enter components such as the principal amount on loan, total loan tenure, and rate of interest, and tell you the monthly installment amount in a jiffy. You can also use different variables to know the best-suited plan for you. In addition, you can also use the education loan interest calculators online that are designed to figure out the education loan interest you will have to pay in various circumstances.
Interpreting Online EMI Calculators
Online EMI calculators assist you with quick calculations. All you have to do is to enter all components and within a few moments, you find the concrete payment schedule and the installments you will be paying in the future. Along with figuring out the monthly installments, you will also get an idea about what the total repayment will be during your education loan tenure.
The prime benefit of online EMI calculators is that by putting several variables, you can come across a conclusive and informed deduction about how much your education loan is going to be, and also helps you strategize your education loan repayment in the best possible way.
With the intensification in demand of overseas education, we can also see the rise in the cost of higher education abroad. There are lots of financial lenders, both public and private, in the market to help overseas education aspirants realize their dreams. By using such online EMI calculators, you can effortlessly decide upon where you should go to avail of the overseas education loan.
On the first try, you might sense that almost all the loan products and plans and very similar to each other, but in reality, even a small bit of difference in the interest rate or loan tenure can make a vast difference in the end. You should also try different combinations in these online EMI calculators before settling on your precise loan duration, monthly installments, and the loan lender.
GyanDhan EMI Calculator
Gyan Dhan EMI Calculator is a flexible and comprehensible online education loan EMI calculator that is not associated with the education loan plans of any specific financial lender or bank. You can use your own variables to plan your funds and repayment calendar. It is an online EMI calculator designed especially for abroad education loans and offers several unique customizations and features that perform complex calculations and produce the most precise and insightful results for you.
Using this tool, you can further modify your calculations to take in any of the following added features:
- Grace period
- Custom disbursement plans
- Interest rate payment or principal payment during your course
GyanDhan EMI Calculator has the status of being the sole online tool offering such micro customizations that enhance value to your future financial plans by offering you more precision on what lies in the future as you plan to repay the education loan. Always remember that careful planning is significant for a strong financial report and hassle-free loan repayment.
You can also get in touch with GyanDhan to get free assistance in getting education loans to study abroad. It is India’s first education financing marketplace that helps study abroad aspirants get education loans from top public-sector banks, private banks, and NBFCs in India.