The easy availability of education loans, the seamless application process and the ambition to finance education independently encourage millions of students to opt for a student loan. However, paying off the education loan is a great responsibility and requires careful planning and research. If you are planning to take an education loan, you must know all the aspects before you apply for one. In this process, Education Loan Eligibility Calculator will come in handy. So, let’s understand the Eligibility Calculator and the other useful information.
Loans for students and Education Loan Eligibility Calculator
Your higher education, whether in India or abroad, can be easily financed using an education loan. You can pay it off during the moratorium period by making a small contribution in the form of simple interest or partial interest and then start paying EMIs once you find employment. But how to know how much student loan you are eligible to borrow? The answer to this question is Education Loan Eligibility Calculator.
What is a student loan Eligibility Calculator?
Education Loan Eligibility Calculator is an online tool that estimates the education loan amount you are eligible to borrow based on your finances.
All you have to do is enter these four pieces of information to know the estimated amount:
- Your monthly income or co-borrower’s details
- Monthly expenses
- Education loan rate of interest
- Approximate tenure of your loan
Enter these details to find out the estimated amount you are eligible to borrow.
Why should you use Education Loan Eligibility Calculator?
Although loans for students are available easily, it is important to keep in mind that it is the first debt in a student’s life. Hence, it requires thoughtful consideration and a well-researched plan. The Eligibility Calculator will consider the aspects of your finances and then give you clarity on the final amount to apply.
Let’s take an example to understand this better. Imagine this – you want to study at your dream university, and so you have gathered all the information about the course, fees and the application process. Now you need the last piece of the puzzle to fall in place, i.e., an education loan. However, you applied for a random education loan amount. Since the student loan amount you applied for was beyond your eligibility, your application got rejected. That can be overwhelming. To avoid this situation, we advise our student fraternity to choose Education Loan Eligibility Calculator to find the approximate amount you are eligible to get from your student loan provider.
Other calculators that will assist you in your academic quest
- Education Loan EMI Calculator
You can calculate EMI for education loan using this calculator. You need to enter the education loan rate of interest, tenure and the loan amount you need. The Education Loan EMI Calculator will provide estimated EMIs depending on the elements entered.
- College Course Expense Calculator?
In order to understand the education loan amount you need to apply for, you first need to understand various expenses involved in your higher education, such as:
- Tuition fees
- Accommodation costs
- Travel expenses
- Study material cost
- Living expenses and other education-related expenses
By entering the various expenses and other information in the calculator, you can find out the approximate cost you will incur.
Pro Tip: Consider health and other emergencies when determining the education loan amount you will require while using the College Course Expense Calculator.
So, opting for loans for students is a prudent choice, but please remember it is essential to use suitable calculators. You can use Education Loan Eligibility Calculator to find the approximate student loan amount you can borrow and Education Loan EMI Calculator to calculate estimated EMIs. You can enter the education loan rate of interest, tenure and loan amount to figure out your monthly payouts. If you need more information, please connect with us. We will be glad to partner with you on your academic journey. All the best!
