Studying in a foreign country requires a substantial financial investment. To meet the monetary needs, many students opt for abroad education loans. The process of getting a study abroad loan encompasses connecting with several lenders and deciding on the apt loan product.
You must have a crystal-clear picture of the installments that are going to incur post your studies. Equated Monthly Instalment (EMI) is a fixed amount you will have to pay the lender on a monthly basis. EMI includes two components- the principal amount and the interest charged on that principal amount.
Being aware of your EMIs is a key component of the financial planning regarding the education loan repayment. If you plan well, you can save a good amount of money. One way to know your EMIs beforehand is by using online EMI calculators.
How to calculate EMIs?
Calculating the EMI is crucial in predicting the financial liabilities in the future. EMI calculation is conventionally done by using the complicated formula that includes the principal amount, rate of interest, and loan tenure.
Online EMI Calculators
Online education loan EMI calculators can help you plan your monthly installment payouts and make the calculations in an easy way. These EMI calculators available online allow you to enter variables such as the principal amount borrowed, loan tenure, and rate of interest, and provide you the monthly installment amount within a few seconds. You can also enter different variables to check the best-suited plan for you. You can also check the education loan interest calculators online designed to compute the education loan interest you will have to pay in different scenarios.
Decoding Online EMI Calculators
Online EMI calculators help you with quick calculations. All you need to do is to enter different components within a few seconds, you find the actual payment schedule and the installments you will be paying. Along with knowing the monthly installments, you will also know what the total repayment will be during your loan tenure.
The biggest benefit of online EMI calculators is that by putting various variables, you can come to a definitive and informed conclusion about how much your loan is going to be, and also helps you plan your education loan repayment in the best possible manner.
With the rise in demand for abroad education, we can also see the spike in the cost of higher education abroad. There are hordes of financial lenders, both government and private, in the market to help the study abroad aspirants realize their dreams. By using the online EMI calculators, you can easily decide upon where you should go to avail of the foreign education loan.
In the first go, you might feel that almost all the loan products and plans are the same, but in reality, even a slight bit of difference in the interest rate or loan tenure can make a huge difference in the end. You must try using different combinations in the online EMI calculators before finalizing your exact loan duration, monthly installments, and the loan provider.
Using GyanDhan EMI Calculator
The Gyan Dhan EMI Calculator is a flexible and user-friendly online education loan EMI calculator that is not linked to the education loan plans of any specific lender or bank. You can enter your own variables to plan your finances and repayment schedule. It is an online EMI calculator dedicated especially to abroad education loans and offers a lot of unique customizations and features that streamline complex calculations and produce the most precise results for you.
Using this tool, you can further customize your calculations to take in any of the following additional features:
- Grace period
- Custom disbursement plans
- Interest or principal payment during your study period
GyanDhan EMI Calculator has the repute of being the only online tool offering such micro customizations that add value to your future financial plans by offering you more clarity on what lies in the future for you as you plan to square the loan. Always keep in mind that careful planning is the key to a strong financial statement and hassle-free loan repayment.
You can also contact GyanDhan to get free of cost help in getting abroad education loans. It is India’s first education financing marketplace helping study abroad aspirants get education loans from leading government banks, private banks, and NBFCs in India.