Education loan eligibility calculator: What is it and how does it work?

After your graduation, if you are planning for further education, many things are involved in the planning stage. The course that you want to do and the country and college from where you want to do it are always the main concerns when planning higher studies. However, one deciding factor for any student who is planning for their higher studies, especially abroad, is the cost of education.

When you apply for education loans in India, there are different things that you need to be aware of. How much loan amount you are eligible is one such thing. Many loan providers offer the education loan eligibility calculator which you can use to check your eligibility. But, what is this calculator? And how does it help you? Let’s find out.

1. What is the education loan eligibility calculator?

The education loan eligibility calculator allows you to check how much loan amount you are eligible for. This calculator can be found on the websites of most loan providers. With the help of this calculator, you can see how much loan amount you can apply for based on the information you provide. It is completely free to use, and you are not required to provide any kind of personal details to access the calculator.

2. How to use an education loan eligibility calculator?

a. First, visit the website of your preferred loan provider to use the calculator. You can also do a web search for ‘education loan eligibility calculator’ and select an option from the results.

b. On their website, you will find the calculator on the landing page.

c. Once you have accessed the calculator, you will have to give details, on the basis of which the calculator will do its calculations.

d. These details include your monthly income, your monthly expenses, the ROI that you want on the loan, and the tenure of the loan.

e. After you submit these details, the calculator will do the calculations, and you will be presented with a loan amount you are eligible for.

For example, if your monthly income is Rs.50,000, your monthly expenses are Rs.25,000, the ROI you want is 12.5%, and the tenure you want is of 10 years, then the loan amount you are eligible for is Rs.17 lakhs. If you want a different loan amount, then you can change the input details on the calculator. You can try as many different combinations as you want. As the calculator is free to use, you can use it as many times as you want.

3. How does an education loan eligibility calculator help you?

If you are applying for study loans in India, then you should consider using this calculator. You will get a rough idea of how much loan amount you can borrow based on your income and expenses. If you feel like the amount is insufficient, you can plan your expenses to get a higher loan amount.

This is all about the education loan eligibility calculator. Keep in mind that the amount that you are presented with by the calculator will not be the actual amount, and it could vary when you apply for education loans in India. Be sure to get this clarified from your loan provider before you apply for the loan.

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