Earlier, everything was dependent on manual calculations or got the lenders to do the task for you. With so many online calculators available at the lender’s website, now you can easily calculate the interest rates for any loan by adding different permutations and combinations. Generally, the education loan interest rate gets deemed the percentage added to the existing marginal cost of lending rate, i.e., MCLR.
Based on that, the student loan interest rates start to lower. However, it can be challenging to calculate the interest rates on all loans you decide to pick. Suppose you need to find the interest rates and the resulting EMI for some courses you wish to apply to. Here, your loan amount and tenure continuously change, making you redo the interest rate calculation. This is where the interest rate calculator helps.
Following are the reasons they are the handiest tool available:
Simple and Quick
The calculator is quick and easy to operate. Once you have added your figures, within seconds, the calculator does the math. It is a simple tool to add the proposed education loan amount, interest rate, and tenure. After adding details on the field, the calculator lets you know the interest payable towards the loan.
No matter the number of times you change the loan amount and adjust the term or revise the interest rates, the tool refreshes immediately to show you the revised results. You can try innumerable permutations and combinations free of cost until you find a suitable EMI.
The best part about the tool is it is free of cost, as mentioned. There are no limitations on the usage. What is more? It is readily available on the lender’s portal and accessible easily.
You can find out the education loan interest rate in India payable monthly with this calculator. Once you have found them for all the lenders’ quotes, it becomes effortless to compare the instalments. Interestingly, this calculator offers an amortisation table that lets you know how much of your monthly instalment goes towards the principal amount and how much of it is towards the interest rates. This makes it easier to find the right lender.
So, if you are considering an education loan, take a pause and work out your finances using the interest rate calculator or the EMI calculator.
Keywords: , student loan interest rates, education loan interest rate in India