What can happen if you don’t use an educational loan EMI calculator!
What can happen if you don’t use an educational loan EMI calculator!

Student loans are picking up popularity these days. One of the major reasons for this is the ever increasing cost of a quality education these days. However, a majority of the students who apply for student loans fail to use Educational Loan Emi Calculator. They’ve either never heard of these tools or think that they won’t really help them. In actuality, these simple yet highly innovative online calculators go a long way in preparing you for the repayment phase of your loan. So much so that, not using them could result in many unwanted situations, some of which are stated below.

1. The disappointment of a rejected loan application.

An educational loan EMI calculator tells you the monthly installments of your loan. If the installment amount provided by the calculator is too high and you cannot afford to pay such an amount every month, you should reconsider the loan amount you apply for. However, without using one of these calculator, you would go ahead with the application – after a thorough evaluation of your financial profile, the lender would arrive at a conclusion that you cannot afford to pay such installments and reject your application.

2. Wasted processing fee.

A rejected application is a huge disappointment, but it could be a costly affair. This is because, when you apply for an education loan, you have to pay what’s known as a processing fee. The thing about this fee is that it is non-refundable. So, even if your application happens to be denied, you will not get your processing fee back. Now, the processing fee is usually 1 or 2 percent of your loan amount you plan on borrowing; basically it’s no small amount! And choosing to not use an Educational Loan Calculator will see you lose out on this amount.

3. A haphazard repayment process.

Not knowing the installments beforehand means you’re going-in for an impromptu repayment phase – one that could take you by surprise! You cannot plan for it, create budgets and make plans to cover your installments. So when the repayment does become due, there’s always a chance things go crazy. This would not happen with if you used an educational loan EMI calculator. You’d know all the installments for every month of your repayment phase, allowing you to change your spending habits, cut-down on unwanted expenses and accommodate the installments easily.

So there you have it, three speed bumps you could hit if you do not use educational loan EMI calculator before apply for your student loan. You can avoid by simply using one of these tools before singing your name on the dotted line of the application form. They are free, provide result in mere seconds & ensure you have a smooth education loan experience. We suggest you make a quick online search, find a calculator and use one today – you’ll thank us later.

We hope this article on Educational loans has been helpful, good luck and all the best – study hard!!

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