Students and parents can avoid costlier education loans with adequate research and proper guidance from lenders like banks and NBFCs and vendors such as Fly Finance. They must compare interest rates, collateral security conditions, and repayment options of different nationalised and private banks to avoid high-interest loans. Furthermore, they should compare the same parameters for private banks and NBFCs as well.
However, for a consolidated comparison, study abroad students can apply through Fly Finance. Their education loan experts will evaluate all terms and conditions of different types of student loans and help them attain the maximum possible loan with reasonable interest.
In addition, Fly Finance also lets students and parents calculate education loan EMIs with its EMI Calculator. It is an online tool that calculates monthly instalments with the formula of [P x R x (1+R)^N]/[(1+R)^N-1] where P (Principal Amount), R (Interest Rate), and N ( Number of years) are the variables. Thus, the student loan debt instalment value will change if any of the variables change.
Why is EMI Calculator Important to Avoid Costlier Education Loans?
It is essential to calculate EMIs while applying for an education loan as it helps a student and the co-applicant plan the loan repayment process. Therefore, it is imperative to understand the advantages of an Education Loan EMI Calculator. Here are some of the benefits:
- This tool facilitates simple calculations for determining the loan repayment amounts.
- It offers the monthly instalment a student needs to pay.
- This assists in budgeting and allows a student to save for their financial objectives.
- It is easily accessible and can be utilized at any time and from any location.
Education Loan Repayment Methods
Moreover, students and parents should consider repayment options to avoid costlier education loans. Each lender offers two to three types of repayment choices to suit the requirements of different types of applicants. Here are the four common types of study abroad education loan repayment methods:
- Complete/Full Moratorium
- Direct/Full EMI
- Partial Simple Interest
- Simple/Full EMI
Stay in tune with Fly Finance News Desk to get regular updates on study abroad education loans and international money transfers.
