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Loan providers in the past few years have been coming up with new and innovative tools to make the process of taking loans an easy task. One such tool that is becoming popular is the student loan interest calculator. For the uninitiated, a student loan interest calculator is a digital tool that a potential borrower can use to get an estimate of the EMI they will incur. Despite its increasing popularity, there are many people who do not have complete knowledge of it. In this article, we take a look at what a student loan interest calculator is and how you can benefit from using it. 

How does one use a student loan interest calculator? 

A student loan calculator requires you to enter three variables: the principal loan amount, the interest rate, and the loan tenure. 

 Using a student loan interest calculator is quite easy. Even if you are someone who is not technologically savvy, you will not find it difficult to get a grasp of how to use a student loan interest calculator. Here is the process, enumerated in a few simple steps: 

 1.  Choose a reliable site for the calculator 

There are many sites that offer the facility of a student loan calculator. However, not all of the sites may be reliable or they may take your valuable information without providing you with any accurate results. Therefore, remember to ensure to choose a reliable site to make the most of the student loan interest calculator. 

 2. Enter the variables 

Now, you have to enter the variables in the student loan interest calculator. As previously mentioned, three variables have to be entered. These include the principal loan amount, the loan tenure and the interest that the lender is offering. 

 3. Modify the variables as per your requirement 

Now, you will get the results depending on the variable quantities you have entered. If you are not happy with the results estimated by the student loan interest calculator, then you can modify the variable units as many times as you want depending on the answer you are looking for. 

 Benefits of a student loan interest calculator 

There are many ways a borrower can benefit from using this type of calculator. Here are some: 

 1. Helps you get a stronger understanding of the EMI you will incur

When you are undergoing the education loan process, one question that is often on one’s minds is regarding the EMI they will be incurring. With the help of this calculator, one can get a stronger and clearer understanding of the EMI. This can help relieve the worries of many. 

 2. Helps you plan your repayment structure in a better way 

When you know the EMI of the student loan you are taking, you can create your repayment plan in a much better way. Since you will have an estimate of how much you will be paying each month, you can structure your savings and investments accordingly. 

 Do remember that the result shown by the student loan interest calculator is an approximate figure and not the accurate EMI. It is advisable to talk to the lender and get a clear idea of the same before going ahead with any major decisions. Thank you for reading. 

Loan providers in the past few years have been coming up with new and innovative tools to make the process of taking loans an easy task. One such tool that is becoming popular is the student loan interest calculator. For the uninitiated, a student loan interest calculator is a digital tool that a potential borrower can use to get an estimate of the EMI they will incur.

If you are an individual looking to build an educational institution that can provide the pedagogy that everyone dreams of, then you should consider opting for an education institution loan. Building a well-designed school or an educational institute can be a financially hefty affair. An education institution loan considers the expenses that go into such an event and provides finances accordingly. In this article, we give you a lowdown on what an education institution loan is in detail as well as its various types. 

What kind of educational institutes are covered by such a loan? 

The kind and amount of finances required by an individual depend on the kind of educational institution they are looking to build. Therefore, most lenders categorize their loans in the following manner: 

·         Loans for pre/play schools 

·         Loans for boarding schools 

·         Loans for K-12 schools 

The loans provided for each type of school depends on the kind of students it is looking to admit, the infrastructure it will require, the kind of campus it will need, and so on. For instance, a boarding school will not only require classrooms but also dormitories wherein the students will be staying. The education institution loan lender thus takes such factors into consideration and funds the institution accordingly.  

What is the eligibility criteria required to obtain an education institution loan? 

Individuals or organizations looking to apply for an education institution loan should have the following: 

1.      A minimum student enrollment of around 50-100 students 

2.      A sturdy and reliable operational income and dedicated management 

3.      A strong record of repayment of previously taken loans, if any 

 Types of educational institution loans: 

Now, let us try to understand the different types of education institution loans and what each type aims to provide. 

 Education infrastructure loan 

This type of loan essentially helps you fund expenses towards creating or integrating the infrastructure that your institution needs. This may include purchasing of and setting up innovative learning tools such as projectors, e-boards, personal computers for educators, and so on. This can also include leveling up your existing infrastructure or expediting the purchase of relevant resources in libraries or laboratories, and so on. 

Construction loans

This type of education institution loan is ideal if you are looking to build newer wings in your schools or have similar plans of expanding your current school structure. Construction education loans for educational institutes can also help you deal with the expenses required for constructing newer classrooms, renovating the current architecture, and so on. 

Land loans 

If you are planning to buy land to set up your own educational institute but are hesitating due to the finances, then you may want to consider a land loan. This type of loan not only helps cover the expenses for such an event but also provides you with the know-how and expertise required to go ahead with such a plan. 

Many lenders also provide loan refinancing options for those who are looking for assistance in repaying their previously taken loans. 

It is to be noted that the information provided here is for educational purposes and of general nature. We advise you to reach out to a leading education institution loan lender and obtain relevant information before going ahead with any financial decisions. Thank you for reading! 

Australia is one of the most sought-after study abroad destinations. Indians form a large chunk of the international students arriving in Australia to pursue higher education. Indeed, with its high standard of living, world-class educational institutes, excellent employment opportunities, and much more, Australia offers a student great reasons to study there. However, one obstacle that the students may have is the funding required for such a plan. These students can take the help of an education loan for studying in Australia. Let us explain why an education loan would be an ideal way to finance your Australian study plans. 

 1. Your living expenses in Australia are covered as well 

An education loan will likely cover costs related to several aspects of your study plans such as your living expenses when you are studying in Australia. Living in Australia is an expensive affair with rent and travel fare being heavy on the pocket. These heavy costs can create hesitation in the minds of aspirational students. An education loan for studying in Australia can be the right solution in such a situation. 

 2. Your family assets are retained  

Taking an education loan for your Australian study plans means that the finances are taken care of without your family having to sell any significant asset. Oftentimes, parents look towards their own retirement savings or a life insurance policy so that their children’s higher education can be paid. While this is definitely an efficient way to deal with the situation, it can create financial problems when retirement savings or insurance policies are required by the parents themselves. Therefore, it is better to avoid such a path and instead opt for an education loan for studying in Australia. 

 3. Flexible repayment options make repaying the loan easier

Australian universities often have campus placements wherein the students get a chance to gain employment from well-known companies and organizations. If you utilize your resources well and are able to score a job at one of these big companies, then repaying the loan would be easier for you. Plus, many lenders these days offer flexible repayment options. So, you can repay the loan via EMIs, lumpsum pre-payments or part-payments, and so on. You can even look for work opportunities during your course to get a headstart in repaying your overseas education loan. 

 4. You can customize the education loan as per your requirements 

Traditionally, education loans used to be a bit rigid, with no scope for customization. However, in recent years, lenders are taking a look at the bigger picture and allowing the applicants to customize their loans. So, when you are taking an education loan for studying in Australia, you can converse with the lender about the different kinds of expenses you would like coverage for. The lender will consider your requirements as per their offerings and structure a loan offer for you accordingly. 

 There are many lenders in the market presently offering loans for Australia. Do thorough researches before you select the right lender for yourself. With the right overseas education loan and dedication towards your plans, you will be on the right career path in no time! 

For a country to prosper and develop, it is imperative that it has good educational institutes. Individuals looking to create such institutes may often face one obstacle when going ahead with their dream: finances. The silver lining here is that there are many ways to fund your educational entrepreneurship dreams and one of the best ways is to opt for an education infrastructure loan. Many people may not be completely aware of what this loan means and what does it exactly offer. Let’s give answers to some common questions related to education infrastructure loans in this article. 

 1. What is an education infrastructure loan? 

An education infrastructure loan is a type of loan that provides finances to individuals looking to build an educational institute. Such a loan takes care of the finances attached to such an event. The borrower can begin on the repayment as per the terms laid out by the lender in the loan agreement. 

 2. What is the difference between an education infrastructure loan and an education institution loan? 

An education infrastructure loan is a type of education institution loan. The latter type of loan provides funds to educational entrepreneurs looking to build institutes of their own. However, this type of loan is categorized into different types such as loan refinancing, construction loans, and land loans. These loans focus on specific aspects or stages of building a school or a college and provide funding accordingly while education infrastructure loans focus on infrastructure-related expenses only.

 3. Who can take an education infrastructure loan? 

An education infrastructure loan can be taken by an individual, trust or a recognized institution. Though the eligibility criteria may differ from lender to lender, you can expect the following points to be required generally: 

 - The school should be recognized by the relevant state or central governments or other recognized boards.

- The school should have a solid operational income and committed management.

- The organization should have a good repayment track of the previously taken loans

- The school should be at least 3 years old 

 4. What kinds of expenses are covered under an education infrastructure loan?

When you take an education infrastructure loan, you get coverage for the following expenses: 

·         Up gradation and expansion of your school campus/wings/ institution in general 

·         Integration of new and innovative tools and resources such as introducing advanced learning methodologies to the students 

·         Purchase and facilitation of books and periodicals 

·         Renovation of the current infrastructure of the school/college/educational institute

 5. What are the documents one needs to provide for an education infrastructure loan? 

The documentation required for an education infrastructure loan differs from one lender to another. The general list is as follows: 

 KYC documents: 

·         Proof of residence 

·         Proof of identification 

·         Proof of age

·         Business address

·         Signature verification

 Constitution documents: 

·         By-laws of society/trust deed

·         Registration details

 Financial documents: 

·         Bank statements for the last 12 months for the entity from the transactional account 

·         Bank statements for the last 6 months for all co-applicants including nonfinancial applicants

 If you are providing security to the lender against the education infrastructure loan, then you may have to provide documents related to the ownership of the collateral as well. 

 Also, remember that different lenders have different offerings. Therefore, before you go ahead with any major financial decisions, do read the terms and conditions. Thank you! 

Many students dream of completing their higher studies at the top universities in India. But, one thing that often stops people from pursuing this dream is the funding that they require. With the help of an educational loan in India, however, they can get the required funding and fulfill their dreams with confidence. While many may be aware of the funding part of these loans, there is a multitude of other benefits which the general audience may not be aware of. In this article, we look at 4 such benefits. 

1. Ensures the savings of the family stay intact

To fund the higher education of their children, many parents and guardians often end up spending their hard-earned savings or break into their retirement funds. Opting for an educational loan in India can help families retain these savings and assets intact, which they can use for their future. Moreover, these days, there is the option of unsecured loans as well. This means that the applicant does not have to provide any assets to the lender as security against the loan. So, the family’s assets stay where they should - with the family. 

 2. Helps you have a good standard of living during your studies  

If you are planning to seek higher education at a well-known learning destination in India, then you would be aware that you would have to pay a considerable amount for the standard of living there. Simultaneously with the course fees, you will have to bear the essential costs related to housing rent, study materials, travel fare, and so on. A good educational loan in India will help you meet the standard of living by offering coverage for all these expenses. 

 3. Helps you make more eligible for better credit in the future 

If you are diligent with the repayment of the educational loan in India, you can build up a good credit profile and begin your credit journey on a positive note. A solid credit score symbolizes that the individual is a trustworthy borrower and thus, is suitable for better deals on loans and credit in the future. This can help you when opting for a home loan or something similar. 

 4. Motivates you to study harder

Unlike a car loan or a home loan, your educational loan in India does not have any tangible security, unless you have opted for a secured loan. Your potential and dedication for studying and gaining a well-paying job are what acts as a kind of security against the loan. You can make the most of this situation by committing yourself to your studies so that you obtain better marks and perform well academically. During the journey of repaying the loan, you will receive a lot of lessons regarding the responsible handling of finances. Once the loan has been repaid successfully by you, the ‘self-made’ tag can be rightfully showcased! 

 Do keep in mind that the features and documents required for education loan purposes will vary as per the lender. Kindly read the policy documents carefully for a thorough understanding of your loan’s terms and conditions. 

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Education loans are the perfect way to fulfil your financial requirements if you are planning to study abroad. Along with helping you pay the course fees, there are dozens of benefits one can enjoy when they take an education loan for studying abroad. However, many people are quite hesitant about taking such loans. This is mainly due to the lack of correct information and the presence of misconceptions regarding such loans in people’s minds. To create better awareness, we break down 6 misconceptions about taking an education loan for studying abroad.

 1. Education loans have extremely high interest rates 

Lenders understand that high interest rates may stop aspiring students from pursuing their higher education abroad. Therefore, there are many lenders in the market that offer competitive interest rates. Make sure the lender you are going with provides great features along with a suitable interest rate. You can also use an educational loan interest calculator to get a stronger understanding of the interest you will be possibly paying.

 2. Education loans take a lot of time to process and get sanctioned

Usually, loans taken from banks take a lot of time to get processed, so people have this misconception that an education loan for studying abroad may take a lot of time to get processed too. However, if you are taking a loan from a reliable NBFC, your loan application may get processed quickly. It is necessary to choose a lender that provides quick loan processing as any delay from the lender’s side can have a negative impact on your admission process.

 3. Education loans provide only a limited amount of money

This is only a misconception as there are many NBFCs who do not have an upper limit on the loan amount they are willing to provide. Your funding requirement may be high than usual depending on several factors like the choice of course, university, study destination, and so on. So, make sure you do your research and choose an education loan for studying abroad that can meet your requirements. 

 4. Education loans require security beyond a particular amount 

Many NBFCs are willing to provide unsecured education loans even for very high amounts; that is, you do not have to provide any sort of collateral to the lender against the loan. This ensures that your family’s assets or property stay with the family. 

 5. Education loans are accessible only to the academically well-off

There are many factors that will determine your eligibility for an education loan for studying abroad. Your grades are only one such factor. A reliable education loan lender will look at your career potential in the coming future rather than your academic past. 

 6. An education loan will only provide funding for the course fee

When you go to a foreign destination for higher studies, you will have to incur many expenses beyond your university course fees. These expenses include travel fare, housing costs, study material costs, and so on. Not many people know that an education loan for studying abroad can provide funding for these expenses as well. 

 Do bear in mind that the features of different education loans may differ from lender to lender. Kindly read the loan documents carefully before signing. 

An executive MBA education loan is a type of loan specifically designed to meet the requirements and needs of MBA students.