Today the job market is getting fiercely competitive with automation and artificial intelligence, threatening to grab a large chunk. In that case, a plain vanilla education is no longer adequate to bag a well-paying job and you need to pursue higher studies to master specific skills. But getting a higher degree from these reputed institutes has become one of the most expensive things in the market, it cost a fortune. And not everyone can fund their higher studies from parent’s savings or yours. Feeling pressurized now, what to do then? Well, in that case, you can opt for education loan, it is the best way you can pursue your higher studies in India and abroad without compromising on your monthly savings and any assets. The lump sum amount borrowed from the lender can be repaid in easy equated monthly installments after you complete your course.
But before that, are you eligible for a Study Loan? This is the principal question that needs to be acknowledged. It can be easily checked with an online education loan eligibility calculator which is available with most of education loan providers, or lenders on their websites. The eligibility calculator will help you determine the approximate eligibility value.
How this online tool can help you?
The Education Loan Eligibility Calculator helps to gauge the approximate loan amount you are eligible to borrow from your lender based on your personal income details, tenure and various other factors. The online calculator takes four details into account and calculates the amount you can borrow from the lender. Primarily the tool takes 4 key factors such as interest rates, loan tenure, monthly obligations and your current monthly income. On the basis of the result shown on your screen, you can connect with your lender whoever is giving you low interest rate and various other facilities. In addition to this the lender also considers nature of employment; gross monthly salary and the market value of the property as the eligibility also vary from person to person.
The purpose why you must use this calculator factor is that you have a clear understanding how much amount you can borrow. In addition to this, your loan eligibility for education loan also depends on the amount, debt to income ratio of co-borrower and the university where you are planning to take admission.
Advantages of education loan eligibility calculator
If you apply for an amount more than you are eligible for, there are fair chances that your application can get reject. Thus, it will be your total waste of time and resources, apart from it you will have no idea about the accurate amount for which you can apply for. A student can take help of this online education loan eligibility calculator and you can enter the details such as your monthly income, liabilities, tenure and rate of interest to know that if you are eligible or not. You can adjust those details with the help of slider mechanism and know the right balance of things you require to qualify for loan.
The Student Loan Eligibility calculator algorithm checks all those parameters discussed above, and help to manage your loan and dreams accordingly. Many lenders have put up this education loan eligibility calculator online where you can compare and decide your future road.
Hope this information has helped you that how you can fund your dreams!
Also check out my other blog on Best Education Loan
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