Individuals planning to pursue higher studies at a recognised university within India or abroad can consider applying for an education loan. It will enable applicants to pay for all their education-related expenses without depleting their savings.
Nonetheless, with most prominent financial institutions and NBFCs extending education loan, it can be difficult for prospective applicants to select a suitable loan option. In that situation, they can use an education loan calculator to compare different loan options from various lenders.
Apart from this, there are also other benefits of using an education loan or LAP loan calculator. These have been mentioned below –
- The education loan calculator or loan against property calculator will enable borrowers to compute accurate results within a very short time.
- Applicants can use this calculator to check how much EMI they need to pay during the tenor and draw up a repayment plan beforehand.
- The information entered in a mortgage loan calculator can be customised as many times as required.
To use the loan against property calculator, the following details should be entered –
- Principal amount.
- Mortgage loan interest rate.
- Tenor.
Apart from this, one should also know about mortgage loan eligibility criteria before applying. These have been given below –
- Applicants should be within the age of 25 to 70 years.
- Salaried applicants should hold a steady job at any reputed MNC, public or private sector.
- Self-employed individuals applying for a mortgage loan should have a regular source of income.
Besides eligibility criteria and property loan interest rates, borrowers should also go through a list of documents required and associated fees levied by lenders.
Must Read : Take an Education Loan for Your Academic Pursuits
