Know your education loan interest through the education loan calculator

Most of the banks provide an easy-to-use education loan calculator that will assist students and parents find out what their education loan interest rate will be. The interest rates on education loan vary with the category of the course and the location where the student is going to pursue his studies, whether local or abroad. 

The education loan calculator itself is quite easy to use. It also facilitates users to know the balance of their education loan after some period. The education loan calculator comprises of a helpful dropdown menu that allows you choose from the more than 20 dissimilar categories of education loans in local and abroad that assists families to consolidate.

Summary: The education loan calculator also includes a place for borrowers to enter their total income and their domestic status in the event they also desire to compute the advantages of employing the Income Contingent Repayment plan.

Increasing the literacy rate

Education loan is on rise these days as more and more students want to attend the best of colleges to pursue best of higher studies. And because every university and colleges have a different ranking, so the education loan rates differ for every different loan type. Education loan rates also vary from country to country.

With the motive to encourage students to pursue higher studies to build a better tomorrow, education loan rates have decreased with the passage of time. To encourage the female students, education loan rates are further reduced for them. Education loan rates usually vary between 7% to 11% which comparatively lower than other loans.

Summary: Education is an imperative part of our society and even in shaping humans. Therefore to impart better education, education loan is essential and so are education loan rates.

Education Is Important

This year there might be an increase in the education loan rates and this might turn out difficult for students who want to apply for an education loan. In the US, an old law cuts the education loan rates from 6.8% to 3.4% issued by the federal government. Last year, congress did various campaigns to extend the date for change in the education loan rates. However this date has also expired leading to higher education loan rates.

The concept of education loan rates is comparatively new in India and banks have started to focus on the education loan since it has been launched. The Indian Government in consultation with the RBI and the Indian Banker’s Association has framed an educational loan scheme to ensure that every deserving student should get the chance of higher studies.

Summary: Any change in the economy of US directly impacts ours and thus Indian Government is constantly making efforts to do as much possible to avoid any kind of restrictions on the higher education of students in India due to any change of education loan rates. 

Plan Best For Your Child’s Education

With the increase in the price of our daily commodities, education is also getting tougher. Increase in cut off percentages, increase in college fees, books and resources professional courses have become stiff. Rise in cut off percentages are increasing the cost of education, making it tiring for students. Latterly depreciation in the rupee has also added to misery of students who are keen to pursue studies overseas.

Education loans are the only saving part in this tough time for the students. One can apply for education loan upto 30 lacs and the education loan rates payable is between 11 to 17 percent.

Education loan rates also fall under section 80E that comes under tax bracket where the education loan rates paid on the loan gets deducted from the taxable income.

Nationalized banks generally have lower education loan rates compared to private banks. So it is also important to do a market research before applying for the education loan.

Summary: Investing in your kid’s education is one of the best investments and so in this competitive world one has to be updated with the essential details and should avail a loan with best education loan rates.