So far taking loan or paying back is concerned; the topic is a very inexhaustible one. Let us talk about the ‘Educational Loan” as this type of loan touches the most significant section of any society. The purpose of the loan is noble as well.
The other types of borrowings, of course, distinctive in their nature, but can not be equaled with education loan where the future of a student is involved. All most all other borrowings are either for business or property related needs. Educational loan is taken by those students who pledge their career to the credit institution; the credit institutes also help a bright future for the genuine purpose.
How To Lessen Your Burden From Your Education Loan?
You can reduce your debt burden if you follow some of these following tips:
1) You can take the course of prepayment route, instead of replaying your loan by taking the usual / routine procedures. By taking the prepayment option, as available in some banks only for the educational loans, you can waive of your prepayment fee.
2) Choose short term High EMI than long term Short EMI. If you do so as a student, you can save on the increased interest cost by avoiding longer loan cycle.
3) In some of the cases No 1 & 2 can be clubbed together, for getting best benefit. Here you neither pay high interest nor do you go for long term option. What you do, pay 3 to 4 EMIs together in advance which will fetch you year-end bonus and thus help you save a good amount of money.
4) By taking the course of prepayment, you will also bring down your loan amount as well interest payable. But check with the banks that can offer you the best.
5) Use online calculators for your loan repayment calculation. If you are taking virtual calculator’s help, it will be very useful for your calculation. Mostly it is found that many students become the victims of miscalculations, because they do not study in between the lines before taking the loan.
What all you have the options here: Paid calculators and free calculator; type of your loan calculator (stick to education loan calculator not car or home loan calculator and your country from where you are to take your loan?
What best you can do in this matter is take the customers’ reviews and opt for the best of it.