How can I repay my education loan?

Nowadays, there are lots of mandatory things in which expenditure is a must. And if people don’t spend on these things, then it would be tough to lead a peaceful, satisfactory and happy life. Buddy Loan has wide pool of lenders who support your education journey.

One such thing, which is really very important, is education. Education was, is, and always will be one of the primary needs than a man spends on for the sake of his children and his family. Education ensures an extraordinary life, an excellent job or work, and a suitable life-partner.

Education has become expensive nowadays, and some people need external help to fulfill the demands of education, for the sake of their children. This is when education loan comes into picture. An educational loan is not very difficult to obtain. As a matter of fact, an educational loan is quite easy to obtain. Only the correct paperwork needs to be fulfilled.

The education loan, after it is successfully obtained, is the liability of that student, after he or she completes the respective course for which the loan was taken. After the student gets selected for a job, he or she is required to repay the loan out of his or her salary.

To repay an education loan, a perfect combination of intelligence, discipline, and planning is necessarily needed. An educational loan repayment mainly requires 3 major calculations:

·         Number of EMIs to be paid and each EMI comparison.

·         When, how much, and how the amount should be repaid.

·         Suggestions, hacks, and tips to maximize the features of the scheme of the loan.

The most important topic which needs to be primarily taken into consideration is the topic of ‘Equated Monthly Instalments’ or EMIs. And the applicant or student needs to know about the rates of interest of various programs or plans or schemes and make subsequent calculations accordingly. The main questions that arise after making these calculations are:

·         Will the applicant be able to afford to pay the required number of EMIs to repay the educational loan?

·         What will the EMI amount be to repay the educational loan in time?

·         How many months or years will it take to repay the full loan in time?

Now, several methods are used to repay education loans. They are:

·         Educational loan EMIs – Paying by the standard EMI method.

·         Educational loan part payment – Paying lumpsum amount at frequent intervals to repay the loan.

·         Educational loan pre-payment or foreclosure – Some applicants may get the chance to repay the entire loan amount in one go.

The loans can be repaid by cheque, cash, or demand draft.