Useful Tips
Please consider the following suggestions before you apply for a student loan:
- You can pay early to reduce your monthly maintenance fee.
- If you have access to scholarships, grants, or government-funded education loans, always consider these alternatives before borrowing.
- Aim to budget effectively so you can pay loans sooner or even avoid needing a loan.
- Consider extending your loan term and/or reducing your loan size to ensure you are comfortable with your loan repayments within your budget.
Disclaimers:
- This is a model, not a forecast. Figures are only estimates; actual values could be higher or lower.
- The results are based on the details you provided and do not reflect your individual situation.
- It is not meant to be your only source of information when making financial decisions. You might consider seeking advice from a licensed financial professional.
- Using this calculator does not ensure loan eligibility. You must meet your lender’s criteria for approval.
About Student Loan Calculator
A student loan projection calculator is an online tool designed to help a loan borrower determine their monthly EMIs for available student loans. It breaks down each installment into interest and principal components, offering a detailed amortisation schedule. This allows you to track the total amount paid and the outstanding balance over time. By using a simple student loan calculator, you can assess how much a school loan will cost you over its tenure and plan accordingly.
Benefits of Using a Student Loan Calculator
Using student loan calculators offers several benefits by simplifying repayment calculations. It provides a structured approach by choosing the right student loan options and ensures borrowers stay informed about their financial commitments. Key advantages include:
- Instantly calculates the EMI for all student loans based on your chosen parameters.
- Helps manage finances by giving a clear picture of your loan amount and tenure.
- Displays an amortisation schedule, helping you track repayment plans.
- Allows you to check how much principal and interest have been paid.
- Can be accessed anytime, making it easier to compare state student loans and private alternatives.
With all these features combined, a Student Loan EMI calculator becomes an essential tool for smart, stress-free Student Loan and confident decision-making.
Repayment Calculator and Support Tools
Important Factors to Consider
Prior to securing a student loan
- Use loan calculators to explore various repayment scenarios.
- Understand and accept all loan terms clearly before borrowing.
- Review multiple repayment options carefully to select the most manageable solution.
Calculating Student Loan EMI
The EMI calculation uses the formula:
EMI = P x R x (1 + R)^n / (1 + R)^n - 1
Where:
- P= Loan amount
- R= Monthly interest rate (education loan interest rate divided by 12)
- n= Number of months
This calculation clearly illustrates the high cost of payday loans, reinforcing the need for careful financial planning.
How Does the Student Loan Calculator Help You?
An education loan calculator from Cash Direct helps borrowers estimate their monthly loan payments, factoring in the loan amount, tenure and loan fees. It enables you to explore various loan options and choose a student loan with lowest interest rate for better repayment planning.
Here’s how a simple calculator can assist you:
- Helps estimate EMIs before applying for student loans, ensuring better financial planning.
- Allows comparison of different loan repayment plans to choose the best option.
- Enables you to adjust tenure, the loan interest rate and the amount to see their impact on loan payments.
- Provides insights into how much interest will be paid over the loan term.
- Helps determine how quickly you can pay the loan by increasing EMI contributions.
- Assists in selecting student loan repayment options that align with your budget.
How to Use the Student Loan EMI Calculator?
To use the student loan repayment calculator by Cash Direct, you need to enter the following details:
- Loan Amount: The total amount you wish to borrow.
- Tenure: The number of years you will take to repay your loan. A longer tenure results in lower EMIs, but higher overall interest payments.
- Education Loan Interest Rate: Enter the applicable rate from your chosen lender.
The calculator will then complete the EMI, allowing you to check your rate for better affordability. You can modify these inputs to find the best repayment structure.
For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn’t apply. These are fee-based only, and so they don’t have an APR. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed.
For example, a loan of $1,000 repaid over 4 months equates to a total payable of $1,360. This is comprised of $1,000
principal (the amount borrowed), $200 establishment fee, and a total of $160 in monthly fees.
For our Medium Loans between $2,001 and $5,000. The base interest rate may vary depending on the loan product. The maximum rate we use is 48% and an Establishment Fee of $400.
Terms for our Small Loans are up to 3-12 months, and for our Medium loans, it is 3-24 months. With each, you can
repay your loan any time without being charged additional fees, and it will reduce your interest and fee cost overall.
Cash Direct Pty Ltd (ACN: 129 259 605; Australian Credit Licence 393862) is a specialist in providing cash loans to its customers when they need it
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