๐๐๐๐ ๐ ๐๐ ๐๐๐๐๐๐ ๐๐ ๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐
Do you know?
For your education loan of ๐๐๐, ๐๐จ๐ซ ๐๐ @๐.๐% ๐ฉ.๐. , you will end up paying ~๐๐๐ to the bank, with ~๐๐๐ going just towards the Interest ๐ฉ
But, If you allocate your 60% of scholarships or any other earnings, each semester to the loan, you will pay ~๐๐๐ to the bank in total, and save ~๐๐ in interest.
๐๐ด๐ด๐ถ๐ฎ๐ช๐ฏ๐จ ๐บ๐ฐ๐ถ ๐ธ๐ช๐ญ๐ญ ๐ง๐ช๐ฏ๐ฅ ๐ข ๐ธ๐ข๐บ ๐ต๐ฐ ๐จ๐ฆ๐ต 30% ๐ฐ๐ง ๐บ๐ฐ๐ถ๐ณ ๐ด๐ฆ๐ฎ๐ฆ๐ด๐ต๐ฆ๐ณ ๐ง๐ฆ๐ฆ๐ด ๐ข๐ด ๐ด๐ค๐ฉ๐ฐ๐ญ๐ข๐ณ๐ด๐ฉ๐ช๐ฑ ๐ฐ๐ณ ๐ง๐ณ๐ฐ๐ฎ ๐บ๐ฐ๐ถ๐ณ ๐๐ฏ๐ต๐ฆ๐ณ๐ฏ๐ด๐ฉ๐ช๐ฑ๐ด. ๐๐ฐ๐ด๐ต ๐ฆ๐ฏ๐จ๐ช๐ฏ๐ฆ๐ฆ๐ณ๐ช๐ฏ๐จ ๐ค๐ฐ๐ญ๐ญ๐ฆ๐จ๐ฆ๐ด ๐ฐ๐ง๐ง๐ฆ๐ณ ๐๐ฆ๐ณ๐ช๐ต ๐ข๐ฏ๐ฅ ๐๐๐ ๐ด๐ค๐ฉ๐ฐ๐ญ๐ข๐ณ๐ด๐ฉ๐ช๐ฑ๐ด (๐๐ฆ๐ณ๐ช๐ต ๐ค๐ถ๐ฎ ๐ฏ๐ฆ๐ฆ๐ฅ)
The numbers are scary because the EMIs arenโt calculated based on the used amount but on the total due amount. ๐๐๐ ๐๐ฃ๐ฉ๐๐ง๐๐จ๐ฉ ๐ ๐๐๐ฅ๐จ ๐ฅ๐๐ก๐๐ฃ๐ ๐ช๐ฅ ๐๐ช๐ง๐๐ฃ๐ ๐ฉ๐๐ ๐๐ค๐ช๐ง๐จ๐ ๐ฅ๐๐ง๐๐ค๐, and hence the EMI is calculated on a much higher amount than what youโve used to finance your education.
โ
I have created a calculator on Google Sheets where you can input your details and see how it plays out for your case. (Make a copy to edit the fields)
