A bright future! No one ignores this statement for their child’s future. Are you too looking for a child insurance plan in India? But can’t find the best child investment plan as you don’t know how much money you will need to pay back to the bank? Here comes the child education plan calculator. If you want to find the best child education plan calculator in India, this is the perfect article for you. As in this article, you are going to gain awareness about the Child Insurance Plan, Child Investment Plan, cost of education, and child education plan calculator in India.
What is a Child Education Plan?
Before gaining any knowledge about the Child education plan calculator, you should know what a child education plan is! A Child Education Strategy is the safeguard plan that may help you secure your child’s investment plans and preserve your child’s future. The arrangement allows you to contribute your child’s insurance plan and then utilize them for your child’s education, either in installments or all at once.
Child Education Plans in India
Children are said to be a gift from God! Every society’s future is dependent on its offspring. Children must be properly groomed to become responsible and productive members of society. Parents must plan properly to guarantee their children obtain the greatest education possible. Due to the progressive growth in the cost of items and services, it is critical to plan for your child’s significant life milestones. Child plans in India will assist you in ensuring that you do not have to sacrifice your child’s life ambitions due to a lack of cash.
Child plans are investment-cumulative insurance programs that assist you in saving and investing for your child’s future needs. In India, child plans are structured to provide monthly or lump sum payments after a set amount of time. It is best to invest in kid plans within a few years after the child’s birth. Early investment will guarantee that the plan develops by the time your child is ready to begin his or her higher education. Kid plans can also be used to save for a child’s marriage, as having a child married costs a lot of money. In India, there are several sorts of kid plans. A kid plan can be chosen according to one’s future requirements and investment horizon. In India, there are two types of kid plans: child ULIP plans and child savings plans.
Now the question arises of how to calculate the entire payback loan amount because it is a kind of tricky thing to do. Here comes the child education plan calculator in India.
Child Plan Calculator
The child education plan calculator helps you to calculate the cost of education loans with its interest rate. The child education Loan Calculator is a tool that computes the monthly payment due to the lender (bank). Without proper planning, it is impossible to achieve a long-term financial goal. The purpose of the child education plan calculator is to make donating easier for parents. It is easier for guardians to predict the future while still dealing with the family’s current needs if they have information on the particular amount that should be paid.
How to use a Child Education Plan Calculator?
A child education loan calculator helps you to calculate the cost of an education loan. To calculate the cost of an education loan based on your credit limit. You need to use the sliders to adjust the values for Principal Amount (P), Time Duration (N), and Revenue Rate (R) (R). In the child education plan calculator you need to enter the age of the child. At what age will the child start pursuing their education? Then you need to enter the cost of the education loan that you require, and the amount of money you have saved. Then the child education plan calculator will give you the estimated amount of money that you will need to pay back in the future.
To Calculate your cost of Education Loan, use the Following Methods:
- Select the advanced cost of the education loan using the slider.
- At that stage, you pick the credit residence in months.
- Select the cost of the education loan fee by dragging the slider.
- The adding machine displays the cost of the education loan that is payable, the total interest payable, and the absolute payable sum.
- Recalculate your cost of education loan at any time by using the information sliders.
- When you relocate, the cost of an education loan will be decided in an instant.
For instance,
Present Cost Of Education- ₹ 1,00,000
Expected Inflation Rate (P.A)- 8 %
Current Age of Your Child- 7 YEARS
How Old Your Child Will Be When You Need This Money?- 18 YEARS
Future Value Of Cost Of Education- ₹ 2,33,164
Benefits of Child Plan Calculator
Here are some of the benefits of using a child education plan calculator:
- It is easier for guardians to predict the future while still dealing with the family’s current needs if they have information on the particular amount that should be paid.
- There are different types of child education plan calculators, designed to meet a variety of demands.
- Many people demand child development techniques that are safe for their child’s education.
- The child education plan calculators are meant to provide the monthly outgo to a specific quantity necessary at a later date.
Child Education Plan Calculator – FAQs
Q1. Which Treats does the Child Education plan Cover?
Ans. It essentially covers the whole course expense (comprehensive of the test, term charges), convenience charges (lodging, wreck), and other related different costs.
Q2. When will the Reimbursement time Frame Start?
Ans. Reimbursement starts when the course is finished. There are a few banks that offer an unwinding time of a half year in the wake of getting some work or a year after the finishing of studies for the reimbursement.
Q3. Which is the best Child Education plan Calculator in India?
Ans. The best child education plan calculator in India is the Child education plan calculator by SBI Mutual Fund.
